(VEN) - Vietnam is stepping up its auction of bad debts in an ongoing bid to overcome a high ratio of non-performing loans that have hobbled the economy. So far this year, the Vietnam Asset Management Company (VAMC) has sold some VND380 billion in mortgages. These include auctioning the properties of the Tan Quoc Duy Steel Company’s property in southern Binh Duong Province, Puzolan Gia Lai Cement Company’s mortgage for a loan at Saigon-Hanoi Bank and bad debts of Kim Son Building Material Production Company at the Commercial Bank for Investment and Development of Vietnam. The auctioned Kim Son asset, with a starting price of VND8.727 billion, was handed over to the new owner for VND9.427 billion. Run by the State Bank of Vietnam since it was established in 2013, the VAMC is responsible for purchasing nonperforming loans from local banks and handling them on the lenders’ behalf. VAMC’s 2018 target is purchasing bad debts at market value of VND3.5 trillion; and … [Read more...] about Vietnam ups pace of bad debt auctions
Seized forfeited assets auction org inc
VietNamNet Bridge - Although we have advocated equitization of state-owned enterprises (SOEs) and have a Securities Law, independent expert Nguyen Gia Hao still worries about losing state money in auction of public assets. Several weeks ago, a businessman, through acquaintances, met independent economic expert Pham Chi Lan to ask for her comments on the draft Auction Law. Lan refused and recommended that he talk to her husband - independent economist Nguyen Gia Hao, a former advisor of the late Prime Minister Vo Van Kiet. Unlike Lan, who specializes in macroeconomics, Hao specializes in consultation to businesses. Hao spent four days to study the draft Auction Law, which consists of 81 articles. A step forward to a market economy Hao insisted that with the Auction Law, Vietnam has made the next step into the market economy, in terms of the law, under which the state is only responsible for management, not doing business. The previous step was the equitization of SOEs, through the … [Read more...] about Will the state lose money in the auction of state assets?
PM Khai bolsters State asset auctions (20-05-2006) HA NOI — Prime Minister Phan Van Khai signed an instruction on Monday that will strengthen the implementation of decision 05/2005/ND-CP on selling State assets in auction. After reviewing challenges in the establishment of asset auctioning councils in some areas, PM Khai’s instruction will require the chairmen of People’s Committees in cities and provinces to set up property auction centres under the regulations of the decision. Provinces that do not have auction centres will be required to establish one quickly so as to ensure property auctions take place in accordance with State law. Cities and provinces have been asked to provide staff and infrastructure for auction centres and to encourage the development of asset auction businesses in their areas. The PM urged that State property auctions take place according to procedure. Cities and provinces have also been asked to intensify inspections and supervision of … [Read more...] about PM Khai bolsters State asset auctions
Ministry mulls commissions on asset auctions (02-08-2007) by Ha Phuong HA NOI — The Ministry of Finance is considering revising its rules about fees for public auctions of company assets. Under current regulations, enterprises conducting auction sales are not allowed to charge commissions. Local auction centres can charge only those fees authorised by the province based on regulations issued by the ministry. "I personally think that the current limitation on fees for auction sales by the Ministry of Finance do not encourage these enterprises to stay long in a business which is otherwise really popular the world over.... Service fees [in general] should not be fixed," said Le Hong Son, an official in the Ministry of Justice. "In order to sell assets, we must advertise them as long as possible, but the limited fees do not allow us to pay for advertising. Ultimately, it takes a long time for us to sell assets," said Ha Noi Auction Co general director To Hoai Nam. Most asset auctions … [Read more...] about Ministry mulls commissions on asset auctions
by Lawyers of Bizconsult The Ministry of Justice issued Circular No 23/2010/TT-BTP on December 6, guiding implementation of Government Decree No 17/2010/ND-CP of March 2010 on property auctions. Under the circular, the Judicial Academy of the Ministry of Justice will train professional auctioneers and be responsible for probation of trainees placed with professional auction organisations. Trainees with bachelor's degrees in law would see the duration of training shortened by a third. The circular includes detailed provisions on registering auctioneers, including procedures for adjusting an auctioneer's affiliation with a particular organisation, the issuances and replacement of auctioneer's cards, the withdrawal of practical certificates, and other provisions relating to property auctions, as well as sample forms. The circular also allows auction organisation to establish branches within and outside provinces or cities in which the organisation is headquartered. Circular No 23 takes … [Read more...] about New circular regulates asset auctioneers