BIDV Seizes 23 Land Plots at Lang Sen Project Over Overdue Loan

Overview

BIDV’s Bac Sai Gon branch has announced it will seize 23 land plots and attached assets at the Lang Sen residential project in Tay Ninh province to recover overdue debt from Thao An Hoa Company Limited. The enforcement, expected to begin on October 20, 2026, follows the borrower’s failure to settle obligations or voluntarily hand over collateral. The action affects BIDV (HOSE: BID), one of Vietnam’s largest state-owned banks, and adds to a growing list of secured-asset enforcements in the domestic real estate sector.

Key Facts

• BIDV Bac Sai Gon branch will seize 23 land plots and attached assets at Khu dan cu Lang Sen, now in My Hanh commune, Tay Ninh province (formerly Duc Hoa Dong, Long An).
• The borrower is Thao An Hoa Company Limited; the collateral provider is Phuc Khang Sen Viet L.A Investment Company Limited.
• The loan has been overdue since May 28, 2025.
• On July 16, 2026, BIDV requested voluntary handover of collateral before August 5, 2026.
• The seizure is scheduled to begin on October 20, 2026, at the asset location.
• Lang Sen Viet Nam spans more than 50 hectares with total investment in the trillion dong range, launched in 2014-2015 and under construction since 2015.
• BID closed at 33,900 VND on October 10, 2026.

What Happened

BIDV’s Bac Sai Gon branch issued a notice stating that the loan extended to Thao An Hoa Company Limited has been overdue since May 28, 2025. In the secured transaction, Phuc Khang Sen Viet L.A Investment Company Limited used its own assets to guarantee the borrower’s repayment obligations. On July 16, 2026, the bank formally requested that both parties voluntarily hand over the collateral before August 5, 2026, so the bank could process recovery.

According to the notice, neither the borrower nor the guarantor voluntarily fulfilled repayment obligations or surrendered the assets. As a result, BIDV decided to proceed with seizure under the terms of the mortgage contract and applicable law, with enforcement expected to begin on October 20, 2026, at the asset site. The Lang Sen Viet Nam project, marketed since 2014-2015 as an ecological urban area, has previously drawn reports of legal procedure delays, including customer complaints during 2019-2020 about land-use certificates not being issued despite completed payments.

Market Context

BIDV (HOSE: BID) closed at 33,900 VND on October 10, 2026. The seizure is a routine secured-asset enforcement rather than a material earnings event for a bank of BIDV’s size, but it reflects the broader trend of Vietnamese banks tightening debt recovery in the real estate sector. Several banks, including Agribank and BIDV, have recently pursued asset seizures against property and construction borrowers, signaling continued stress in project-level credit tied to slower-legal-progress developments.

Strategic Significance

For long-term investors, the key read-through is BIDV’s disciplined handling of legacy secured loans rather than any single collateral pool. The bank’s willingness to enforce against a trillion-dong-scale project underscores that collateral quality and legal enforceability remain central to Vietnamese bank credit risk. The case also highlights the persistent legal-completion bottleneck in provincial residential projects, where land-use certificate delays can impair both borrower cash flow and collateral liquidity. BIDV’s provisioning and recovery track record on such exposures will matter more than the headline value of 23 plots.

What to Watch

• Confirmation that the seizure proceeds as scheduled on October 20, 2026, and whether the borrower files any legal challenge.
• BIDV’s Q3 2026 earnings release for non-performing loan ratios and provisioning levels.
• Any disclosure of the outstanding loan balance tied to Thao An Hoa Company Limited.
• Resolution status of land-use certificate complaints at Lang Sen Viet Nam.
• Further secured-asset enforcement notices from BIDV or peer banks in the real estate sector.