Vietinbank drastically reduced the debt price by more than 1,400 billion VND

Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank ) - Branch 7, Ho Chi Minh City is coordinating with a professional auction organization to conduct public auction procedures for customer debts to recover debts.

Specifically, Vietinbank wants to publicly auction the debt of Vo Thi Thu Ha Trading Import-Export Company Limited (Vo Thi Thu Ha Company) with Ms. Vo Thi Thu Ha as Director, located at 186 Phan Xich Long, Ward 2, Phu Nhuan District, Ho Chi Minh City.

This debt includes the entire outstanding debt (principal, interest on time, overdue penalty interest) of customer Vo Thi Thu Ha Company at VietinBank Branch 7, Ho Chi Minh City arising from two credit contracts signed in October and November 2013 respectively.

The total value of the provisional debt as of October 31, 2023 is more than VND 1,494 billion, of which the principal balance is VND 567.4 billion, the interest debt within the term is VND 623.8 billion, and the overdue penalty interest is VND 303 billion.

Securing the current debt obligations are assets under valid mortgage contracts including: 5 land use rights and assets attached to land in Quarter 1, Chon Thanh town, Chon Thanh district, Binh Phuoc province;

4 land use rights and assets attached to land in Tan An ward, Thu Dau Mot city, Binh Duong province; 4 warehouses, construction works, machinery and equipment in Dong Thap province; mortgaged goods according to mortgage contracts based on sales contracts, invoices, and warehouse receipts.

Finance - Banking - Vietinbank drastically reduced the debt price by more than 1,400 billion VND

VietinBank set the starting price for the auction of this debt at only VND142 billion, equivalent to only 10% of the debt value. The deposit to participate in the auction is 10% of the starting price, equivalent to VND14.2 billion.

The auction is conducted in a direct verbal manner at the auction. The bidding method is ascending with a price step of 50 million VND. The bank notes that the debts are auctioned in their original condition and in the form of "as is".

Auction participants are responsible for reviewing and understanding the legal documents of the debt and determining the status of the debt, the status of the collateral, the book value of the debt and are responsible for any risks that may arise (if any) after successfully auctioning the debt.

In addition to the information related to the debt provided by the asset owner, the debt auction participant is responsible for reviewing, self-studying, and self-determining the legal status of the debt .

Thu Huong

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