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

By Kha Moc, Hai Yen

Tue, November 5, 2024 | 3:16 pm GMT+7

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.

Kenton Node apartment project in Nha Be district, Ho Chi Minh City, southern Vietnam. Photo courtesy of Dau Tu Chung Khoan (Stock investment) newspaper.

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.

Tags:

BIDV

auction

collateral

construction

Tai Nguyen

Comments (0)

Latest|Most liked

Tags:

Thailand’s Krungsri aims to wholly acquire Hanoi-based SHBFinance soon

Bangkok-domiciled Krungsri, officially known as Bank of Ayudhya Public Company Limited, has offered to acquire the remaining 50% stake in SHBFinance from private lender SHB before their initially agreed timeline.

Finance - Tue, November 5, 2024 | 4:23 pm GMT+7

LG Electronics to expand R&D operations in Vietnam to in-vehicle infotainment

LG Electronics is strengthening its research and development (R&D) capabilities in Vietnam and will expand its local research program into vehicle components, webOS platform, and home appliances.

Companies - Tue, November 5, 2024 | 3:28 pm GMT+7

Vietnam developer Novaland denies involvement in violations at Central Highlands property project

Real estate major Novaland asserted on Monday that it was neither aware of nor involved in any violations of the law by its partner or other parties concerned in a Central Highlands eco-resort and urban area project.

Companies - Tue, November 5, 2024 | 2:36 pm GMT+7

Vietnam central bank likely to raise interest rates in Q2 next year: StanChart

The Vietnamese central bank is forecast to lift interest rates by 50 basis points in Q2/2025 due to a pickup in inflation, a Standard Chartered economist has said.

Economy - Tue, November 5, 2024 | 2:01 pm GMT+7

Chinese e-commerce giant Temu receives tax code, still unlicensed

Temu, the e-commerce platform under China’s PDD Holding, has been given tax identification number 9000001289 for its tax duty in Vietnam, says the General Department of Taxation (GDT) under the Ministry of Finance.

Companies - Tue, November 5, 2024 | 12:05 pm GMT+7

Korea soju producer HiteJinro targets annual output of 70 mln liters in Vietnam

South Korea's HiteJinro, a leading producer of traditional alcoholic beverage soju, targets an annual output of 70 million liters of soju and fruit-flavored soju under the Jinro brand for its to-be-built factory in Vietnam.

Industries - Tue, November 5, 2024 | 10:13 am GMT+7

Vietnam stock market may receive $9 bln from overseas funds once upgraded: Morgan Stanley

International funds may pour up to $9 billion into Vietnamese equities once Vietnam’s stock market status is upgraded from a frontier to an emerging market, says a Morgan Stanley representative.

Finance - Tue, November 5, 2024 | 9:33 am GMT+7

Vietnam oil & gas sector’s Q3 profits up for upstream firms, down for downstream firms

Upstream oil and gas companies in Vietnam reported robust profit growth in the third quarter of this year, but downstream peers were hit by declining oil prices.

Companies - Tue, November 5, 2024 | 8:01 am GMT+7

Indonesia targets comprehensive fuel subsidy scheme reform

Indonesian Energy Minister Bahlil Lahadalia has said the country is conducting a thorough exercise to reform its fuel subsidy scheme.

Southeast Asia - Mon, November 4, 2024 | 10:50 pm GMT+7

Tech companies invest in data centers in Thailand

Thailand’s Board of Investment (BOI) has approved investment support for two large data centre projects in the country worth over THB60 billion ($1.7 billion).

Southeast Asia - Mon, November 4, 2024 | 10:49 pm GMT+7

Indonesia upgrades sea wall system to protect Jakarta

Indonesian Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono has stated that the construction of sea walls was one of the priorities of President Prabowo Subianto.

Southeast Asia - Mon, November 4, 2024 | 10:47 pm GMT+7

Where real estate and urban development meet

The Transit-Oriented Development (TOD) itself, if properly planned and implemented, can lower the barrier to the use of public transport, lessen the dependency on private vehicles, contributing to the liveability of communities and cities, write Avison Young Vietnam analysts.

Consulting - Mon, November 4, 2024 | 8:49 pm GMT+7

AI helps sellers offer competitive prices on e-commerce platforms: Lazada trainer

Consulting

Thailand’s Krungsri aims to wholly acquire Hanoi-based SHBFinance soon

LG Electronics to expand R&D operations in Vietnam to in-vehicle infotainment