After the Vietnam Asset Management Company (VAMC) seized Saigon One Tower project as a collateral, many banks made similar moves with customers violating the debt obligations.
Over the past two weeks, Techcombank has repeatedly announced the seizure of collaterals to handle and collect debts under mortgage contracts.
According to Techcombank, seized collaterals include real estates such as villas, luxury apartments, dwelling houses or land lots mainly in Hanoi. In addition, five cars were announced to be seized as collateral. Borrowers, including individuals and enterprises, have breached their debt obligation under the credit agreement signed with Techcombank.
As announced by Agribank, Vinalines - Dongdo Ship Repair Co. Ltd has breached its debt obligation under the credit agreement signed with Agribank; Therefore, Agribank will cooperate with Agribank AMC to seize the collateral of Vinalines - Dongdo Ship Repair Co. Ltd by September 21. The seized collateral is a 109.7m2 transformer station and the whole property built on a leased land with the area of 183,119.4 square meters in Tam Hung Commune, Phuc Le Commune, Thuy Nguyen District, Hai Phong City.
These moves are considered the initial results of the implementation of Resolution No.42/2017/QH14 dated June 21, 2017 of the National Assembly on piloting the settlement of bad debts of credit institutions. This Resolution is a legal basis to help banks solve difficulties and problems in the process of dealing with bad debts and collaterals of debts. The objective is to encourage banks to play a leading role in channeling the capital for production and business activities of the economy.
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The United Capital Management Joint Stock Company (Unicap) which manages investment funds will provide financial services to FLC and Faros in the near future.
Techcombank has announced that two separate legal entities managed by Warburg Pincus will invest over US$370 million into the Bank, subject to appropriate regulatory approvals.
In only the first two months of this year, the banking, financial services and insurance sector (BFSI) of Vietnam received up to US$1.45 billion worth of investment.
It is feared that the escalating trend of trade protectionism will hinder global growth and make many businesses struggle for survival.
According to the World Bank, remittances to Vietnam in 2017 are estimated at a record high of US$13.81 billion, increasing by US$1.9 billion, equivalent to 16% over 2016.
Within less than five months leading the Southeast Asia Joint Stock Commercial Bank (SeABank), Nguyen Canh Vinh has resigned from this position since February 8, 2018, for personal reason.
