Agribank has just announced the selection of a unit to auction the debt of Truong Hai Service Investment Company Limited.

This enterprise has a charter capital of 20 billion VND, operates in the field of real estate business, headquartered at 111 Nguyen Van Cu, Long Bien (Hanoi), with Mr. Nguyen Minh Vinh as director.

Agribank said the starting selling price of the debt is equal to the provisional book value as of July 31, 2024, which is VND53.92 billion.

The assets securing the above debt include all property rights including debt claims, payment claims, rights to enjoy benefits arising from the contract, rights to exploit and manage the project, rights to be compensated for damages under the contract or other property rights with monetary value arising from the Apartment Sale Contract of the Ocean Gate Hotel & Residence Nha Trang project.

This contract was signed between Truong Hai Service Investment Company Limited and Van Phong Investment and Development Joint Stock Company (representing the joint venture investor of the project between Van Phong Investment and Development Joint Stock Company and Khanh Hoa Tourism Investment and Development Joint Stock Company).

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Perspective inside the Ocean Gate project. Photo: Investor.

The apartments traded between Truong Hai Service Investment Company Limited and the investor include 7 apartments, with areas ranging from 42.7-121.4m2, with a value at the time of mortgage of more than 30,294 billion VND.

Ocean Gate Hotel & Residence Nha Trang project is built at 8 Hoang Hoa Tham Street, Van Thanh Ward, Nha Trang City, Khanh Hoa Province, with a total area of ​​1,505m2.

This is a 4-star hotel and luxury apartment project. The project has a scale of 2 basement floors for parking; 9 floors of services and a commercial center; 9 floors of hotel and 22 floors of apartments meeting 4-star and 5-star standards.

In addition to the above debt, Agribank has also just announced the auction of all debts of Cuom Viet Company Limited at Agribank Saigon Branch, arising from October 15, 2020.

The value of the debt as of July 31, 2024 is VND 123,379 billion. The bank offers a starting auction price of VND 111 billion for the debt. Bidders need to deposit more than VND 22.2 billion.

The collateral for this debt includes a series of 18 real estates in Phuc Yen City, Vinh Phuc Province owned by different individuals including:

3 land use rights with a total area of ​​1,290.5 square meters in Phuc Yen City owned by Mr. Vu Manh Cuong and Ms. Phan Thi Hong Thanh, residing at 80 Nguyen Khuyen, Dong Da, Hanoi;

5 land use rights with a total area of ​​1,837m2 in Phuc Yen City owned by Mr. Do Van Ha and Ms. Nguyen Thi Huong Giang, residing in Cao Thanh, Ung Hoa, Hanoi;

5 land use rights with a total area of ​​1,880m2 in Phuc Yen City owned by Ms. Pham Thi Tram, residing in Quynh Phu, Thai Binh;

5 land use rights with a total area of ​​2,093.5 square meters in Phuc Yen City owned by Ms. Nguyen Thu Hang, residing in Khuong Dinh, Thanh Xuan, Hanoi.

The total value of the above-mentioned collateral assets was valued by the valuation company at VND 212,868 billion. These real estates were seized by Agribank on October 28, 2022.

Currently, the debt of Cuom Viet Company Limited has been transferred to bad debt by the bank because the borrower violated the debt payment obligation.

Cuom Viet Company Limited was established in 2016, headquartered at 51 Cau Xay, Tan Phu Ward, Thu Duc City (HCMC), with Ms. Dang Thi Quynh as director. This enterprise specializes in beading and pressing beads in large quantities on pants, shirts, shoes, handbags, etc.