A number of banks in Vietnam are currently auctioning and clearing used cars through the National Electronic Auction Portal for Assets.
Among these, some models have starting bids as low as VND 45 million, offering consumers an opportunity to own a car at a low cost.
Agribank in Bac Lieu, for instance, is selling two used cars: a Toyota 16-seater with a starting bid of around VND 150 million and a Hyundai Terracan available for just VND 45 million.
In major cities, VPBank is also preparing to auction a range of used vehicles, from regular to luxury cars. The auction catalog includes a Mercedes-Benz GLC 300 with a starting bid of VND 1.28 billion, a Hyundai Santa Fe from VND 492 million, a Ford Ranger from VND 493 million, and a VinFast Lux A2.0 from VND 428 million.
PVcomBank is currently offering a Toyota Vios with a starting bid of VND 272 million, while BIDV is auctioning two Toyota Camry cars (starting at VND 311 million) and a Mitsubishi money transport vehicle for VND 168 million. BIDV Quang Ninh is also clearing a similar money transport vehicle, with a starting bid of VND 100 million.
TPBank is organizing an auction for a used Mazda 5-seater with a starting bid of around VND 560 million, while OCB is selling a Ford Everest for VND 555 million.
In central Vietnam, VDB’s branch in Thua Thien Hue – Quang Tri is auctioning a Toyota Hiace 9-seater with a starting bid of just VND 69 million.
This wave of bank-owned vehicle clearances at attractive starting prices is seen as an opportunity for consumers to own a car at a more affordable price compared to the used car market.
However, buyers should thoroughly inspect the actual condition of the vehicle, including the engine, drivetrain, chassis, and interior, to avoid significant unexpected costs post-purchase. Additionally, buyers should inquire about the reasons for the clearance and related legal information to avoid buying a car with ownership disputes or limitations.
As per Article 38 of the 2016 Law on Asset Auction, participants need to complete the necessary steps, including purchasing the auction dossier, registering for the auction, paying the deposit, and adhering to the procedures announced by the auction organizer.
It’s important to note that the starting bid price is only an initial reference. In cases with many participants, the price can increase significantly with each bidding round. Carefully reading the terms in the dossier, especially regarding the deposit, payment deadline, vehicle delivery time, and applicable taxes and fees, is essential to avoid unwanted risks.
TH (Tuoitrethudo)
Photos: Bank Asset Clearance
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