HCMC – The Vietnam Bank for Agriculture and Rural Development (Agribank) is set to auction properties from two projects on Phu Quoc Island owned by Tan Hoang Minh Group in order to recover VND500 billion in debt.
The auction, scheduled for August 16, will include assets from the Thien Bao Phuc Quoc and Hoang Hai tourism projects, with a reserve price set at around VND25.5 trillion.
These tourism and resort complexes, with a total investment of VND24 trillion and covering a combined area of 34 hectares, comprise hotel apartment towers, resorts, shophouses and villas.
Thien Bao Phu Quoc’s land use rights were pledged as collateral for loans by companies affiliated with Tan Hoang Minh Group, sharing the same legal representative as Ha Phuong Investment and Construction Services Trading Company.
Agribank’s auction portfolio also includes several other properties related to loans provided to companies within the Tan Hoang Minh ecosystem. These include over 11,400 square meters of commercial and service land worth over VND127 billion secured by Thanh Xuan Design and Interior Consulting JSC.
Various plots of land linked to Hanoi Import-Export and Investment Business and Service Company, Xuan Nam Construction Services Company, Manh Loan Construction and Trading Company, Mivi Vietnam Trading and Service Company, and Green-Art Landscape Infrastructure JSC are also set to go under the hammer.
