As per the announcement on August 22, 2025, the auctioned debt comprises the entire outstanding balance (principal, interest, and overdue interest on the principal) of Duc Long Dung Quat at VietinBank Gia Lai, arising from a contract in 2016. As of May 19, 2025, the company’s total outstanding debt amounted to approximately VND 435 billion, including nearly VND 278 billion in principal, nearly VND 157 billion in interest, and almost VND 52 million in overdue payments.
The collateral for the above loan includes: Ownership rights and all asset rights arising from the capital contribution of three shareholders in Duc Long Dung Quat: Construction Investment Joint Stock Company Duc Long Gia Lai (88%), Mr. Nguyen Tan Tien (1%), and Mr. Bui Phap (11%); Asset rights of Duc Long Dung Quat arising from the Investment Cooperation Contract for the construction and operation of My Khe Duc Long Hotel and its amended documents, supplementary agreements, and contract appendices signed between the High Command of Military Region 5 – Ministry of Defense and Duc Long Dung Quat.
 My Khe Duc Long Hotel
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The My Khe Duc Long Hotel is located on Vo Nguyen Giap Street, Da Nang City, and was inaugurated in 2015, operating from 2017 with 14 floors and over 300 sea-view rooms.
With these assets, VietinBank set a starting price of over VND 279 billion for this auction. The auction is expected to take place on the morning of August 28, 2025, at the premises of Thuân Phát Auction Company, located in Thanh Xuan Ward, Hanoi City.
What is the background of Duc Long Dung Quat?
Duc Long Dung Quat was established in 2005 and is currently headquartered in Binh Son District, Quang Ngai Province. Its primary business is hotel services and short-term accommodation. Since its inception, its director and legal representative has been Mr. Nguyen Tan Tien.
Mr. Tien is one of the two founding shareholders of Duc Long Dung Quat, alongside Mr. Bui Phap – Chairman of the Board of Directors of Duc Long Gia Lai Joint Stock Company (HOSE: DLG). At its establishment, the chartered capital was VND 140 billion, with Mr. Phap contributing 90% and Mr. Tien the remaining 10%.
In 2017, Duc Long Dung Quat increased its charter capital to VND 220 billion and welcomed a new shareholder, Construction Investment Joint Stock Company Duc Long Gia Lai, which held 88% of the capital. Mr. Phap and Mr. Tien reduced their ownership to 11% and 1%, respectively. This shareholder structure has remained unchanged until now.
Construction Investment Joint Stock Company Duc Long Gia Lai is also a related party to DLG. Specifically, in May 2016, this enterprise had a charter capital of VND 102 billion, contributed by four shareholders: DLG (1%), Mr. Nguyen Tuan Vu (44.6%), Mr. Nguyen Thanh Lam (24.8%), and the Director and Legal Representative, Mr. Do Thanh Nhan (29.6%). Mr. Nhan is currently the Head of Finance and Accounting Department of DLG.
As of June 30, 2025, DLG had a receivable loan amount of nearly VND 133 billion from Construction Investment Joint Stock Company Duc Long Gia Lai, a decrease of 7% compared to the beginning of the year.
Ha Le
– 14:44 25/08/2025
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