BIDV Seizes Assets of Automaker Cơ khí Ô tô 3-2 Over Overdue Loans

Overview

BIDV’s debt management subsidiary BAMC has announced it will seize secured assets from Công ty Cổ phần Cơ khí Ô tô 3-2 to recover overdue loans booked at BIDV’s Tây Hồ branch. The collateral covers production machinery, vehicles and factory buildings at Phố Nối A Industrial Park in Hưng Yên, marking an escalation in the bank’s recovery process against a 60-year-old automotive manufacturer.

Key Facts

• BAMC, the debt management and asset exploitation arm of BIDV, issued the seizure notice on 7 October 2026.
• The overdue loan sits at BIDV - Tây Hồ Branch; the bank says the borrower and asset holder declined to hand over collateral voluntarily.
• Assets include a Toyota Innova G with plate 30F-9532, a 4-tonne Mitsubishi forklift (model FP40KLT), semi-automatic welding machines and vehicle inspection equipment.
• The list also covers overhead cranes of 2 tonnes, 3 tonnes, 5 tonnes and 3.2 tonnes, plus support columns and runways, including a 3T x 18.6m crane.
• Seizure is scheduled to begin at 8:00 on 19 October 2026 at Phố Nối A Industrial Park, Như Quỳnh commune, Hưng Yên province.
• Cơ khí Ô tô 3-2 was founded on 9 March 1964 and equitised on 23 July 2007; it produced 29-80 seat passenger and bus models at an average of 900-1,000 units per year.
• In June 2025, BIDV Tây Hồ Branch announced the auction of 87 47-seat buses manufactured by the company.

What Happened

According to the 7 October 2026 notice, BAMC said the guarantor and the party holding the assets did not voluntarily transfer them as requested, prompting the bank to proceed with seizure under legal provisions. The collateral package combines movable equipment owned by Cơ khí Ô tô 3-2 with land-attached assets on certified land-use rights in Hưng Yên, including a vehicle inspection pit at the Hưng Yên automobile workshop, a wastewater system, the main production hall and a mechanical workshop.

The company traces its origins to the 3-2 automobile repair workshop established on 9 March 1964 and was converted into a joint-stock company on 23 July 2007 following state-owned enterprise equitisation. Over the years it invested in a highly automated production line and focused on manufacturing and assembling 29-80 seat passenger vehicles and buses, at times recording hundreds of billions of dong in revenue and billions of dong in profit. Its Phố Nối A plant is the same site now subject to the seizure.

Market Context

BIDV (BID) trades on HOSE and closed at 34,500 on 7 October 2026, the same day the seizure notice was dated. The action sits within a broader wave of Vietnamese bank debt enforcement: recent weeks have seen VietinBank auctioning a rare Rolls-Royce to recover fuel-trading debt and Agribank seizing a supermarket in Đà Lạt. For BID, the amounts involved are small relative to the bank’s balance sheet, but the case illustrates how secured lending to legacy industrial borrowers is being worked through as credit growth stays a policy priority.

Strategic Significance

The case is less about near-term earnings for BID than about recovery discipline. Cơ khí Ô tô 3-2 is a legacy equitised manufacturer whose bus output once reached 900-1,000 units a year; its collateral is specialised industrial equipment and land-attached structures in an industrial park, not liquid real estate. How much BID ultimately recovers depends on the resale value of cranes, welding lines and workshop buildings, and on whether the land-use rights attract industrial buyers. The June 2025 auction of 87 buses already signalled that the bank is pursuing piecemeal disposal rather than a single workout, a pattern that lengthens recovery timelines but preserves asset value where demand exists.

What to Watch

• Whether the seizure proceeds as scheduled on 19 October 2026 or is delayed by legal challenge from the borrower.
• Any BIDV disclosure on the size of the overdue loan and the provisioning status of the exposure.
• Follow-on auction announcements for the seized machinery, cranes and Hưng Yên land-use rights.
• BID’s Q3 2026 earnings release and any commentary on non-performing loan formation in the corporate segment.
• Whether other creditors of Cơ khí Ô tô 3-2 file competing claims over the same assets.