Bad debt of more than 500 billion, bank sells international primary school in Hanoi

Banks rush to announce bad debt settlement – ​​Photo: QUANG DINH

Joint Stock Commercial Bank for Investment and Development ( BIDV ) has just announced the selection of an asset auction unit with the debt of Phu Son Cement Joint Stock Company.

The total value of the debt as of November 15, 2024 (is) more than 19.7 million euros. The starting price converted to Vietnamese Dong that the bank announced is more than 529 billion VND.

Notably, the collateral for the above loan is the land use rights and the property attached to the land is the construction of Thai Ha Private Primary School (formerly), now the Very Intelligent Pupils International Private Primary School Hanoi (address: Lang Thuong ward, Dong Da district, Hanoi).

This collateral is for short-term loans. As for medium-term loans, the collateral is real estate, projects under contracts and rights to capital contributions between shareholders of Phu Son Company, Phu Son Company, BIDV and PPF Banka...

According to data from the national business registration system, the Ninh Binh Department of Planning and Investment once sent a notice of violation in the case of revoking the business registration certificate of Phu Son Cement Joint Stock Company.

Phu Son Company was established in 2006, the legal representative is Mr. Nguyen Huu Loi. The company is located in Phu Son commune, Nho Quan district, Ninh Binh.

In a notice sent in August 2023, the management agency said that Phu Son had violated tax obligations and failed to report on compliance with legal regulations on enterprises.

In addition to the bad debt of Phu Son Company, right at the beginning of the year, BIDV auctioned many debts of other enterprises. Among them was the debt of An Thai Coneco Automobile Joint Stock Company with a starting price of nearly 35 billion VND, the debt of General Trading Services Joint Stock Company with a price of more than 33 billion VND...

Not only BIDV, in the period near the end of 2024 and into early 2025, other banks are rushing to handle bad debts. Among them are many loans of large value.

Recently, Hop Danh Auction Company announced the auction of nearly VND 600 billion of bad debt of Van Phat Real Estate Investment Joint Stock Company at Sacombank. Specifically, the total debt obligation of Van Phat Real Estate at Sacombank as of April 27, 2021 is more than VND 596 billion.

Of which, the capital is nearly 189 billion VND, and the remaining interest is more than 407 billion VND. However, the starting price of the debt offered by Van Phat Real Estate is only 189 billion VND, equal to the original debt amount.

According to information from the auction organization, Van Phat Real Estate's debt arose under a credit contract from 2012. The collateral is 40 million DTR shares of Do Thanh Real Estate Joint Stock Company.

Bank once sold school in Ho Chi Minh City

A few months ago, Agribank also announced the auction of the debt of Ho Chi Minh City College of Economics and Technology, located at No. 8, Street No. 3, Lu Gia Residence, Ward 15, District 11, Ho Chi Minh City.

The school borrowed 130 billion VND, the interest rate at the time of the loan was 9%, currently 10.5%, overdue interest rate is 150% of the due interest rate.

To borrow the above debt, Ho Chi Minh City College of Economics and Technology mortgaged the land use rights and assets attached to the land, which is the college on the land plot at 138 Ha Huy Giap, area 6,265m². In addition, there is also an asset on the land, which is the A B building block.

Source: https://tuoitre.vn/no-xau-hon-500-ti-ngan-hang-rao-ban-truong-tieu-hoc-quoc-te-o-ha-noi-20250105194540553.htm