The trillion-dong debt includes nearly 6,000 taels of SJC gold being sold at surprisingly low prices.

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) is selling a debt of more than VND1,768 billion of Saigon Seafood Trading Joint Stock Company.

Of which, the principal debt is 530 billion VND, this debt was formed in 2009. The bank did not provide detailed information about the assets securing the debt.

Notably, Sacombank "greatly reduced the price" when offering the starting auction price at just over 846 billion VND.

It is known that the credit packages borrowed by Saigon Seafood Trading Joint Stock Company at Sacombank since 2009 include a cash loan contract and a loan contract of 5,833 taels of SJC gold (equivalent to more than 249 billion VND, according to the gold price at the end of 2020).

According to the 2023 audit report, Saigon Seafood Trading Joint Stock Company had an accumulated loss of VND 1,354 billion and negative equity of VND 1,264 billion.

Currently, the company's APT shares are listed on the Upcom floor and are priced at only VND 3,300/share (updated to August 16).

Saigon Seafood Trading Joint Stock Company is headquartered in Binh Tan District, Ho Chi Minh City, formerly a state-owned enterprise, established in 1976. The company has a charter capital of VND 88 billion, of which Saigon Trading Corporation (Satra) holds 30% of the charter capital.

Along with that, this bank also announced the auction of debt of Son Thinh Private Enterprise (DNTN) according to the credit contract signed in 2014.

The value of the debt is up to more than 1,243 billion VND, of which the principal debt is more than 510 billion VND.

The collateral for the above debt is under 4 mortgage contracts signed between Sacombank and Son Thinh in the period from 2014 to 2016. However, the bank did not disclose specific information about the type and value of the collateral.

Notably, although the debt value is thousands of billions of VND, Sacombank announced the starting price for the debt auction at only 200 billion VND.

The winning bidder shall be responsible for all taxes and costs associated with the purchase of the debt and the transfer of the assets.

Son Thinh Private Enterprise is the operator of Son Thinh Service Building in Vung Tau City, Ba Ria - Vung Tau Province. Previously, in June 2024, this enterprise was issued a decision by the Vung Tau - Con Dao Tax Department to enforce 262 billion VND in tax by requesting money to be withdrawn from the account and freezing the account of the enterprise.

Vung Tau - Con Dao Tax Department requested 13 banks where Son Thinh opened accounts to be responsible for freezing and withdrawing money from this enterprise's account to enforce the tax enforcement decision.