According to Official Dispatch No. 3893/NHNN-ATHT dated May 16, 2025 of the State Bank of Vietnam on providing comments on the draft Circular on the activities of subsidiaries and affiliated companies of credit institutions in the field of debt management and asset exploitation.
The State Bank of Vietnam explained that due to changes in socio-economic conditions, legal regulations on the activities of debt management and asset exploitation companies (AMCs) are no longer suitable. In the world, AMCs are established according to many different models to handle bad debts and restructure the assets of commercial banks. AMCs of commercial banks often operate with the goal of handling bad debts internally, instead of buying debts from other banks.
In Korea, large banks such as KB Kookmin, Shinhan, and Woori all have their own AMCs for internal handling. In China, large banks such as ICBC, CCB, BOC all established their own AMC to handle internal bad debts...
Accordingly, the State Bank has drafted the Circular on the basis of inheriting some regulations that are still suitable in Decision No. 1390/2001/QD-NHNN and has amended them to comply with the Law on Credit Institutions 2024 and some current legal regulations on authorization, regulations on debt purchase and sale of credit institutions...
Specifically, the State Bank has drafted the Circular with 04 Chapters, with 14 Articles, including: Chapter I on general provisions, including 3 Articles (from Article 1 to Article 3) regulating the following contents: scope of regulation; applicable subjects; operating principles.
Chapter II on the activities of debt management companies and the rights and obligations of debt management companies and credit institutions, including 8 Articles (from Article 4 to Article 11) stipulates the following contents: activities of debt management companies; debts handled in the activities of debt management companies; debt management activities, asset exploitation under the authorization of credit institutions with debt management companies; debt purchase and sale activities; internal regulations; rights and obligations of debt management companies; rights and obligations of credit institutions with debt management companies; reporting.
Chapter III on the responsibilities of the State Bank, including 01 Article (Article 12); Chapter IV on implementation provisions, including 02 Articles (Articles 13, 14) stipulating the effective date and organization of implementation.
VNBA requests that member credit institutions provide their comments on this draft Circular.
Please send your comments (including word files) to VNBA at the email address: phamthivananh3110@gmail.com before June 7, 2025 (Phone: 0904.431.189 - Ms. Van Anh).
VNBA looks forward to receiving the attention and cooperation of member credit institutions.
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