The An Binh Commercial Joint Stock Bank (ABBANK) has issued a notice of default to the Ho Chi Minh City-based Tan Cuong Thanh company who fell over 2.500 days behind on its payments.

Learning about the Thien Park urban area project

According to ABBANK, the Tan Cuong Thanh company has repeatedly failed to pay its debt, forcing this creditor to foreclose on the debtor’s mortgaged assets.

On 10 April, the lender will take back the land of the Thien Park urban area project in Da Nang, developed by the debtor, to cover the remaining debt.

The confiscated assets are 4 land lots totalling about 250,000m² which are parts of the 80ha Thien Park urban area project, located in the Industrial Park for Industrial Services, Trade and Hi-tech Products in Lien Chieu District’s Hoa Hiep Bac Ward.

The project’s developer received the ownership right of the confiscated land in 2009 by the Da Nang authorities.

Despite the company had not yet to fulfill its financial obligation for the ownership of the project site, and no sufficient infrastructure facilities had been developed there, land sales programmes were launched. 

In 2014, Truong Vi Kien, the former General Director of the Tan Cuong Thanh company, was arrested for commercial fraud.