"SBV released Circular 14/2015/TT-NHNN on 28 August supplementing and amending Circular 19/2013/TT-NHNN regarding the purchase, sale and resolution of acquired impaired loans. In addition to special bonds issued in the past, this new circular lays out new regulations regarding VAMC bonds issued to acquire debt below book value (we term these as “VAMC Second Generation Bonds”),