The HCM City Property Auction Service Center is set to auction the debt of Hao Huy Trading Company Limited to recover nearly VND 134 billion (US$5.24 million) owed to Vietnam’s Agribank. The debt is secured by the well-known Elisa ship restaurant anchored at the foot of Nguyen Hue Boulevard in the heart of Ho Chi Minh City, Tuoi Tre is reporting.
This is in line with continued efforts to clean up bad debt across Vietnam’s banking system, a long-standing issue that regulators and state-owned banks have been under pressure to resolve. By moving to liquidate high-profile collateral like the Elisa floating restaurant, banks may be signalling a firmer stance on debt recovery.
Moreover, once a symbol of luxury dining and event hospitality on the Saigon waterfront, now at the centre of a debt auction, this illustrates how established brands and high-traffic businesses are not immune to financial strain.
It may also be indicative of broader challenges in Vietnam’s post-pandemic service sector. Tourism, hospitality, and entertainment were among the hardest hit during the pandemic, and while travel demand has rebounded, many businesses remain burdened by legacy debts, weakened cash flow, and slower-than-expected consumer recovery.
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