VAMC to auction bad debts starting at nearly $10 mln
The Vietnam Asset Management Company (VAMC) has disclosed its plan to auction off bad debts from two clients, namely Phuc An Khang International Hospital Corporation and Binh Duong Construction Stone Co., Ltd.
Logo of Vietnam Asset Management Company (VAMC). Photo courtesy of VAMC.
VAMC has purchased the bad debts of Sacombank related to Phuc An Khang International Hospital and Binh Dương Construction Stone. The starting price for the auctioned debt is more than VND 239.23 billion ($9.7 million).
The collateral for Phuc An Khang International Hospital's debt includes land usage rights for 8,048 square meters and ownership of an industrial facility in the Dong An Industrial Zone, Binh Duong province. It also comprises ownership of a residential property covering 377.3 sqm at 22 Ngo Quyen street, District 5, Ho Chi Minh City.
The collateral securing Binh Duong Construction Stone's debt consists of ownership rights to a residential property covering 506.1 sqm at 204A Nguyen Trai street, District 5, HCMC.
The sale and acceptance of auction documents will run from September 18 to October 7 at VAMC headquarters in Hanoi and HCMC.
Each buyer can purchase one set for VND500,000. Asset viewing will occur between September 18 and October 3, with debt profiles on display on October 3 and 4.
The auction requires a VND25 billion deposit and will commence at 2 pm on October 10, with multiple rounds of direct voting and bidding increments.
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