Bank sells debt of more than 400 billion related to tycoon Duc Long Gia Lai

Vietnam Joint Stock Commercial Bank for Industry and Trade - Gia Lai Branch ( VietinBank Gia Lai) announced the auction of debt of Duc Long Dung Quat Company Limited, an enterprise belonging to the Duc Long Gia Lai Group ecosystem.

The auctioned debt is the entire outstanding debt (principal, interest and interest on overdue principal) of Duc Long Dung Quat Company Limited at VietinBank Gia Lai , arising from the credit contract signed in 2016.

As of May 19, 2025, the total outstanding debt of Duc Long Dung Quat Company Limited at VietinBank Gia Lai is more than 434.6 billion VND. Of which, the principal debt is 277.6 billion VND, the interest debt is 157 billion VND.

VietinBank offered a starting price of nearly VND279.5 billion, equivalent to the value of the principal debt.

Notably, the collateral for Duc Long Dung Quat's loan includes the company's property rights arising from the investment cooperation contract to build and operate My Khe Duc Long Hotel (also known as DLG Da Nang Hotel). This hotel is located on Vo Nguyen Giap Street, on the coast of My Khe Beach, Da Nang City.

PANO0001 Pano.jpg — *DLG Hotel Danang. Photo: DLG*

In addition, the secured assets also include ownership and property rights arising from the capital contribution at Duc Long Dung Quat Company, specifically: 88% of the charter capital held by Duc Long Gia Lai Construction Investment Joint Stock Company; 1% of the charter capital of Mr. Nguyen Tan Tien (Director of Duc Long Dung Quat Company and DLG Da Nang Hotel) and 11% of the charter capital formed in the future along with all property rights arising from the capital contribution of Mr. Bui Phap.

Duc Long Dung Quat Company Limited was established in 2005, located at Nam Chu Lai Industrial Park, Binh Son Commune, Quang Ngai Province.

According to DLG's Q2/2025 financial report, as of June 30, 2025, the company had short-term receivables of VND 133 billion from Duc Long Gia Lai Construction Investment JSC and VND 135 billion from Duc Long Dung Quat.

Duc Long Gia Lai (DLG) is a private economic group operating under the parent-subsidiary model with more than 30 member companies and 4 affiliated companies.

In addition to traditional industries such as wood production and processing, bus station and parking lot business, hotel services, mineral exploitation and processing, Duc Long Gia Lai also expanded into real estate and energy.