VietinBank, the Joint Stock Commercial Bank for Industry and Trade of Vietnam, has announced the sale of debts from three companies through its VietinBank AMC branch, with a massive array of assets as collateral, including over 30 real estate properties and 2.6 million DDG shares of Dong Duong Import-Export Industrial Investment JSC.
Specifically, the debt of Phuong Thanh Tam Group JSC at VietinBank Branch 4 in Ho Chi Minh City stems from a loan agreement dated November 15, 2021.
The collateral for this debt includes two land-use rights and attached assets on parcel number 883-884, map number 17, in Trung An, Cu Chi district, Ho Chi Minh City. These assets are registered under Mr. Vo Van Dao, the legal representative of Phuong Thanh Tam Group JSC.
Additionally, VietinBank AMC is auctioning off the debt of Dong Duong Import-Export Industrial Investment JSC at VietinBank Branch 4 in Ho Chi Minh City, based on a loan agreement dated August 5, 2022.
The collateral for this debt consists of:
– Two land-use rights: one measuring 136.2 square meters on parcel number 1053 and another measuring 104.6 square meters on parcel number 1054, map number 21, in Phu Huu ward, District 9 (now Thu Duc City), Ho Chi Minh City.
– Twenty-five land-use rights for parcels in map number 11, Phu An ward, Tan Phu district, Dong Nai province.
In addition to the aforementioned real estate properties, the loan is also secured by 2.6 million DDG shares of Dong Duong Company, held by Mr. Le Nhat Phong and Mrs. Le Thi Xuan Yen.
The DDG shares are listed on the Hanoi Stock Exchange and have been placed under warning status since April 9. As of September 12, the DDG share price stood at VND 3,300 per share.
One of the mortgaged properties is located in the Golden Hills Da Nang project. (Photo: Danang Newspaper).
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The third company with a debt up for sale is Reenize Trading JSC. The collateral for this debt includes several land-use rights and attached assets across various locations in Ho Chi Minh City, Binh Duong province, Vinh Long province, and Da Nang city. These assets are registered under different individuals, as listed in the original text.
VietinBank AMC has not disclosed the exact value of the debts, but given the substantial collateral, the total value could amount to hundreds of billions of dong. The debts of these three companies are being sold through an agreed-upon auction process.
Phuong Thanh Tam Group JSC specializes in the steel business, while Reenize Trading JSC operates in the mechanical field. Dong Duong Company is engaged in the design and investment of thermal power supply systems.
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