Nam A Bank to seize the collateral of villa on Tuan Chau island

Oct 06, 2017 | 06:52 AM GMT+7

TheLEADERThe mortgage is collected as the borrower, VICCOM Joint Stock Company, holds an overdue debt in the Nam A Commercial Joint Stock Bank (Nam A Bank).

Nam A Bank to seize the collateral of villa on Tuan Chau island
Nam A Bank's headquarter in Lieu Giai, Hanoi. Photo: M.A

Nam A Bank announced on its website that the bank will collect the collateral for a loan of VICCOM. The confiscated property is a villa located at cell 32, plot Z, Hong Chau villa area, Tuan Chau island, Ha Long city, Quang Ninh province. The seizure time is set on October 27.

The announcement indicates that the seizure is based on the overdue debt of VICCOM Joint Stock Company at Nam A Bank.

At the same time, the bank also said that it will seize the collateral for the debts of No.8 Investment and Construction Joint Stock Company (CIC8) at Nam A Bank as the company also has overdue loans. 

The property is the apartment P516, CT5, DN3, My Dinh II, Nam Tu Liem, Hanoi. Loans from businesses in Nam A Bank are not disclosed.

Earlier, the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) announced on Oct 2 that it would seize 10 cars of business and individual customers who violated their debt repayment obligations under the credit agreement signed with the bank.

In September, the bank also repeatedly announced the revocation of real estate assets of customers who have violated the repayment obligations. Real estate includes villas, high-end apartments or land.

Earlier in September, Vietnam Bank for Agiculture and Rural Development (Agribank) also announced that it would cooperate with Agribank AMC to collect the assets of Vinalines Dong Do (Hai Phong). The seized property is a transformer station with a construction area of 109.7 square metre and all real state assets are built on a leased land of 183,119.4 square metre in Tam Hung Commune and Phuc Le Commune, Thuy Nguyen District, Hai Phong City.

Vinalines-Dong Do Ship Repair Co., Ltd. has breached its debt obligations under the credit agreements signed with Agribank, according to the bank.

Previously, on August 21, Vietnam Asset Management Company (VAMC) has seized the security property of Saigon One Tower project in Ho Chi Minh City.

It is a secured asset disposal of a more than VND7,000 billion bad debt that VAMC has acquired from some credit institutions and companies.

These moves are considered the initial results of the implementation of Resolution 42/2017/QH14 on pilot settlement of bad debts of credit institutions by the XIV National Assembly. The resolution is the legal basis to help banks solve difficulties and problems in the process of dealing with bad debts and security assets of debts. The goal is to encourage banks to play a leading role in channeling capital to production and business activities of the economy.