According to the bank’s announcement, three companies with debts up for auction are Khang Thong Group JSC, Phu An Infrastructure Investment and Construction JSC, and Minh Luan Infrastructure Construction LLC.
As of June 24, 2025, the total principal and interest debt of these three companies amounts to approximately VND 2,531.5 billion, with a principal debt of over VND 653 billion and accrued interest of more than VND 1,878 billion. Khang Thong Group alone owes around VND 443.2 billion in principal and over VND 1,113 billion in interest, bringing its total debt to over VND 1,556.9 billion. Phu An Company has a principal debt of approximately VND 209.9 billion and interest of nearly VND 688.7 billion, totaling around VND 898.6 billion. Meanwhile, Minh Luan Company has a remaining principal debt of only VND 20 million, but its accrued interest has reached VND 76 billion.
Agribank stated that interest will continue to accrue from June 25, 2025, until the three companies fully repay their principal and loan amounts.
The collateral for these loans is concentrated in the Happyland Entertainment Complex project in Binh Duc Commune, Tay Ninh Province (formerly Thanh Duc Commune, Ben Luc District, Long An Province). The project has a total planned area of approximately 2,560,000 m². Of this, nearly 2,370,000 m² have been granted land use rights certificates; about 192,142 m² have not yet been certified; and the total mortgaged land area at Agribank is 1,288,698 m², equivalent to 50.34% of the entire project area.
Among these, plot 816 in Thanh Duc Commune (45,878.3 m²) was granted for rural residential purposes with a permanent land use term. Plot 206 (191,787 m²) and plot 52 (864,000 m²) were initially designated as industrial land but later adjusted to cultural land, with usage terms until 2058 and 2057, respectively. Other plots, such as 212 and 16, were granted for industrial/cultural purposes with usage terms extending until 2060.
For the debts of Khang Thong and Minh Luan, the mortgaged land area is 527,336 m², fully notarized and registered, with an initial valuation of approximately VND 661 billion and a secured amount of VND 449 billion, corresponding to the principal debt of VND 443.2 billion.
Phu An, meanwhile, has mortgaged 746,219 m² of land with completed notarization and registration. This asset was initially valued at around VND 718 billion, later revised to approximately VND 215 billion after asset formation, with a secured amount of VND 154.5 billion against a principal debt of VND 209.9 billion.
In addition to the land in the Happyland project, Khang Thong Group has also mortgaged additional properties in Ho Chi Minh City, including a house and land in Dong Hoa Ward (formerly Dong Hoa Commune, Thuan An District, Binh Duong Province) valued at approximately VND 1.9 billion, with a secured amount of VND 1.4 billion, and a house and land at 13A Phan Dang Luu Apartment, Gia Dinh Ward (formerly Ward 3, Binh Thanh District), valued at around VND 33 billion, with a secured amount of VND 24.7 billion.
According to the announcement, the starting price for the entire debt and collateral is VND 2,278.36 billion, inclusive of VAT. Participants must deposit over VND 227.8 billion and pay a participation fee of VND 1 million. The auction will follow the principle of “as-is,” meaning the winning bidder will assume the debt and all collateral in its current state, including legal risks and asset usage conditions.
Notably, all land use rights and attached assets, particularly the Khang Thong Happyland entertainment complex, are currently under civil enforcement by the Long An Provincial Civil Judgment Enforcement Agency (later transferred to Tay Ninh) and the District 1 Civil Judgment Enforcement Agency, Ho Chi Minh City. Some mortgaged properties related to Ms. Phan Thi Phuong Thao (Chairwoman of Khang Thong Group) have been involved in purchase disputes but have been confirmed as legally mortgaged by authorities.
Ms. Phan Thi Phuong Thao – Chairwoman of Khang Thong Group.
|
The Billion-Dollar Project’s History
Happyland (or Khang Thong Happyland Entertainment Complex) is a large-scale project in former Long An Province, developed by Phu An Infrastructure Investment and Construction JSC, a subsidiary of Khang Thong Group. The project was announced in 2011 with an initial investment of $2 billion, part of Long An Province’s tourism development plan for 2020–2030.
The project is divided into two phases: Phase 1 covers approximately 338 hectares, and Phase 2 covers around 350 hectares, totaling about 688 hectares. The initial phase promised various amenities, including a theme park, urban area, entertainment center, commercial services, and resorts, marketed as a “land of happiness” with ambitions to become an international tourism and entertainment destination, even compared to Disneyland. However, the project has progressed slowly, with many unfinished components and most of the area remaining undeveloped.
In 2023, the People’s Court of Long An Province initiated bankruptcy proceedings against Khang Thong Company due to its inability to pay debts following a request from creditor LIOA High-Tech JSC. Additionally, the Happyland project has had part of its assets seized for enforcement as developer Phu An, a subsidiary of Khang Thong, was accused of illegal transfers and sales while many land plots lacked complete legal documentation.
|
Khang Thong Company was established in 2004 with a charter capital of VND 4,500 billion; Ms. Phan Thi Phuong Thao (Chairwoman and legal representative) holds 97.46%, Mr. Pham Minh Luan (CEO and legal representative) holds 1.15%, and Mr. Phan Dac Thuy holds 1.39%. In December 2018, the company reduced its charter capital to VND 3,600 billion. Phu An Company was founded in 2003, with Ms. Thao as Chairwoman and legal representative and Mr. Luan as CEO and legal representative. |
– 5:42 PM, September 21, 2025
Wanted: Former Chairman of Agribank
The Anti-Corruption, Economic, and Smuggling Investigation Police Department (C03) of the Ministry of Public Security has issued a summons for Nguyễn Thế Bình, former Chairman of the Board of Directors of the Vietnam Bank for Agriculture and Rural Development (Agribank), to surrender himself. This action is part of an ongoing investigation, prosecution, and trial process. By complying, Bình may benefit from the leniency policies outlined in the legal framework.
“Woman Transfers $43,000 to Bank After TikTok Scam, Alert Agribank Staff Notify Police”
Upon receiving a request to transfer 100 million VND, the Agribank teller noticed the customer, Ms. T, displaying signs of restlessness and anxiety, frequently checking her phone. Suspecting she might be a victim of fraud, the teller promptly reported the situation to bank management and contacted local authorities for further investigation and clarification.
“Billions of Dongs in Contributions: Top Banks Honored Among Vietnam’s Largest Tax-Paying Enterprises.”
The 2025 Enterprise Budget Honors ceremony was a resounding success, celebrating the role and contributions of the vibrant Vietnamese business community. Numerous banks were named in the prestigious PRIVATE 100 and VNTAX 200 listings, solidifying their leadership in the financial and banking sectors.
“Beware of Phishing Scams: Don’t Fall for the ‘Free $100,000 Gift’ Trick.”
“A sophisticated scam has emerged, with banks reporting an elaborate scheme targeting their customers. The fraudsters are taking advantage of the banks’ promotional campaigns, particularly those offering a 100,000 VND gift, to deceive unsuspecting individuals. This scam is a cause for concern as it highlights the evolving tactics of cybercriminals and the need for heightened vigilance.”
Agribank: Celebrating 80 Years of Independence, Freedom, and Prosperity
On the morning of August 28th, the Exhibition Center in Dong Anh, Hanoi, played host to a momentous occasion. The National Exhibition Center officially opened its doors to an exhibition celebrating 80 years of the country’s proud history: ’80 Years of Independence, Freedom and Happiness’. This event marked a significant milestone, a true testament to the country’s glorious past.
