Banks sell mortgaged assets to resolve bad debts
Many banks in Ho Chi Minh City are selling their mortgaged assets, mainly properties worth trillions of Vietnamese dong, to speed up the resolution of bad debts.
Sacombank is selling properties worth trillions of Vietnamese dong to speed up the resolution of bad debts.
The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has announced the sale of properties such as the Kenton property in Nha Be district to recover debts.
The Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) is selling two land lots in HCM City’s Binh Chanh district at an initial price of 800 billion VND and 400 billion VND.
In other districts, many properties worth hundreds of billions are being sold by Sacombank.
The situation at the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is the same. On April 6, the bank offered two properties in Tay Ninh province with a total value of over 1.22 billion VND.
The Vietnam 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 Viet Toan Cau Real Estate Joint Stock Company, acquired from Agribank, at a starting price of over 22 billion VND. VNS
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