Bank sells mortgage debt secured by famous tourist market in Lao Cai

The bank has just announced the auction of the mortgaged property, which is a project called Lao Cai Tourist Market of Cuong Phat Market Investment, Construction and Management Exploitation Cooperative.

Vietnam Joint Stock Commercial Bank for Industry and Trade - Thanh An Branch ( VietinBank Thanh An) has just announced the auction of assets of the Cuong Phat Market Investment, Construction and Management Cooperative.

The auctioned asset is the debt of Cuong Phat Market Construction Investment and Management Exploitation Cooperative at VietinBank Thanh An, arising from the credit contract signed on July 31, 2018.

As of August 22, 2025, the total outstanding debt is VND 63,917 billion (of which the principal debt is VND 45,751 billion).

Collateral includes: Assets attached to the land plot according to the certificate of land use rights, house ownership rights and other assets attached to land No. CU 668289, issued by the Department of Natural Resources and Environment of Lao Cai province on June 18, 2020 in the name of Cuong Phat Market Investment, Construction and Management Cooperative.

Panoramic view of Lao Cai Tourist Market from above. Photo: Lao Cai Tourist Market

The property attached to the land is the Lao Cai Tourist Market project. Construction area: 8,026.3m2; floor area: 29,687.9m2.

Lao Cai Tourist Market was built in 2017 on a land area of ​​11,333.25m2, with a term of use until January 5, 2085.

The property owner is Cuong Phat Market Investment, Construction and Management Exploitation Cooperative.

The value of the collateral assets assessed at the time of signing the credit contract was nearly VND 259.88 billion and at the most recent valuation time (April 15, 2025) was VND 145 billion.

The starting auction price is determined at 120% of the debt value, equivalent to VND 76,701 billion (excluding VAT).

Auction participants must deposit 20% of the starting price, or 15.34 billion VND.

Taxes, fees, charges and other costs related to the auctioned property (if any) shall be paid by the winning bidder.

Lao Cai tourist market is located on Nguyen Hue street, Pho Moi ward, Lao Cai city center (old), Lao Cai province. The market has 4 facades facing the main streets of Lao Cai: Nguyen Hue, Pham Hong Thai, Da Tuong, Ngo Van So.

Source: https://vietnamnet.vn/ngan-hang-rao-ban-khoan-no-the-chap-bang-cho-du-lich-noi-tieng-o-lao-cai-2437192.html