The total debt, valued at VND 1,209 billion (around US$50.7 million) as of December 31, 2024, includes over VND 728 billion in principal, more than VND 466 billion in interest, and VND 14 billion in guarantee fees.

The loan, secured by assets from the Binh Thuan Wind Power Plant 1, initially had a starting bid of VND 1,209 billion in January 2024. However, the current auction sees a reduced starting price of VND 844.56 billion, a drop of over VND 364 billion from the original price.

REVN’s Binh Thuan Wind Power Plant 1 project, which was completed in two phases with a total investment of VND 2,000 billion, has finished its first phase. This phase includes 20 wind turbines with a total capacity of 30 MW, generating approximately 85 million kWh of electricity annually.

The Vietnam Renewable Energy One Member Limited Liability Company (REVN) is chaired by Mr. Pham Van Minh, who also serves as the General Director of the Urban Infrastructure Investment and Business One Member Limited Liability Company (UBI). UBI is dealing with its own bad debt of VND 1,650 billion at Agribank.

The collateral for UBI's debt includes the entire production line of the Vietnam Turbine Manufacturing Plant - Phase 1, located in Kim Thanh District, Hai Duong Province.

Combined, the bad debts of Mr. Pham Van Minh’s companies at Agribank total VND 2,850 billion ($119.7 million).

Tuan Nguyen