VietinBank’s Tay Ninh branch has announced a public auction of a series of collateral assets belonging to Lavifood, with a combined starting price of more than VND1.216 trillion ($47 million).

The company was previously mentioned in investigation documents related to Truong My Lan, former chairwoman of Van Thinh Phat Group.

The auctioned collateral includes two major asset groups.

The first consists of land-use rights covering 142,914.5 square meters for the Tanifood Tay Ninh factory and all construction works built on the land at plot No. 363, map sheet No. 60, Thanh Duc Commune, Go Dau District, Tay Ninh Province - now administratively reorganized as Thanh Duc Commune, Tay Ninh Province.

The land-use rights are valid until February 28, 2067.

The land also benefits from a 15-year exemption from state land rental fees running from February 28, 2017 to February 28, 2032.

Structures on the property include the Tanifood Tay Ninh factory complex, featuring 16 certified construction items and nine additional items that have not yet received ownership certification.

The second asset group includes the entire machinery and equipment system belonging to the “Tanifood Tay Ninh agricultural processing plant” project operated by Lavifood.

The total starting auction price exceeds VND1.216 trillion.

Of that amount, the first asset group is valued at nearly VND783 billion ($30.2 million), while the machinery and equipment package carries a starting price of more than VND433 billion ($16.7 million).

Lavifood operates in the agricultural processing sector.

Notably, the company was identified in the investigation into the Van Thinh Phat case involving Truong My Lan.

According to the investigation’s conclusions, Truong My Lan acquired shares in Lavifood and later assigned Truong Hue Van to oversee the company through general director Nguyen Phi Long, who stood as the registered owner of a 31% stake.

In relation to the broader Van Thinh Phat case, Ho Chi Minh City’s Civil Judgment Enforcement Department had earlier announced plans to auction three luxury cars and two rare albino Hermès handbags belonging to Truong My Lan.

Tuan Nguyen