BIDV cuts selling price of construction major’s mortgaged assets to $174 mln

State-controlled BIDV, a “Big 4” lender in Vietnam, has slashed the auction price of mortgaged assets held by Tai Nguyen Construction and Trading Company to VND4.41 trillion ($174.4 million).

This latest offer, effective starting November 6, is VND500 billion ($19.73 million) lower than the previous price set in October.

The mortage assets of the Ho Chi Minh City-based construction firm include the Kenton Node apartment project in Nha Be district HCMC and rights to exploit a stone quarry in Hanoi’s Quoc Oai district.

According to BIDV, Tai Nguyen Construction and Trading Company’s total outstanding debt was VND5.72 trillion ($225.75 million) as of July 26, consisting of VND2.5 trillion ($98.9 million) in principal and VND3.21 trillion ($126.7 million) in interst.

The Kenton Node project, valued at over $1 billion, was renamed Grand Sentosa. Its construction resumed in early 2022 following two suspensions in mid-2020 and 2018.

Tai Nguyen Construction and Trading Company had a charter capital of VND1.95 trillion ($77 million) as of April 2022. The company has developed several major projects, including a tunnel through Hai Van pass in central Vietnam, Vinatex-Tai Nguyen office building, and the Evergreen shophouse-villa complex in HCMC, among others.