BIDV's BAMC Seizes Pharma Collateral as VietinBank Pursues VND 33.5B Debt

Overview

BIDV’s wholly owned debt unit BAMC has notified the seizure of collateral pledged by CTCP Dược liệu Việt Nam to recover an overdue loan at BIDV’s Hà Nội branch, while VietinBank’s Hà Giang branch is selecting an auctioneer for the VND 33.51 billion debt of CTCP TW 65. The actions put pharmaceutical manufacturing assets — including a GMP-WHO-certified plant — into the secured-lender recovery pipeline, a credit-quality signal for BIDV (BID) on HOSE and for the sector’s exposure to small drugmakers.

Key Facts

• CTCP TW 65’s total debt at VietinBank stood at more than VND 33.51 billion as of 21/10/2026: principal of nearly VND 29.85 billion, accrued interest of over VND 3.09 billion and penalty interest of about VND 572 million.
• The TW 65 facility stems from a credit-limit loan contract signed 30/10/2025; the auction starting price is set at the provisional outstanding balance, with interest continuing to accrue.
• Collateral for TW 65 includes shares held by individuals, land-use rights, pharmaceutical goods, medical equipment, inventory in warehouses, goods in transit, goods at agents and future-formed goods.
• BAMC is seizing an 8,256.8 m² site in Phù Ninh, Phú Thọ — 1,089 m² of commercial land and 7,167.8 m² of non-agricultural production land — including offices, warehouses, a herbal processing workshop, boiler, wastewater facility and the GMP-WHO plant.
• The entire GMP-WHO phase-2 machinery line is also being taken, covering washing, cutting, drying and grinding equipment, extraction systems, tablet presses, packaging and filling machines.
• BAMC notified seizure from 15/10/2026 of a 977.2 m² plot in Hòa Minh, Liên Chiểu, Đà Nẵng, and is also taking a 591.3 m² plot in Hưng Thịnh, Đồng Nai, owned by bà Nguyễn Thị Hải and mortgaged for Dược liệu Việt Nam’s obligations.
• A villa in Hà Nội is additionally listed among assets BAMC has notified it will take possession of.

What Happened

VietinBank – Chi nhánh Hà Giang disclosed that it is running the procedure to select an asset-auction organisation to handle the debt of CTCP TW 65, a pharmaceutical trading and medical-equipment company. According to the published notice, the borrower’s total principal, interest and penalty interest reached more than VND 33.51 billion at 21/10/2026, arising from a credit-limit contract dated 30/10/2025. The collateral package is broad, spanning individual shareholders’ shares in TW 65, land-use rights and attached assets, pharmaceutical inventory, equipment and receivables under economic contracts — including contracts between TW 65 and CTCP Dược liệu Việt Nam and CTCP VIBFA.

The more substantial case is CTCP Dược liệu Việt Nam, where Công ty TNHH MTV Quản lý nợ và Khai thác tài sản BIDV (BAMC) announced the seizure of collateral across several provinces to recover a loan at BIDV – Chi nhánh Hà Nội. In Phú Thọ, the assets include the land and buildings at Khu 8, xã Phù Ninh, together with the GMP-WHO factory and its phase-2 production lines. BAMC also notified seizure from 15/10/2026 of the Đà Nẵng plot, and is taking land in Đồng Nai and a Hà Nội villa. The notices do not disclose the total outstanding balance of the Dược liệu Việt Nam loan.

Market Context

BID closed at VND 33,400 on 31/10/2026 on HOSE. Asset seizures of this size are routine workout activity for a large state-owned bank and are unlikely to move BID’s share price on their own; the relevant read-through is to credit quality in SME and pharmaceutical lending, where collateral is often specialised machinery with limited secondary demand. The Vietnamese banking sector has spent recent quarters working through legacy and restructured loans, and BAMC’s role as an in-house asset manager means recoveries flow back through BIDV rather than being sold to third parties at a discount.

Strategic Significance

For long-term holders of BID, the case illustrates the trade-off embedded in BIDV’s model: an in-house AMC gives the bank more control over recovery timing and preserves upside if specialised assets can be sold near book value, but it also concentrates illiquid, hard-to-value collateral — GMP-WHO clean rooms and tablet presses have a narrow buyer pool — on the bank’s own balance sheet. The parallel VietinBank action on TW 65 shows the stress is not idiosyncratic to one lender: small Vietnamese drugmakers that expanded manufacturing capacity against bank debt are now the marginal sellers of pharmaceutical assets, which could accelerate consolidation toward larger, better-capitalised producers.

What to Watch

• BAMC’s auction announcements for the Phú Thọ GMP-WHO plant and machinery, including reserve prices versus the outstanding loan.
• BIDV’s Q3/Q4 2026 financial statements for collateral haircuts or specific provisions tied to the Dược liệu Việt Nam exposure.
• VietinBank’s selection of an auction organisation for the TW 65 debt and the eventual sale outcome.
• Any restructuring or change of control at CTCP Dược liệu Việt Nam or CTCP TW 65, including shareholder filings.
• Sector-level data on pharmaceutical credit and non-performing loans in SBV supervisory releases.