DATC to buy 94 million USD Vinalines debt

The Debt and Asset Trading Corporation (DATC) is negotiating with some banks to buy nearly 2 trillion VND (94 million USD) of debt owned by the Vietnam National Shipping Lines (Vinalines).

The banks include Natixix, a French corporate and investment bank, Malaysia’s May Bank, Viet A Bank, as well as the Ocean Bank, and Bangkok Bank, the Thoi bao Tai Chinh Vietnam (Vietnam Financial Times) reported.

DATC effectively accomplished the Government’s task of debt restructuring for Vinalines, the Shipbuilding Industry Corporation (SBIC) and the Northern Food Corporation in 2014.

Vinalines proposed to the Government last year that it will allow DATC to buy its debt from banks and credit institutions.

In October 2014, DATC signed a contract to buy the debt of Vinalines at the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), with the debt value pegged at 394 billion VND (18.5 million USD). The corporation also finished negotiating a price for Vinalines’ debt with HSBC Vietnam at 63 billion VND (2.96 million USD).

At its review conference, DATC said it will continue researching and innovating ways to approach and exploit debt purchases from debt owners, including commercial banks, as well as the Vietnam Asset Management Company (VAMC) this year.

The corporation will also boost the progress of restructuring and owning the conversion of enterprises, which are part of the restructuring plan approved in 2014.