Series of bad debts reduced in value from thousands of billions to hundreds of billions of dong but still sluggish

The Vietnam Asset Management Company (VAMC) has just announced the auction of bad debt of Nam Bien Dong Tourism Company Limited, with a starting price of over 411 billion VND.

This is the ninth time VAMC has put this debt up for sale after eight previous unsuccessful offers. In 2024, this debt was first offered for sale at nearly VND1,000 billion and continuously reduced the price eight times after that but it still remained sluggish.

This debt was purchased by VAMC at market value from Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ).

The collateral for the debt is the land use right with an area of 12,076.5 m2 (land for production and business facilities, with a term of use until October 29, 2053) in Thang Tam ward, Vung Tau city, Ba Ria - Vung Tau province (now Ho Chi Minh City).

The starting price of the auctioned debt is VND 411.8 billion (excluding VAT). The deposit is VND 70 billion. The deposit is due from today until July 30, 2025 and this amount must be reported as “Yes” to VAMC’s account before 5:00 p.m. on July 30, 2025. The auction is scheduled to take place on August 2, 2025.

Previously, VAMC also announced the auction of bad debts of a group of customers including Phuc An Khang International Hospital Joint Stock Company and Binh Duong Construction Stone Company Limited, with a starting price of more than 175 billion VND.

The auction is scheduled to take place on July 30, 2025. The debt has been auctioned many times but has not been successful. In 2021, the debt was even provisionally valued at more than VND 2,270 billion, including principal and interest.

The above debt was purchased by VAMC from Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) under a contract signed in 2021. The collateral is mainly real estate located in Ho Chi Minh City and Binh Duong.

The debt of Phuc An Khang International Hospital is secured by the right to use 8,048 m2 of leased land and the right to own construction works at Dong An Industrial Park, Binh Hoa Ward, Thuan An City, Binh Duong Province (now Ho Chi Minh City). In addition, there is a 377.3 m2 house at 22 Ngo Quyen Street, Ward 6, District 5, Ho Chi Minh City, in the names of Mr. Diep Van Phat and Ms. Le Thi My.

For the debt of Binh Duong Construction Stone Company Limited, the collateral is the ownership of the house and the right to use residential land with a total area of 506.1 m² in Ward 3, District 5, Ho Chi Minh City. This is also the property owned by Mr. Diep Van Phat and Ms. Le Thi My.

Phuc An Khang International Hospital is located at 800 Dong Van Cong Street, Thu Duc City (formerly District 2, Ho Chi Minh City), converted from the Thai Binh Plaza apartment project. This is a complex of 5 blocks, 20 floors high with more than 360 apartments.

The project was invested by Binh Duong Construction Stone Company Limited, then converted into a 500-bed hospital, but only operated for about 2 years and stopped operating since 2017 due to inefficiency. After many years of being vacant, the project was requested to be converted into the Swiss-Belresidences Upper East Saigon apartment project developed by Hasco Group.

Source: https://baodautu.vn/loat-khoan-no-xau-giam-gia-tu-ngan-ty-xuong-tram-ty-dong-van-e-am-d336703.html