The troubles of the 200 billion VND debt that Agribank put up for sale many times

Vietnam Bank for Agriculture and Rural Development's Debt Management and Asset Exploitation Company Limited ( Agribank AMC LTD) has just announced the auction of the debt of Nhat Viet Investment Joint Stock Company at Agribank Saigon Center Branch.

The debt has a provisional book value as of April 30, 2024 of more than VND 206 billion. This includes nearly VND 65 billion in principal and VND 141 billion in interest.

The collateral for the debt is 2 land use rights at No. 14A51-52 Thao Dien Ward, District 2 (now Thu Duc City), Ho Chi Minh City according to the Third Party Mortgage Contract No. 6440-LCP-2009 dated March 26, 2009 signed between Khang Thong Construction Trade Service Joint Stock Company, Agribank Binh Chanh Branch and Nhat Viet Investment Joint Stock Company.

According to Agribank, the total mortgaged land area is 891 m2, including 02 Land Use Rights Certificates of 2 adjacent plots; the property attached to the land has not been completed, updated on the certificate of ownership for the built part on the land.

Thao Dien Ward, Thu Duc City, Ho Chi Minh City (Illustration photo).

The property is residential land at No. 14A51-52 Thao Dien Ward, District 2 (now Thu Duc City, Ho Chi Minh City). The property on the land has been built with a villa, is being used as a house that has not been completed, and the certificate of ownership has not been updated, so the mortgage has not been notarized and the secured transaction has not been registered.

Agribank also noted that the existing secured assets were in dispute due to a third party notifying the court that Khang Thong Company (owner of the assets) had sold the above assets to them (by handwritten document) in 2016 but had not yet paid in full. The court has accepted this content and has not yet brought it to trial.

In addition, other collateral assets are 6 specialized motorbikes (excavators, backhoes); 8 inland waterway vehicles (barges, tractors) according to the Third Party Asset Mortgage Contract signed between Khang Thong Construction Trade Service Joint Stock Company, Agribank Binh Chanh Branch and Nhat Viet Investment Joint Stock Company.

The actual characteristics of the collateral are that the Bank has not yet determined its current status. Although the Bank has repeatedly requested arrangements for the Bank to inspect the property, the borrower and the property owner have not cooperated, so it has not been possible to do so. Therefore, it is not possible to assess the current status and real value of the movable property.

The starting price of the debt is 121.6 billion VND, equivalent to nearly 60% of the total debt value of the above company (excluding taxes, fees, charges, VAT in case the auctioned debt is subject to VAT according to regulations).

The debt is auctioned directly by word of mouth at the auction, the method of bidding up, selling the entire debt at once with a price step of 100 million VND.

The auction is scheduled to be held at 2:30 p.m. on October 9, 2024, at Lam Son Saigon Auction Company, located at 111A Tan Son Nhi, Tan Son Nhi Ward, Tan Phu District, Ho Chi Minh City.

Previously, Agribank had announced many times to auction the debt of this company. According to information from the bank, Nhat Viet Investment Joint Stock Company has a charter capital of only 12 billion VND. Its business lines are land leveling, construction of traffic works, water supply and drainage systems, power lines and transformer stations of 35kV or less.

Investing in construction and business of infrastructure of industrial parks - residential areas - tourist areas; freight transport business by car; study abroad consulting; domestic travel business; housing business.

Source: https://www.nguoiduatin.vn/nhung-rac-roi-cua-khoan-no-200-ty-dong-agribank-rao-ban-nhieu-lan-20424100115414194.htm