Asset market quiet
‘cause there aren’t good-priced items
Though the assets
offered for sale are plentiful, only few deals have been made.
The Saigon Asset Management (SAM) in
2011 planned to join forces with Vietibank to set up an investment fund with
the capital of $150 million which would be used to buy the assets put on sale
in the market. However, the plan has not come smoothly as expected.
Louis Nguyen, SAM’s Managing
Director, said there are many reasons behind this, but the most important one
is the underdeveloped asset market in
He noted that while the assets of
these kinds have seen the prices drop by 80-90 percent in the world, the
prices have decreased just a little in
“The real estate prices have
decreased by 10-30 percent only over the last year,” he said.
Dr. Tran Vinh Du, Director of TNK
Capital Partners, a consultancy firm, also noted that though the demand is
high, i.e. a lot of investors are seeking to buy assets, very few
transactions have been made.
TNK now has some clients who are the
investment funds seeking to buy immovable properties and other kinds of
assets. However, Du admitted that it is very difficult to find the assets
with good prices for now.
When the
However, this method is not applied
on a large scale in
Also according to Du, buyers nowadays
mostly eye businesses’ immovable properties because of the high recovery
potentials and the more simple procedures. However, the problem is that most
of the assets have been mortgaged by the businesses at banks for loans.
“If commercial banks accept to sell
the mortgaged assets at low prices, this means that the sellers accept loss.
However, it is obvious that banks do not intend to do that,” Du noted.
The Vietnamese asset market now is
believed to be more attractive than ever as a series of state owned
enterprises (SOEs) plan to sell their assets as requested by the State to
withdraw the investments in non-core business fields.
However, Du said investors don’t have
a lot of opportunities to buy the assets. In many cases, the sellers set
sky-high selling prices. In other cases, the assets do not deserve buying at
any price.
Tens of businesses announced the sale
of their assets in their restructure plans in late 2013. However, they still
demanded high prices, though they were in big financial problems and they
really needed to sell the assets for money.
Huu Lien A Chau Company, for example,
though incurring the loss of VND236 billion in 2013 and having the short term
debts nearly equal to short term assets, did not accept to sell assets in Huu
Lien and Minh Huu Lien, its subsidiaries, at low prices.
Huu Lien A Chau now holds 100 percent
of stakes of Huu Lien (steel manufacturer) and 30 percent of stakes of Minh
Huu Lien (interior goods), totaling VND114 billion.
NCDT
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Thứ Năm, 13 tháng 2, 2014
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