Agribank auctioned 37 buses, which were collateral of Bac Ha Company, which used to run 5 routes in Hanoi, at prices ranging from 320 million to 420 million VND each.
Agribank Bac Ninh branch has just announced the auction of 37 Daewoo buses of Bac Ha Company with a starting price of nearly 13.5 billion VND.
Specifically, these 37 cars include two types, produced in 2013 with a starting price of about 320 million VND, produced in 2014 with a starting price of about 420 million VND each.
Bac Ha Company has about 200 employees and is a contractor that operates 5 bus routes in Hanoi, including route 41 (Nghi Tam - Giap Bat station); route 42 (Giap Bat - Duc Giang bus station); route 43 (Thong Nhat Park - Dong Anh town); route 44 (Tran Khanh Du - My Dinh station); and route 45 (Times City - Nam Thang Long). In early July last year, this company requested to stop operating 5 bus routes due to declining revenue and lack of capital.
Bac Ha bus when it was still operating in Hanoi. Photo: Hanoi Bus
The company's leadership said that after two years of being affected by the pandemic, the company ran out of capital and lost the ability to pay salaries, fuel, repairs, and parking. All 57 buses serving 5 bus routes were mortgaged to banks to borrow capital for business. By mid-2022, the company had a 56 billion VND overdue loan at the bank.
Hanoi City later accepted this proposal, appointing new contractors to operate the above five bus routes instead of Bac Ha.
Quynh Trang
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