Foreign investors shun properties with bank debtVietNamNet Bridge - VAMC (Vietnam Asset Management Company) is now holding VND230 trillion worth of bad debt, including real estate which is used as collateral for bad debts it has purchased from commercial banks. AMC has seized and plans to put Saigon One Tower building in district 1 in HCMC in auction. Saigon One Tower JSC, the developer of Saigon One Tower, failed to pay off its debts (principal and interest) of VND7 trillion ($308 million). However, the auction failed once again because there was no buyer.Besides buildings, banks will auction many properties to serve debt collection. Agribank alone has dozens or hundreds of bad debt items that need to be resolved this way.Analysts believe that the auctions will catch attention from foreign investors who want to join the Vietnamese real estate market.

Source: VietNamNet News October 05, 2017 09:00 UTC