National asset manager reclaims skyscraper in HCMC to handle deep debt

Vietnam Asset Management Company (VAMC) yesterday reclaimed the security property of Saigon One Tower Company, which is Saigon M&C Building in downtown HCMC, to collect bad debts.
Saigon M&C Building at 34 Ton Duc Thang, District 1, HCMC
Saigon M&C Building at 34 Ton Duc Thang, District 1, HCMC
That is the first bad debt handled according to regulations at Resolution 42 of the National Assembly on the pilot handling of deep debts of credit institutions.
According to information from the State Bank of Vietnam (SBV), VAMC previously signed debt purchase contracts with some banks to debts by the group of customers including Saigon One Tower Company or former M&C Real Estate Company, Lien phat Investment Company, Minh Quan Investment and Construction Investment Consultant Company and Tan Superdeck M&C.
Their debt arrears have totaled VND7 trillion (US$308 million) so far.
VAMC has many times sent documents urging the above customers to pay debts without response. Afterwards, it has required Saigon One Tower Company to hand over security properties to conduct its guarantee obligations to the other customers but the company has yet to meet the requirement.
Therefore, VAMC has seized Saigon M&C building at 34 Ton Duc Thang street, District 1, HCMC to reclaim debts in line with Article 7, Resolution 42.
SBV comments that is a big debt and VAMC’s collateral seizure will contribute in efficiently implementing the resolution and raising the payment awareness of customers with bad debts.

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