This is the next bank after BIDV to sell Xuyen Viet Oil’s debt.
According to the announcement from Agribank, Xuyen Viet Oil’s debt at this bank was formed from Credit Contract No. 1400LAV202201197 dated July 28, 2022 and the accompanying annexes.
The estimated total value of the debt as of January 25, 2024 is 92.677 trillion VND. The principal outstanding is 77.895 trillion VND, and the estimated outstanding interest, overdue interest, and late payment interest as of January 25 is 14.782 trillion VND.
The interest amount continues to accrue from January 26 until Xuyen Viet Oil fully repays the principal and interest at Agribank Lang Ha Branch.
The starting price of the debt is 92.677 trillion VND, equivalent to the total value of the debt. The sale price does not include taxes, fees, charges, and other financial obligations as required.
The debt will be auctioned in its original state (including the original state of the debt, legal status, and potential risks) and sold as is.
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The collateral for Xuyen Viet Oil’s loan at Agribank consists of 3 land use rights at 77/9, 77/10, 77/5 Huynh Tinh Cua, Ward 8, District 3, Ho Chi Minh City, and 1 land use right at Thon 1, Suoi Kiet Commune, Tanh Linh District, Binh Thuan Province.
Previously, BIDV also auctioned off the debts of this enterprise.
Xuyen Viet Oil has debts at several commercial banks, with a total outstanding balance of about 5,500 trillion VND.
In addition to the debt of over 92 trillion VND at Agribank, the company also has a debt of 815 trillion VND at a state-owned commercial bank.
Furthermore, Xuyen Viet Oil has a debt of over 2,000 trillion VND under two credit contracts signed between the company and BIDV Nam Ky Khoi Nghia Branch. Among them, a loan worth 789 trillion VND and the remaining loan of 1,365 trillion VND. These debts have all been classified as bad debts by the bank.
In addition, Xuyen Viet Oil is also indebted to SHB for 1,450 trillion VND, including a loan of nearly 953 trillion VND and 60.8 million USD. Similarly, this debt has also been classified as a bad debt by SHB.
Xuyen Viet Oil’s headquarters is located at 465-467 Hai Ba Trung, P. Vo Thi Sau, District 3, Ho Chi Minh City, and used to be a major petroleum hub.
For many years, this company has been a frequent partner of Nghi Son and Dung Quat refineries. Its market share is primarily in some provinces in the Central Highlands and Ho Chi Minh City.
Regarding Xuyen Viet Oil, on September 8, 2023, the Investigative Security Agency of the Ministry of Public Security (A09) initiated the case “Violation of regulations on management and use of state assets, causing losses and waste” at Xuyen Viet Oil Company and some related agencies and organizations.
The investigating security agency also decided to prosecute and temporarily detain two individuals: Mai Thi Hong Hanh – Director of Xuyen Viet Oil and Nguyen Thi Nhu Phuong – Deputy Director of Xuyen Viet Oil, for the offense of “Violation of regulations on management and use of state assets, causing losses and waste”.
Expanding the investigation of the case, since mid-December 2013, the Investigative Security Agency has successively prosecuted and temporarily detained several individuals. These include Mr. Le Duc Tho (former Secretary of the Provincial Party Committee of Ben Tre) who was prosecuted and detained for investigation into the offense of “Taking advantage of position and power to influence others for personal gain”.
On December 19, 2023, Mr. Le Duy Minh, Director of the Ho Chi Minh City Department of Finance (former Director of the Ho Chi Minh City Tax Department), was prosecuted and temporarily detained for investigation into the offense of “Bribery”.
On December 21, 2023, the investigative security agency also initiated the prosecution and temporary detention of Deputy Minister of the Ministry of Industry and Trade Do Thang Hai for investigation into the offense of “Bribery”.
Tuan Nguyen
