| THE GOVERNMENT ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------- |
| Decree No: 34/2015/ND-CP | Hanoi, March 31, 2015 |
DECREE
AMENDING A NUMBER OF ARTICLES OF THE DECREE NO. 53/2013/ND-CP DATE MAY 18, 2013 OF THE GOVERNMENT ON
Pursuant to the Law on Government organization dated December 25, 2001;
Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on credit institutions dated June 16, 2010;
Pursuant to the Law on Enterprise dated November 29, 2005;
At the request of the Governor of the State Bank of Vietnam;
The Government promulgates the Decree providing amendments to a number of articles of the Decree No. 53/2013/ND-CP dated May 18, 2013 by the Government on the establishment, organization and operation of Vietnam Asset Management Company (hereinafter referred to as VAMC).
Article 1. To amend a number of articles of the Decree No. 53/2013/ND-CP dated May 18, 2013 by the Government on the establishment, organization and operation of the VAMC:
1. To amend Clause 3 Article 7 as follows:
“Based on the financial capacity of the VAMC, economic efficiency and market conditions, the VAMC may buy the bad debts from credit institutions by the method prescribed in Clause 2 of this Article for bad debts satisfying the following conditions:
a) The conditions specified in Article 8 of this Decree are satisfied;
b) Money used to buy bad debts is considered recoverable;
c) The collateral of the bad debt can be put on sale or the borrower is able to restore the solvency.”
2. To amend Article 9 as follows:
“Article 9. Charter capital
1. The charter capital of the Asset Management is VND 2,000 billion.
2. The adjustment of charter capital of the VAMC prescribed in Clause 1 of this Article is decided by the Prime Minister according to the proposal of the State Bank after completing the negotiation with the Ministry of Finance.”
3. To amend Point i Clause 1 Article 13 as follows:
“i) Be eligible for an amount of money at a rate regulated by the State Bank after the consensus with the Ministry of Finance according to the amount recovered from bad debts bought by the VAMC using the special bonds deducting the amount of money that the VAMC has collected according to the provisions in Point l of this Clause.”
