A large bank lowered the price of the debt of more than 500 billion VND of a former construction giant

 Descon's debt of more over 500 billion VND is still being advertised for sale by VietinBank. Compared to the prior listing, the selling price has been decreased by 62 billion VND.

VietinBank has now listed information for sale four times. Industrial Construction Joint Stock Company (Descon), which has a location in District 1 of Ho Chi Minh City, is the debtor.

As of September 13, the temporary debt balance was greater than 561 billion VND. The remaining balance is made up of current interest and accrued past-due interest, with the principal balance exceeding 327 billion VND.

Credit agreements that were made between Descon and the VietinBank North Saigon branch between 2016 and 2018 are what made up the company's debt.

20 land use rights in Nhon Trach (Dong Nai), as well as other property rights, land use rights, and property rights resulting from building contracts, serve as collateral for the loan.

The debt's beginning bid in this auction is just 265 billion dong, which is 62 billion dong less than the initial debt and 61 billion dong less than the sale in July 2023.

Descon has an original charter capital of 130 billion VND and carries out business in the fields of industrial and civil construction, installation, and maintenance, industrial urban infrastructure engineering, etc.

Descon was initially recorded in 2007. This stock had to be delisted at the end of 2011 due to flagrant violations of the rules governing information disclosure.

Numerous years of financial deficits and significant upheavals at the top have plagued the corporation. Mr. Chau Anh Tuan was replaced as chairman of the board of directors by Mr. Nguyen Quang Minh in October 2020.

Previously, the shareholder group Kusto Real Estate Capital (Singapore), which was represented by Mr. Trinh Thanh Huy, purchased Descon. Mr. Huy, who was born in 1970, co-founded the Masan Group with Mr. Nguyen Dang Quang and Mr. Ho Hung Anh, and he served as Vice Chairman from 1997 to 2002.

After then, Mr. Huy joined Kusto Group to launch Binh Thien. An organization that has invested in the Diamond Island project in District 2 of Ho Chi Minh City as well as a number of other organizations in the building and real estate industries.