Banks sell mortgaged assets to resolve bad debts hinh anh 1Sacombank is selling properties worth trillions of Vietnamese dong to speed up the resolution of bad debts. (Photo: VNS)

HCM City (VNS/VNA) - Many banks in Ho Chi Minh City are selling their mortgaged assets, mainly properties worth trillions of Vietnamese dong, to speed up the resolution of bad debts.

The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has announced the sale of properties such as the Kenton property in Nha Be district to recover debts.

The Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) is selling two land lots in HCM City’s Binh Chanh district at an initial price of 800 billion VND and 400 billion VND.

In other districts, many properties worth hundreds of billions are being sold by Sacombank.

The Vietnam Asset Management Company (VAMC) has also rushed to auction hundreds of debts acquired from credit institutions.

Recently, VAMC announced a second auction of debts of the Viet Toan Cau Real Estate Joint Stock Company, acquired from Agribank, at a starting price of over 22 billion VND./.