Indovina Joint-Stock Bank (IVB) has announced the selection of an organization to auction off assets, including all debts of Hoà Bình Xanh JSC and Nam Sao Investment JSC.
The total estimated debt of the two companies at IVB as of July 15, 2025, amounted to VND 569.47 billion.
This comprises 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 almost VND 21.24 billion.
The starting price for the debt auction is set at VND 465 billion.
The assets serving as collateral for the debt include: Land use rights for 17,695 square meters of land intended for tourism real estate business, leased for a period of 50 years starting from January 30, 2008. This land is located in lots 06, 07, 08, 09, 10, and 11 of the Hoi An Golden Sea project in Hoi An Tay Ward, Da Nang City (formerly known as Cam An Ward, Hoi An City, Quang Nam Province).
The Hoi An Golden Sea project is developed by two companies, Hoa Binh Corporation, chaired by Mr. Nguyen Huu Duong (also known as ‘Duong Bia’), and Nam Sao Investment JSC.
Additionally, the debt is secured by Nam Sao’s asset rights arising from a yearly land lease contract dated March 27, 2008, with the Quang Nam Department of Natural Resources and Environment (former name). This covers an area of nearly 42,220 square meters in the Hoi An Golden Sea project. Moreover, all construction works (future assets) belonging to this project are also part of the collateral.
Furthermore, the collateral includes an office building situated on Lot 89 in the urban, commercial, and service complex in Nai Hien Dong Ward, Da Nang City.
 The desolate state of the Hoi An Golden Sea luxury resort project. Photo: Cong Sang. |
Spanning an area of 6.98 hectares, the Hoi An Golden Sea project commenced in 2019 and was expected to be completed by 2021. However, after two years of construction, the project remains unfinished, with only three buildings completed in their raw state and awaiting finalization.
When it was first launched, the Hoi An Golden Sea project was advertised by Hoa Binh Corporation as comprising five condotel buildings with 612 units, eight of which were to be located underwater, ranging from 47.85 to 77.67 square meters in area, and eight castles with a usable area of 550 square meters each, including one basement and two floors above ground.
Nevertheless, the official completion and handover dates for this project remain unclear.
Hoa Binh Corporation, chaired by Mr. Nguyen Huu Duong, has significant debt obligations with IVB.
In April 2024, IVB announced the sale of multiple debt obligations of companies and individuals associated with Hoa Binh Corporation. These debts were secured by real estate in Hoi An, stocks, and other real estate properties in Hanoi and various provinces.
Additionally, in 2024, IVB offered for sale a debt of over VND 1,188 billion (as of April 30, 2024) owed by Hoa Binh Company Limited (a subsidiary of Hoa Binh Corporation). This debt was secured by real estate in Da Nang and machinery and equipment valued at VND 1,986 billion in total.
IVB also auctioned off a VND 75.4 billion debt of Hoa Binh Construction and Steel Production JSC, secured by real estate in Da Nang and machinery and equipment valued at VND 90.88 billion.
Mr. Nguyen Huu Duong began his career in the malt beer industry before establishing the Hoa Binh real estate group. The group is known for prominent real estate projects in Hanoi, such as Hoa Binh Green City and Hoa Binh Green Apartment, and notably, the gold-plated Dolce Hanoi Golden Lake Hotel by West Lake in Hanoi.
Regarding Nam Sao Investment JSC, this company is directed by Mr. Dao Viet Trung and is registered in Hoi An Tay Ward, Da Nang City (formerly known as Cam An Ward, Hoi An City, Quang Nam Province).
Tuân Nguyễn
– 06:01 09/08/2025
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