IVB Auctioning Off Debts of Hoa Binh Xanh JSC and Nam Sao Investment JSC
Indovina Joint Stock Bank (IVB) has announced its decision to auction off the debts of Hoa Binh Xanh JSC and Nam Sao Investment JSC. As of July 15, 2025, the total debt obligations of the two companies at IVB amounted to an estimated VND 569.47 billion. This includes principal debt of over VND 382.6 billion, interest debt of VND 123 billion, overdue interest on principal of nearly VND 42.6 billion, and overdue interest on interest of nearly VND 21.24 billion.
The starting price for the debt auction has been set at VND 465 billion. The collateral for the debt includes land use rights for a 50-year lease on a 17,695 square meter plot of land intended for tourism real estate development in Hoi An West Ward, Da Nang. The plot comprises lots 06, 07, 08, 09, 10, and 11 of the Hoi An Golden Sea project.
Hoi An Golden Sea’s apartment complex subdivision
Additional collateral for the debt includes property rights arising from a yearly land lease agreement between Nam Sao Investment JSC and the former Quang Nam Province’s Department of Natural Resources and Environment, covering an area of nearly 42,220 square meters within the Hoi An Golden Sea project. Moreover, all construction works (future assets) belonging to the project are also part of the collateral.
Furthermore, the collateral also includes an office building located on Lot 89 in the urban, commercial, and service complex area in Nai Hien Dong Ward, Da Nang.
Hoa Binh Xanh JSC and Nam Sao Investment JSC are the joint venture partners for the Hoi An Golden Sea project. Hoa Binh Xanh JSC is a subsidiary of Hoa Binh Corporation (Hoa Binh Group), chaired by Mr. Nguyen Huu Duong, commonly known as ‘Duong bia’. The project, which broke ground in 2019, was expected to be completed in 2021. However, after two years of construction, it remains unfinished, with only three buildings completed in their raw state.
When it was first launched, Hoa Binh Group promoted Hoi An Golden Sea as comprising five condotel towers with 612 units, including eight underwater units, and eight castles with a usable area of 550 square meters each. However, there is currently no official information available regarding the expected completion and handover date.
Hoa Binh Group is known to have significant debt obligations with IVB, and the bank has auctioned off several of the group’s debt packages in the past year. Mr. Nguyen Huu Duong, founder of Hoa Binh Group, made his fortune in the malt beer industry before venturing into real estate development. Some of the group’s notable projects include Hoa Binh Green City, Hoa Binh Green Apartment, and the gold-plated Dolce Hanoi Golden Lake hotel in Hanoi.
Nam Sao Investment JSC, established in 2006, is located in what was formerly known as Cam An Ward, Hoi An City, Quang Nam Province, now part of Hoi An West Ward, Da Nang. The company reduced its charter capital from VND 100 billion to VND 60 billion in May 2017. As of December 2018, the shareholder structure included CTCP Dau Tu Bac Ky and two individuals, Nguyen Viet Anh and Nguyen Ngoc Giang, although their specific ownership ratios were not disclosed.
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