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Vietnam’s Agribank auctions houses in Hoi An Ancient Town to recover debts

Vietnam’s Agribank auctions houses in Hoi An Ancient Town to recover debts

Sunday, October 29, 2023, 16:03 GMT+7
Vietnam’s Agribank auctions houses in Hoi An Ancient Town to recover debts
A bank employee counts VND500,000 (US$20.3) banknotes in Vietnam. Photo: Tuoi Tre

Vietnam’s state-owned Agribank recently auctioned 11 houses in Hoi An City of Quang Nam, with several situated within the central Vietnamese province’s popular ancient town, in a move to recover debts.

The prices for these mortgaged properties range from VND8.5 billion (US$345,810) to nearly VND72 billion ($2.9 million).

All of these houses, including many located in the UNESCO-recognized Hoi An Ancient Town, serve as collateral for loans at Agribank’s North Ho Chi Minh City branch from 2016 to 2018.

This is part of a broader trend among banks selling mortgaged assets to settle outstanding debts.

BIDV, another state-owned lender, is conducting its sixth auction of a cement factory located in Chon Thanh Industrial Park, southern Binh Phuoc Province, with the starting bid set at VND28.2 billion ($1.1 million). 

The factory, spanning a 10,000-square-meter land area and including various assets such as office buildings, clinker and cement warehouses, a cement grinding facility, machinery, equipment, and vehicles, serves as a secured property for Ho Chi Minh City-based DIC Investment and Trading Joint Stock Company.

Earlier this month, BIDV conducted another auction for the land use rights of over 1,130 square meters, valid until July 2058, intended for commercial and service development in Ward 12, District 6, Ho Chi Minh City, with an initial price exceeding VND72.8 billion ($3 million). 

This property has been listed for sale 14 times.

In addition, BIDV is also auctioning residential land and apartments in Hanoi, northern Nam Dinh Province, Ho Chi Minh City, and south-central Binh Dinh Province, among other localities. These assets were used as collateral by individual borrowers.

Vietnam Joint Stock Commercial Bank for Industry and Trade, known as VietinBank, is currently conducting its 12th auction for the debt of Hai Huong Co. Ltd. held at the lender’s northern Ha Nam Province branch. 

This offering includes a 286-square-meter plot of land in Thanh Liem District, Ha Nam Province, along with the structures situated on the land.

The initial bidding price exceeds VND9.5 billion ($386,500).

Moreover, VietinBank has announced an auction for mortgaged assets, consisting of 769.7 square meters of urban residential land in Thanh Loc Ward, District 12, Ho Chi Minh City, with a starting price of VND31.8 billion ($1.3 million).

In addition to the sale of real estate collateral, VietinBank has made available for sale nearly 400 unsecured consumer loans. 

These individual debts range from small amounts to more than VND120 million ($4,880), typically between VND10 million ($406) and VND20 million ($813) per item, and can be purchased one by one, in groups, or all at once, according to the lender’s announcement.

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Bao Anh - L.Thanh / Tuoi Tre News

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