With the transportation business facing challenges and financial pressures mounting for enterprises, commercial banks in Vietnam are stepping up the disposal of secured assets, particularly passenger vehicles, in large quantities.
Most recently, the Vietnam Joint Stock Commercial Bank for Investment and Development, Tay Ho Branch (BIDV Tay Ho), announced the selection of an auction
organization for 87 47-seat passenger vehicles.
All these vehicles were manufactured and assembled by the Mechanical Automobile 3-2 Joint Stock Company. The vehicles have been issued with a quality control certificate by the Vietnam Register.
The lot is currently being stored at the warehouse and factory of Mechanical Automobile 3-2 Company, located in Pho Noi A Industrial Park, Trung Trac Commune, Van Lam District, Hung Yen Province. BIDV set the starting price for the entire lot at VND 45.214 billion, equivalent to over VND 519 million per vehicle.
This price is considered attractive for passenger transport businesses looking to expand their fleet or replace older vehicles, especially as travel demand is gradually recovering after a long period of being affected by the pandemic.
BIDV is not alone in this trend, as numerous commercial banks have been auctioning off large fleets of passenger vehicles recently, mostly as secured assets for loans in the process of recovery.
For instance, the Agribank Tay Ho Branch recently announced the auction of secured assets related to the Quang An I Joint Stock Company. This lot includes: 55 Hyundai Starex, 5 Hyundai County, 8 Mercedes-Benz Sprinter, and 27 Hyundai Universe vehicles, with seating capacities ranging from 29 to 46.
Previously, Agribankโs Saigon Central Branch also auctioned off three Thaco sleeper buses, with a total starting price of just over VND 800 million, averaging less than VND 300 million per bus, indicating a significant reduction in secured asset liquidation.
Following this trend, Sacombank Dong Da Branch also announced the auction of four Ford Transit vehicles, a popular choice for small-scale passenger transport businesses. These vehicles, all registered in Hanoi, have starting prices ranging from VND 409 million to VND 517 million each.
In 2024, VietinBank Thai Binh Branch also auctioned off a debt with secured assets comprising 36 vehicles owned by Phiet Hoc Trading and Transport Services Co., Ltd. (commonly known as Phiet Hoc Bus). The asset list included: 16 Samco buses, 7 Hyundai 12-seaters, 1 SamCo 29-seat bus, and 12 Kia Morning 5-seaters.
The large-scale disposal of passenger vehicles by banks reflects the prolonged financial difficulties faced by passenger transport businesses, especially small and medium-sized enterprises. The aftermath of the COVID-19 pandemic, rising operating costs, and fierce competition from transportation technology companies have forced many businesses to downsize or default on their loan repayments.
Additionally, with the growing trend towards environmentally friendly transportation, many older gasoline and diesel vehicles with high fuel consumption are being replaced by hybrid or electric alternatives. This also contributes to the increased pressure on banks to liquidate traditional passenger vehicles, particularly those with low fuel efficiency or difficulty in meeting new emission standards.
TH (Tuoitrethudo)
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