ASEAN KEY DESTINATIONS
DATC posts rise in profit in 2014
The Debt and Asset Trading Corporation (DATC) last year bought debts of 36 businesses, valued at VND825.4 billion (US$38.5 million), posting 52 per cent year-on-year increase.
Its total revenue in 2014 reached VND1.03 trillion ($48.1 million), representing a 91 per cent year-on-year increase and 21 per cent higher than the set target. Its posted profit that was 2.54 times higher than of 2013. DATC contributed VND50 billion ($2.33 million) to the State budget.
The corporation said that in the past 10 years, its activities of buying debts and assets from restructured State-owned enterprises have accelerated the change of ownership of companies.
DATC received debts and assets from 2,468 businesses, worth about VND4 trillion ($186.9 million), during the 10-year period.
By the end of last year, DATC had contributed VND558 billion ($26 million) to the State budget during the period. This included buying of assets worth VND440.3 billion ($20.5 million) and collection of debts worth VND20.6 billion ($962,000).
The corporation said that the results achieved from buying of debts in 2014 were a breakthrough.
DATC's total investment in other businesses was VND1.07 trillion ($50 million) through buying of debts, financial restructuring and capital contribution.
Last year, Prime Minister Nguyen Tan Dung agreed to give an additional VND3.1 trillion ($144.8 million) to the corporation's charter capital in the 2014-15 period. Of this, VND2.5 trillion ($116.8 million) will come from the Fund for Business Restructuring and Development, while the remaining will come from other resources.
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