A HCMC seafood company that had borrowed 5,833 taels of gold (218.74 kilograms) from a bank in 2009 now faces a debt 8.9 times higher as prices of the metal skyrocket.
Saigon Aquatic Products Trading Jsc obtained a loan from Southern Bank, which was merged with Sacombank in 2015.
The 218.74 kg of gold was worth VND100 billion (US$3.8 million) at the time of the loan, but by the end of last year that had risen to VND891 billion, according to the company’s audited financial report. Sacombank said the interest and fines on the loan were almost VND1.56 trillion last year.
The company had also borrowed VND100 billion in cash at an interest rate of 12%, which too it has not repaid.
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Gold bars seen at a shop in HCMC. Photo by VnExpress/Thanh Tung |
Sacombank has demanded repayment of the loans numerous times over the years but in vain.
In April 2022 it filed a suit against the company demanding VND1.43 trillion. The parties are in the process of negotiations and mediation. It has also repeatedly attempted to auction the debts, but again without success.
In late 2025 it offered the debt at a starting price of just VND317 billion, but did not find a buyer.
Saigon Aquatic Products Trading is in financial distress with overdue debts of VND2.79 trillion as of the end of last year. Its accumulated losses by then were VND2.71 trillion, 30 times its charter capital.
Auditors have even cast doubt on its ability to continue as a going concern, but its management has said there are plans to ensure cash flows and meet the financial obligations.
The company’s products include frozen and dried fish and shrimp and fish sauce, which are exported to several markets such as the U.S., the E.U. and Japan.
