Agribank An Giang Branch, through Agribank AMC, has just announced the selection of a unit to auction the debt of Thuan An Company at Agribank An Giang under two credit contracts signed in 2016. The book value of the provisional debt as of September 30, 2024 is 417,373 billion VND, of which the principal debt is more than 289 billion VND, and the interest debt is nearly 128.3 billion VND.

In addition to the two signed credit contracts, the legal documents of the debt include a mortgage contract for land use rights and assets attached to land between Agribank An Giang and Thuan An Company; a mortgage contract for land use rights and assets attached to land of others between Agribank An Giang and Mr. Nguyen Thai Son, Chairman of the Board of Directors, and his wife, Ms. Nguyen Thi Hue Trinh, General Director of the company.

However, Agribank An Giang did not disclose specific information about the collateral assets being land use rights.

Thuan An Headquarters.jpg
Thuan An Company headquarters in An Giang. Photo: Tafishco Fisheries.

The starting price for the auction of all debt of Thuan An Company is 417,373 billion VND. The debt is auctioned in its original condition (including the original condition of the debt, legal status and potential risks) and in the form of sale as is.

Thuan An Company's full name is Thuan An Production, Trade and Service Company Limited (Tafishco), headquartered in An Giang, chaired by Mr. Nguyen Thai Son and his wife, Mrs. Nguyen Thi Hue Trinh, and general director.

Thuan An used to be a large enterprise in the field of seafood processing and export, with its main product being tra fish, with sales in 2013 exceeding 1,100 billion VND.

In 2014, Thuan An was chosen as the focal point for organizing the production - processing - export chain of pangasius. The pangasius chain has been effective and stable during most of the pilot period.

According to the tripartite contract between Thuan An, Agribank An Giang and fish farmers, Agribank An Giang provides credit in the form of fish feed to farmers, not in cash as in normal credit contracts; fish farmers, after selling fish to Thuan An, are considered to have fulfilled their tripartite contract obligations; the remaining debt collection responsibility belongs to Agribank An Giang towards Thuan An... Agribank An Giang is responsible for monitoring cash flow from disbursement to debt collection.

However, in November 2016, Mr. Nguyen Thai Son and Ms. Nguyen Thi Hue Trinh left the country to "promote trade" and have been missing since then, leaving behind nearly 1,000 billion VND in debt to banks, social insurance, pangasius farmers, etc., causing both banks and farmers to suffer losses.