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. (Photo: VNS)

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 VND800 billion and VND400 billion.

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 VND1.22 trillion.

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 VND22 billion.