Bank reduces debt related to Tan Hoang Minh Group

Agribank has just put up for sale for the 8th time the debt of Hoang Hai Phu Quoc Housing Development Investment Joint Stock Company in its original condition regarding outstanding debt, secured assets, dispute status, etc. The starting price of the debt is over VND 252.5 billion (excluding taxes, fees, charges and other financial obligations payable according to regulations). The auction is scheduled to take place on May 7. Compared to the first auction, the starting price of this debt has decreased by about VND 29.5 billion. Hoang Hai Phu Quoc Company is a member of the ecosystem of Tan Hoang Minh Group. This enterprise is currently represented by Do Hoang Viet - son of Mr. Do Anh Dung.

The company is the owner of the Hoang Hai complex tourism project located in the tourism and entertainment complex with a scale of nearly 34 hectares and more than 20 km of coastline at Bai Truong (Phu Quoc, Kien Giang). This is also the project used as collateral for many companies under the Tan Hoang Minh ecosystem to borrow capital from Agribank and the bank has continuously put it up for sale.

Ngân hàng giảm giá khoản nợ liên quan đến Tập đoàn Tân Hoàng Minh- Ảnh 1. — Perspective of the Complex Tourism Project in Phu Quoc of Tan Hoang Minh Group

Previously in April, Agribank also continuously put up for sale the debts of many enterprises in the Tan Hoang Minh ecosystem after many failed auctions. It is worth mentioning that the debt of Bac Ha Development Investment Company Limited had a starting price (excluding value added tax) of 46.6 billion VND. The starting price this time has decreased by nearly 10 billion VND compared to the time of sale at the end of August 2023.

Next is the debt of THM Thinh Vuong Real Estate Investment Company Limited, which was put up for sale by Agribank with a starting price of VND 79,683 billion, a decrease of more than VND 15 billion compared to the sale in August 2023. The collateral for THM Thinh Vuong's loan is the property rights arising from the long-term and irrevocable lease contract of the office building and headquarters of the National Political Publishing House Truth belonging to Tan Hoang Minh Hotel Service Trading Company Limited.

Also having the same collateral for the loan as THM Thinh Vuong, the debt of Phu Thanh Construction Investment Joint Stock Company was put up for sale by Agribank for nearly 65 billion VND, a decrease of 12 billion VND compared to the sale in January 18, 2023. Phu Thanh is the parent company of General Department Store Joint Stock Company - the investor of the D'. El Dorado II project in Hanoi.

Meanwhile, the debt of Mivi Vietnam Trading and Service Company Limited is also being offered for sale by this bank with a starting price of VND 45.67 billion, a decrease of nearly VND 7 billion compared to the first sale in August 2023. The collateral is the right to use a number of land lots at the Hoang Hai complex tourism project (Phu Quoc, Kien Giang) owned by Hoang Hai Phu Quoc Housing Development Investment Joint Stock Company.

Another unit in the Tan Hoang Minh ecosystem and also has mortgaged assets of land use rights at the Hoang Hai complex tourist area in Phu Quoc is Green-Art Landscape Infrastructure Joint Stock Company. This company's debt is being sold by Agribank with a starting price of 33 billion VND, a decrease of 5 billion VND compared to the sale in August 2023.

Similarly, the debt of Manh Loan Construction and Trading Company Limited (located at D'.Le Pont D'or building, Dong Da district, Hanoi) has just been put up for sale by Agribank for the 8th time, with a starting price of 90 billion VND. This figure is down more than 15 billion VND compared to the sale in August 2023. The debt of Manh Loan Company is also secured, including 6 land use rights and assets attached to land at the Hoang Hai Complex Tourism Project in Phu Quoc...

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