Violation of debt repayment obligations
Sacombank (stock code: STB) announces the application of measures to seize collateral assets related to bad debts involving LDG Investment Joint Stock Company (stock code: LDG).
The seized assets consist of 507 land use rights, house ownership rights, and other assets attached to the land within the Viva City project at Giang Dien Residential and Service Area (Area A) in Trang Bom commune, Dong Nai city . The owner of these land use rights is LDG Investment Joint Stock Company, with the usage period extending until the beginning of December 2066.
Sacombank stated that the seizure was carried out due to LDG's violation of its debt repayment obligations and collateral obligations under the credit and mortgage agreements signed between the two parties. The seizure is expected to take place between June 5th and 25th.
According to LDG's 2025 annual report, the Viva City project in the Giang Dien residential and service area (Zone A) covers nearly 92 hectares, comprising 3,200 terraced house plots and 37 villa plots. The project has a total investment of VND 1,534 billion. As of March 31st, LDG had invested over VND 145 billion in this project.
Sacombank's seizure of assets comes amidst continued financial difficulties for LDG. In the first quarter of this year, LDG's core business operations were almost frozen as the company generated no new sales revenue.
Conversely, LDG had to account for a revenue reduction of over 9.8 billion VND due to returned goods from customers, resulting in a net loss of nearly 10 billion VND. On the other hand, financial revenue increased by over 22 billion VND, almost 30 times higher than the same period last year, stemming from interest on deposits and loans.
However, the burden of expenses continued to drain profits, resulting in LDG's revenue not covering its costs. As a result, LDG incurred a net loss of over 16 billion VND, compared to a profit of over 12 billion VND in the same period last year.
Notably, the cash flow statement for the first quarter of this year shows that LDG's net cash flow from business operations was negative nearly VND 1,577 billion. LDG's cash reserves decreased sharply, from over VND 1,612 billion at the beginning of the year to less than VND 5 billion at the end of the first quarter of 2026. Time deposits of less than 3 months, totaling VND 1,561 billion, were transferred to other short-term assets due to being frozen by Military Bank (MB - stock code: MBB) to fulfill LDG's obligations.
As of March 31st, LDG had pledged several products under the work-in-progress production cost category to secure loans from Vietnam Prosperity Commercial Bank ( VPBank - stock code: VPB) totaling VND 211 billion and Sacombank over VND 432 billion.
At the end of the first quarter, LDG's total liabilities exceeded VND 6,740 billion. Of this, financial debt amounted to over VND 734 billion, with the total value of overdue loans and interest payments exceeding VND 850 billion.
Two banks are seizing assets from Bamboo Airways.
Previously, Sacombank also issued a notice regarding the seizure of collateral to settle a bad debt related to Tre Viet Aviation Joint Stock Company (Bamboo Airways). According to Sacombank, this loan was secured by collateral from FLC Group, while the credit recipient was Bamboo Airways.
Sacombank sent notices requesting the borrowers to fulfill their debt repayment obligations. However, by the deadline, the parties involved failed to fulfill their obligations as requested by the bank. Therefore, Sacombank decided to seize the collateral to settle the bad debt. The seized assets are land use rights with a total area of over 86,308 m2, of which over 86,267 m2 is rural residential land and over 41 m2 is urban residential land.
These assets correspond to 355 land use right certificates, house ownership certificates, and certificates of ownership of assets attached to land in Dak Doa commune, Gia Lai province. The certificates were issued to FLC Group on September 9, 2021, with an expiration date of July 27, 2071.
Similarly, Vietnam Maritime Commercial Bank (stock code: MSB) also announced the seizure of assets belonging to Bamboo Airways. The seized assets include 207 land use rights and assets attached to the land in the residential villa area of the Dak Doa Complex in Dak Doa commune, Gia Lai province.
169 land use rights and assets attached to the land are registered under the name of Binh Dinh Investment and Development Joint Stock Company in subdivision No. 6, Nhon Hoi Eco-tourism Urban Area, Nhon Hoi Economic Zone in Quy Nhon Dong ward, Gia Lai province. 10 land use rights and assets attached to the land are located in Quang Cu Eco-tourism Urban Area in Sam Son ward, Thanh Hoa province. One land use right and assets attached to the land, according to a certificate issued by the Department of Natural Resources and Environment of Gia Lai province on December 12, 2019, is located in Dien Hong ward, Gia Lai province.
These assets were mortgaged at MSB to secure loans for Bamboo Airways. MSB stated that, due to Bamboo Airways' breach of its debt repayment obligations under the signed credit agreement, the seizure of the collateral was for debt recovery purposes.
Source: https://tienphong.vn/ngan-hang-thu-giu-hon-ngan-so-do-de-xu-ly-no-xau-post1847879.tpo
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