Vietnamese banks auction vehicles to recover debts

Vietnamese banks are increasingly auctioning off automobiles held as collateral to recover debts. Many vehicles are being offered at starting prices below 300 million VND.

VPBank has been actively listing various models on the National Asset Auction Portal. Notable listings include a Mitsubishi Attrage GLS with a starting price of 190 million VND, which has undergone six auction attempts. Other vehicles include MG5 models, a VinFast VF 5 Plus, and higher-end options like a BYD Atto 3 and a Hyundai Accent. The bank is also selling liquidated vehicles directly on its website, with prices ranging from 5% to 25% below market value. Some buyers can access loans for up to 80% of the vehicle's value at interest rates starting from 7.9% per annum.

Agribank is also participating in the liquidation of assets. For instance, Agribank's Tam Thanh Lang Son branch announced an auction for a 2015 Mercedes-Benz with a starting price of 388.8 million VND.