A representative of Van Thinh Phat Group (VTP) yesterday announced that two German firms including Fortlane Partners and Asset Capital had conducted preliminary evaluations and reached an agreement on asset handling and damage control measures tied to the restructuring of Saigon Commercial Bank (SCB). The aim is to optimize asset recovery and expedite the reimbursement of funds to the State.
According to the signed memorandum, the foreign partners presented their capabilities and international experience in asset management and restructuring of similar cases.
VTP requires its partners to demonstrate proof of funds for the initial phase of the SCB restructuring and asset resolution plan, totaling US$3 billion. Of this, US$1 billion will be used to settle bondholder claims related to phase 2 of the legal case, and US$2 billion will support SCB’s restructuring—partly to refund depositors and partly to increase SCB’s charter capital to ensure operating capital.
The parties involved will then submit the plan to competent state authorities for approval. The goal is to accelerate repayments to retail bondholders affected in phase 2 of the case, fast-track asset resolution, and ensure prompt reimbursement to the State.
The foreign partners have agreed to verify their funding sources as requested by VTP, under the condition that all parties receive state approval to proceed. They also commit to providing collateral equivalent to the transferred capital intended for SCB's restructuring and for remedying the case’s consequences.
Previously, VTP submitted a proposal to Party and Government leaders, relevant ministries, and the State Bank of Vietnam, expressing willingness to participate in SCB’s restructuring—or to voluntarily assume mandatory transfer of the bank—linked to the resolution of the case.
Currently, VTP and its partners have prepared the US$2 billion needed for phase 1 (over VND50 trillion) and are ready to transfer the funds into an escrow account upon government request. They have also outlined plans and a roadmap for phase 2 funding of US$8 billion (over VND200 trillion).
The restructuring plan spans a maximum of 12 years. In phase 1, during the first year, investors will disburse over VND50 trillion to handle asset issues and address case-related damages.
From years 2 to 5, investors will sustain capital injections—comprising matching funds, loans, and project development proceeds—into legally cleared, high-value, and viable projects to drive revenue generation.
From years 6 to 12, VTP and its partners will use revenues from earlier phases (after repaying any new loans taken for project development) to reimburse the State and fully remedy the consequences of the case.
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