An Phát’s debt stems from a credit agreement dated September 17, 2020, between the company and Agribank’s Dong Ha Noi branch. As of July 15, 2025, the recorded debt value is approximately VND 123.3 billion, comprising over VND 99.9 billion in principal and nearly VND 23.4 billion in interest. The starting price for the debt is set at VND 100 billion.
The debt is secured by the land use rights to 4,236.3 square meters and associated assets in an urban area project located in Sam Son ward, Thanh Hoa province. These assets are owned by EITC Electronics Informatics Telecommunication LLC (EITC).
Established in 2003, EITC is headquartered in Thanh Hoa, with Mr. Pham Van Duc as its legal representative. Mr. Duc is also a major shareholder in several companies, including Phuong Dong Van Long Trading and Import-Export JSC, IMEG Import-Export and Trading LLC, and Phuc Anh Construction and Trading Services LLC.
EITC, in partnership with Fortune Investment JSC, is the developer of the Eastern North-South Boulevard Urban Area Project in Thanh Hoa province, with a total investment of VND 1,264 billion. However, over a decade after being selected by the Thanh Hoa Provincial People’s Committee, the project’s infrastructure remains incomplete.
Current state of the Eastern North-South Boulevard Urban Area Project after more than 10 years since investor selection. Photo: Le Duong |
In addition to An Phát’s debt, Agribank is also auctioning several other debts related to EITC, including:
A debt of nearly VND 38.3 billion owed by Dai Long Group Construction and Trading JSC, secured by a third-party asset: the land use rights to 3,769.9 square meters in the Quang Cu High-End Residential and Service Area, Sam Son ward, registered under EITC’s name.
A debt of nearly VND 123.3 billion owed by the Hanoi branch of Lam Son Tourism and Trading JSC, secured by the following assets: land use rights to 881.2 square meters in Sam Son ward, owned by EITC; land use rights to 270 square meters in Hac Thanh ward, owned by Lam Son Tourism and Trading JSC; and land use rights to 817.2 square meters in Sam Son ward, owned by Ms. Pham Thi Toan.
Agribank is also auctioning debts from other companies with collateral matching the addresses of the aforementioned assets, including: a debt of over VND 121 billion owed by the Ha Thanh Trading and Investment JSC branch, secured by land use rights to 1,846.6 square meters in Sam Son ward.
A debt of over VND 65.4 billion owed by Nhat Long Financial Services and Trading LLC, secured by two land plots measuring 1,453 square meters and 809 square meters in Sam Son ward, owned by Ha Thanh Trading and Investment JSC.
A debt of over VND 50.8 billion owed by GVD Consulting Services LLC, secured by land use rights to 705 square meters in Sam Son ward, owned by Mr. Nguyen Duc Linh.
Agribank previously announced the auction of these debts related to EITC and associated companies in 2024 but failed to find buyers.
Tuan Nguyen
– 06:30 26/11/2025
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