Banks reported non-performing loans at 4.67% as of April 2013. The Vietnam Asset Management Company (VAMC) will be operational 9 July 2013 after months of waiting. Much is already known about its operations – the question is how effective it will be in dealing with non performing loans (NPLs) in the banking system. As of April 2013, banks’ reported NPL ratio climbed to 4.67% from 4.08% at the end of 2012. However, the actual ratio is unknown and confusing.