Van Thinh Phat Case: 13 Properties Linked to Tycoon Truong My Lan to be Valued for Auction

Saigon Commercial Bank (SCB) is proceeding with the valuation of 13 properties linked to tycoon Truong My Lan, a key figure in the Van Thinh Phat Group case. These assets are slated for public auction as part of the debt recovery process. Twelve of these properties are located in Ho Chi Minh City and one in Tay Ninh province. These assets are part of the 1,120 collateral items documented in the Van Thinh Phat Group case. SCB stated that these are independent assets with completed mortgage legal procedures, allowing for individual transfer and sale. Many of the properties awaiting valuation are situated in prime central Ho Chi Minh City locations, including 22 Le Loi, 15 Ngo Duc Ke, and 202-204 Pasteur. While some are currently closed, others are leased to third parties for use as offices, food and beverage businesses, and parking lots. Property valuation is a crucial step in the collateral asset processing for debt recovery, determining the starting bid price for auctions. SCB emphasized that the asset processing is conducted under the strict supervision of the Supreme People's Procuracy, the Ministry of Public Security's Investigation Police Agency, and civil judgment enforcement agencies to ensure optimal recovery. In the Van Thinh Phat case, 1,120 collateral items were used to secure 1,243 loans for Truong My Lan, Chairwoman of Van Thinh Phat Group, at SCB. At the time of the first-instance trial, the outstanding debt for these loans amounted to VND 673 trillion. In March, SCB had previously announced it "had resources ready for asset processing" in this case, acknowledging the extensive, complex, and unprecedented nature of the work involved. At that time, the bank had processed eight asset codes (corresponding to 12 collateral assets), including real estate, clothing, and fashion accessories of companies associated with Lan. The asset processing is divided into two phases to ensure objectivity, transparency, and compliance. The first phase involves selecting a consulting unit to assist with surveys, criteria development, bidding, and bid evaluation. The subsequent phase focuses on selecting an asset processing unit with valuation and public auction capabilities. Additionally, numerous personal assets belonging to Lan, such as Hermes handbags and cars, are also being auctioned by enforcement agencies. Some assets have already been sold at prices significantly higher than their starting bids, while others require multiple price reductions and await re-auction.