Banks sell mortgaged assets to resolve bad debts

April 10, 2020 - 18:11

Many banks in HCM City are selling their mortgaged assets, mainly real estate worth trillions of Vietnamese đồng, to speed up the resolution of bad debts.

Sacombank is selling properties worth trillions of Vietnamese đồng to speed up the resolution of bad debts. — VNS Photo Văn Châu

HCM CITY — Many banks in HCM City are selling their mortgaged assets, mainly properties worth trillions of Vietnamese đồng, to speed up the resolution of bad debts.

The Joint Stock Commercial Bank for Investment and Development of Việt Nam (BIDV) has announced the sale of properties such as the Kenton property in Nhà Bè District to recover debts.

The Sài Gòn Thương Tín Commercial Joint Stock Bank (Sacombank) is selling two land lots in HCM City’s Bình Chánh District at an initial price of VNĐ800 billion and VNĐ400 billion.

In other districts, many properties worth hundreds of billions are being sold by Sacombank.

The Việt Nam Asset Management Company (VAMC) has also rushed to auction hundreds of debts acquired from credit institutions.

Recently, VAMC announced a second auction of debts of the Việt Toàn Cầu Real Estate Joint Stock Company, acquired from Agribank, at a starting price of over VNĐ22 billion. — VNS

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