DLD: Saigontourist Deposits VND 60B to Halt Enforcement on Dak Lak Tourism Debt

Overview

Saigontourist, the state-owned parent of Du lịch Đắk Lắk (DLD), has deposited VND 60 billion at Vietcombank’s Dak Lak branch to guarantee its subsidiary’s overdue bank debt and request a suspension of enforcement until November 30, 2026. The move buys DLD time to complete a planned private share placement while its seized Saigon-Ban Me hotel remains the primary collateral at risk.

Key Facts

• Saigontourist opened two six-month term deposits of VND 30 billion each at Vietcombank Dak Lak, effective July 14, 2026, totaling VND 60 billion (about USD 2.4 million).
• As of July 21, 2026, Du lịch Đắk Lắk owed Vietcombank VND 57.1 billion: VND 41.6 billion principal, VND 14.3 billion accrued interest, and VND 1.2 billion penalty interest.
• A July 27 agreement between Vietcombank Dak Lak, DLD, and Saigontourist freezes the full deposit until the debt is repaid.
• If DLD fails to pay by November 30, 2026, Vietcombank may debit VND 47 billion from the deposit to cover VND 41.6 billion principal and VND 5.4 billion interest.
• The underlying credit contract was signed October 12, 2009, with a VND 90 billion limit and a term of nearly 20 years, financing construction of the Saigon-Ban Me hotel.
• On December 26, 2024, the Buôn Ma Thuột People’s Court recognized a settlement requiring DLD to pay VND 50.1 billion as of December 12, 2024.
• On October 21, 2025, Dak Lak’s civil enforcement authority ordered the seizure of the Saigon-Ban Me hotel on a 2,725 square meter plot in Buôn Ma Thuột.

What Happened

DLD disclosed that its parent, Tổng công ty Du lịch Sài Gòn TNHH Một thành viên (Saigontourist), placed VND 60 billion in term deposits at Ngân hàng TMCP Ngoại thương Việt Nam (Vietcombank) Dak Lak branch. Under a July 27 agreement signed by the bank, DLD, and Saigontourist, the funds are blocked until the subsidiary clears its obligations. The stated purpose is to support Vietcombank Dak Lak’s request that enforcement authorities suspend action against DLD through November 30, 2026.

Saigontourist granted the bank an irrevocable authorization: if DLD has not repaid by the deadline, Vietcombank may draw VND 47 billion from the deposit to settle VND 41.6 billion of principal and VND 5.4 billion of interest. During the suspension, DLD may not sell, lease, mortgage, or alter the condition of secured assets without written bank consent, and must submit monthly progress reports on its private share placement, including the list of intended investors. Any breach allows enforcement to resume, with the Saigon-Ban Me hotel processed first. The bank may also terminate the arrangement early if the deposit becomes disputed, seized, or if DLD shows signs of asset dissipation.

Market Context

DLD trades on UPCOM, Vietnam’s unlisted public company market, where liquidity is thin and disclosure-driven price moves are common. The stock closed at VND 6,800 on September 20, 2026. The debt stems from a 2009 credit contract for the Saigon-Ban Me hotel that turned non-performing and reached the Buôn Ma Thuột People’s Court, which recognized a settlement on December 26, 2024. Between December 2024 and July 2026, DLD’s principal fell only VND 36 million, from VND 41.62 billion to VND 41.59 billion, while accrued interest rose from VND 8.3 billion to VND 14.3 billion, illustrating how penalty and interest accrual has outpaced repayment.

Strategic Significance

For long-term holders, the transaction reframes DLD’s balance sheet as a parent-supported workout rather than an independent deleveraging story. Saigontourist’s deposit effectively caps near-term enforcement risk through November 2026, but the VND 47 billion drawdown mechanism means the parent’s support is conditional and partial: roughly VND 10 billion of the VND 57.1 billion obligation, mostly penalty and residual interest, remains outside the guaranteed amount. The critical variable is the private placement. DLD must report monthly on its progress and investor list, making the fundraising timeline the de facto catalyst for whether the hotel is retained or foreclosed. The arrangement also subordinates other creditors and restricts asset disposals, limiting DLD’s flexibility to self-fund a cure.

What to Watch

• Monthly private placement progress filings to Vietcombank Dak Lak, including the list of intended investors.
• Any enforcement authority decision formally granting or denying the suspension through November 30, 2026.
• DLD’s audited 2026 financial statements for updated principal, interest, and penalty balances.
• The November 30, 2026 deadline, after which Vietcombank may debit VND 47 billion from the deposit.
• Any valuation or auction notice for the Saigon-Ban Me hotel, following the November 27, 2025 appraisal notification.