The assets for auction include land-use rights of plots sized 2,287 sq m, 2,352 sq m, 1,920 sq m, 2,193 sq m and ownership of a construction work on land of 4,113 sq m.

The assets are located in ward 4, Cai Lay town, in Tien Giang province. A certificate on land-use rights, house ownership and other land-attached assets were granted by Tien Giang People’s Committee on March 13, 2017 to HAI Agrochem. 

The fifth asset is the ownership of a construction work on land area of 4,113 sqm. This is a branch of HAI in Tien Giang province, which includes offices and storehouse.

The starting price for the combined five assets is VND42.036 billion, or VND18 billion lower than the price set last October, when Agribank began offering to sell the assets.

The assets have been used as collateral for a loan at Agribank Phu Nhuan. In August 2022, HAI’s board of directors approved a resolution on handing over five assets in Tien Giang to Agribank Phu Nhuan, the lender.

Agribank has also put up for sale the 3,048 sq m land in An Lac ward I  Binh Tan district in HCM City. The land-use right certificate was granted to HAI by the HCM City Department of Natural Resources and the Environment.

This is the third time that Agribank has announced the auction of the ‘golden land plot’. The starting price for the third auction is VND171.7 trillion. At the first auction, the starting price was set at VND220 billion, or VND72.17 million per sq m.

The 3,048 sqm land plot in An Lac was used as the asset mortgaged for HAI’s loan at Agribank Sai Gon. In July 2022, HAI’s board of directors approved the resolution on handing over the asset to Agribank Sai Gon.

HAI is a member of the FLC ecosystem, the large corporation where Trinh Van Quyet was president. FLC Group (FLC) now owns 8 percent of shares in HAI.

HAI has seven branches, but three of them have stopped operation. HAI has contributed VND175 billion to FLC Homes. Currently, the permanent vice chair of the board of directors and CEO of FLC Group is still a member of HAI’s board of directors.

The company’s Q4 2022 consolidated finance report showed that its revenue was only VND37 billion, a 86 percent fall compared with the same period the year before, and post-tax profit of minus (-) VND18 billion. However, the loss in Q4 2022 was much lower than the loss of VND672 billion in Q4 2021.

Tuan Nguyen