VietinBank’s Bien Hoa branch has announced the auction of assets belonging to Binh Minh Feed JSC to recover loans. The list includes 13 pieces of machinery such as an inkjet printer, a forklift, moisture analyzers, ingredient scales, and a 100-ton truck scale.
The 100-ton truck scale is among the items up for auction by the bank to settle the customer’s debt.
Notably, the bank has left the pricing of these items open for negotiation.
Agribank has also announced the auction of secured assets comprising 6,923 bottles of wine, including 4,534 bottles of Italian, French, and Chilean wine, and 2,389 bottles of other wines, featuring renowned brands such as Dewars, Lodge, William Peel, Highland Queen, and Yacht Club.
The second lot up for auction contains 1,500 bottles of Italian Montedeicocci wine, packed in cases of three or six bottles per wooden crate.
The starting price for these two lots is VND 17.046 billion (inclusive of VAT), with the winning bidder bearing the costs of transportation, handling, and other related expenses.
This wine collection served as collateral for a loan extended to Hai Thanh Private Enterprise, headquartered in Tan Yen district, Bac Giang province.
Similarly, BIDV has advertised the sale of NTSF Sao Dai Duong JSC’s debt, secured by assets, including a shrimp farming project that utilizes biotechnology in Dong Rui, Tien Yen district, Quang Ninh province.
Last February, Agribank’s North Saigon branch sought a valuation organization for a loan extended to Truong Thien Ha JSC based on a credit contract signed in December 2018.
Collateral for this loan includes real estate in Hanoi and, notably, all present and future assets, including civil and technical infrastructure works at the funeral home project in Di An town, Binh Duong province. This project, a social enterprise between the company and the locality, covers four hectares and comprises a funeral home, a multipurpose service house, and a crematorium.
Previously, banks have also attempted to sell off pledged assets of unconventional nature, such as chicken flocks, inventory, used clothing, and orchards.
In late 2022, VietinBank sought an organization to auction off the debts of DTK JSC and Central Feed JSC. Notably, the latter’s collateral included land use rights, inventory, and an entire flock of chickens, including grandparent, parent, and chick stocks, along with their yields at the farm in Thien Ke commune, Binh Xuyen district, Vinh Phuc province.
Agribank’s Lao Cai II branch also announced the sale of pledged assets comprising outdated and unfashionable clothing, office supplies, cosmetics, and household items, with a starting price of VND 60 million.
PVcomBank once attempted to auction off a lot of home appliances, including induction cookers, microwave ovens, baking ovens, and refrigerators, despite their worn-out condition, with an asking price of VND 18 billion.
Bank liquidates a series of houses, real estate from just a few hundred million dong.
At the beginning of 2024, the bank is auctioning off a series of houses and real estate properties with prices ranging from a few hundred million to a few billion dong in order to recover debt.
Banks rush to liquidate, selling off everything from cars to ships
Banks have been ramping up their efforts to sell collateral assets in order to recover debts since the beginning of 2024.
“The King of Catfish” Hùng Vương seeks to sell a series of subsidiary companies to repay debts.
Hùng Vương Corporation’s Board of Directors (UPCoM: HVG) has recently approved a resolution to compile a shareholder list and request written feedback on the proposed debt restructuring plan. The final registration date is March 5th. Shareholders are given the opportunity to provide their responses from March 11th to April 11th. The voting and result announcement will take place from April 12th to April 19th.
POM Steel (POM) expects to generate nearly 6,000 billion VND after selling 2 factories, which will be used to repay bank debts and suppliers.
Revealing the mystery of the new investor, Chairman Do Duy Thai asserts that this conglomerate boasts a vast ecosystem and operates closely within the steel industry.
