Agribank Selling Collateral of Oil Company with Starting Price of VND42.498 Billion
Agribank is auctioning off secured assets belonging to Hai Hanh Petroleum Company Limited. The starting price is VND42.498 billion.
Hai Hanh Petroleum’s debt originates from two credit agreements with Agribank’s Quoc Oai Branch (Hanoi) in 2020 and 2022.
Agribank has not disclosed the specific value of the debt or the secured assets. Hai Hanh Petroleum is registered in Chuong My District, Hanoi.
Recently, Agribank has put up for sale debts of several oil companies.
The bank is still selling the debt of Dai Viet Petroleum Trading Company Limited (headquartered at 110 Hang Buom Street, Hoan Kiem, Hanoi).
Dai Viet Petroleum’s debt is being offered for sale at a starting price of VND54 billion. The starting price remains unchanged after two bank auctions.
The debt dates back to 2018 and has been classified as group 5 debt. The secured asset is a townhouse at 19 Hang Chieu Street, Dong Xuan Ward, Hoan Kiem District, Hanoi, with an area of 160m2.
Other commercial banks are also seeking to sell bad debts of oil companies.
VietinBank is also selling assets secured for a loan from Bong Sen Vang Petroleum Joint Stock Company (Bong Sen Vang Petroleum) at VietinBank Sa Dec.
Bong Sen Vang Petroleum’s assets up for auction include 9 properties in Vinh Long and Can Tho. The total starting price for these secured assets amounts to VND95 billion.
Bong Sen Vang Petroleum was established in 2011 and is headquartered in Can Tho City. It was one of several major companies whose petroleum business licenses were revoked by the Ministry of Industry and Trade in February 2023.
Following a series of violations at Xuyen Viet Oil Transportation and Tourism Trading Company Limited (Xuyen Viet Oil), several banks have announced auctions of secured assets.
Xuyen Viet Oil has debts at multiple commercial banks, totaling approximately VND5,500 billion.
Specifically, Agribank recently put up for sale a VND92.677 billion debt from Xuyen Viet Oil. The secured assets for Xuyen Viet Oil’s loan at Agribank include three land use rights at 77/9, 77/10, and 77/5 Huynh Tinh Cua Street, Ward 8, District 3, Ho Chi Minh City; and one land use right in Suoi Kiet Commune, Tanh Linh District, Binh Thuan Province.
BIDV is Xuyen Viet Oil’s largest creditor, with over VND2,000 billion in outstanding debt under two credit agreements between the company and BIDV’s Nam Ky Khoi Nghia branch. One loan is worth VND789 billion and the other is VND1,365 billion. These debts have all been classified as bad debts by the bank.
Xuyen Viet Oil also has loans at two state-owned commercial banks, one of which is VND815 billion and has been classified as a bad debt, while the other is close to VND78 billion and is considered a potential loss.
BIDV is also a major lender to other oil companies, including Hai Ha Petroleum Transportation Company Limited (Hai Ha Petro) and an affiliate of Trung Linh Phat Company Limited (a major petroleum company in Ninh Binh).
BIDV is selling the secured assets for Hai Ha Petro’s loan, which is the Ha Hai – Quang Tri petroleum depot in Cua Viet Town, Gio Linh District, Quang Tri Province, with a starting price of VND176 billion.
The bank is also selling the right to use 19 land plots in Ninh Binh with a starting price of VND211 billion to recover a debt from an executive of Trung Linh Phat.
Tuan Nguyen
