Takes effect on February 15, 2017, the Circular No. 33/2016/TT-NHNN dated December 27, 2016 of the State Bank of Vietnam on ratios of revenues of asset management company of Vietnamese credit institutions to bad debts bought with special bonds.
At the Circular, the State Bank of Vietnam prescribes not later than the March 01 of a fiscal year, the VAMC shall report to the State bank of Vietnam (via the Department of Finance and Accounting) the planned rates of revenues on the basis of the financial plans of the fiscal year. Not later than the March 31 of a fiscal year, the Governor of the State bank of Vietnam shall decide and notify the VAMC and debt-selling credit institutions the rates of revenues of the fiscal year. Within that, the ratios of revenues to the recovery of bad debts that the VAMC buys with special bonds, the ratios of revenues to the outstanding amount of bad debts bought by the VAMC with special bonds which are currently accounted on its balance sheet.
Bases for the State bank of Vietnam to determine the rates of revenues include the financial plans of the fiscal year of the revenues whose rates are determined (hereinafter referred to as the fiscal year) of the VAMC and the results of enterprise classification of the year immediately before the fiscal year of the VAMC.
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