Agribank has issued successive announcements to auction 28 land use rights, residential property rights, and other associated real estate assets located in Minh An and Cam Pho wards, Hoi An City, Quang Nam Province (now designated as Hoi An Ward, Da Nang City), and Cam Thanh commune (now Hoi An Dong Ward, Da Nang City).

These assets were pledged as collateral for loans by a network of related companies, including: Indochina Hotel Investment and Management JSC, Ann Taylor Co., Ltd., Thien Nhat Viet Trading and Services Co., Ltd., Dai Bao Nga Co., Ltd., Tuan Kiet Investment Development and Construction Co., Ltd., Hoi An EXPRESS Travel and Services Co., Ltd., Huy Khang Travel and Services Co., Ltd., NL Trong Nhan Co., Ltd., and borrower Pham Que Anh.

The properties had previously been listed for auction in April 2025 but failed to sell.

Among the listings, the largest property spans 767 square meters and carries a starting price of VND 52 billion (approx. USD 2.05 million). The remaining assets range from 90 to 200 square meters, with starting bids between VND 8 and 16 billion (approx. USD 315,000 to 630,000).

Due to their close affiliations, the companies either jointly used properties as collateral or used one another’s properties within the same ecosystem to secure individual loans.

As of September 30, 2024, Agribank disclosed the outstanding debts as follows:

Indochina Hotel JSC: VND 110.921 billion (approx. USD 4.38 million); Ann Taylor Co., Ltd.: VND 103.253 billion (approx. USD 4.08 million); Dai Bao Nga Co., Ltd.: VND 67.521 billion (approx. USD 2.67 million); Huy Khang Co., Ltd.: VND 71.789 billion (approx. USD 2.83 million); Trong Nhan Co., Ltd.: VND 932 million (approx. USD 36,800); Thien Nhat Viet Co., Ltd.: VND 60.894 billion (approx. USD 2.4 million); Hoi An Express Co., Ltd.: VND 51.084 billion (approx. USD 2.02 million); Tuan Kiet Co., Ltd.: VND 25.67 billion (approx. USD 1.01 million); and Pham Que Anh - Nguyen Lam Huy (the legal representative for most of these companies): VND 12.777 billion (approx. USD 505,000).

The total outstanding debt as of September 30, 2024, was VND 504.841 billion (approx. USD 19.93 million). In contrast, the starting value for the 28 auctioned properties is just over VND 300 billion (approx. USD 11.85 million), far below the total debt owed.

In 2023, Agribank and VietinBank frequently listed dozens of residential, hotel, and resort properties in Hoi An for auction. Most of these properties were owned by tourism-related businesses.

Tuan Nguyen