VAMC sells and receives auction documents between September 18 and October 7. — Photo VAMC

Vietnam Asset Management Company (VAMC) has disclosed its plan to auction off bad debts from two clients, namely Phúc An Khang International Hospital Corporation and Bình Dương Construction Stone Co., Ltd.

VAMC has purchased the bad debts of Sacombank related to Phúc An Khang International Hospital and Bình Dương Construction Stone. The starting price for the auctioned debt is more than VNĐ239.23 billion (US$9.7 million).

The collateral for Phúc An Khang International Hospital's debt includes land usage rights for 8,048sq.m2 and ownership of an industrial facility in Đồng An Industrial Zone, Bình Dương Province. It also comprises ownership of a residential property covering 377.3sq.m2 at 22 Ngô Quyền Street, District 5, HCM City.

The collateral securing Bình Dương Construction Stone's debt consists of ownership rights to a residential property covering 506.1sq.m2 at 204A Nguyễn Trãi Street, District 5, HCM City.

The sale and acceptance of auction documents will run from September 18 to October 7 at VAMC headquarters in Hà Nội and HCM City.

Each buyer can purchase one set for VNĐ500,000. Asset viewing will occur between September 18 and October 3, with debt profiles on display on October 3 and 4.

The auction requires a VNĐ25 billion deposit and will commence at 2.00pm on October 10, with multiple rounds of direct voting and bidding increments. — VNS