Vietcombank puts former ‘clean egg king’ up for auction again

The reserve price for the latest auction has been set at USD 420,000.

Notably, this is not the first attempt to dispose of the stake. In September 2024, Vietcombank’s Hanoi Branch also offered the entire equity interest for auction at essentially the same starting price.

From a global-scale egg producer to financial distress

DTK Joint Stock Company was once regarded as one of Vietnam’s pioneering producers of premium clean eggs.

Its ‘Freskan+’ branded eggs were widely available across supermarket chains and convenience stores nationwide prior to 2022.

At its peak, DTK Phu Tho Clean Egg Plant, operated by DTK Phu Tho Co Ltd was promoted as Vietnam’s largest clean egg production facility and the third largest of its kind in the world. The project spans more than 42 ha in Tam Nong District, Phu Tho Province.

According to the company, the facility features a fully automated, closed-loop production system equipped with advanced technologies imported from leading agricultural countries, including the US, Japan, and Israel.

Debt recovery drives successive asset sales at deep discounts

The company’s outstanding debt has remained unresolved for several years. In connection with the same collateral package, Vietcombank’s Hanoi Branch significantly reduced the asking price of the clean egg production plant in 2021 after nearly two years of unsuccessful marketing.

The reserve price was slashed from USD 21.3 million to nearly USD 10.5 million in an effort to maximize debt recovery. At the same time, the bank also offered DTK Joint Stock Company’s entire equity stake in DTK Phu Tho for sale with a starting price of USD 820,000.

That valuation has since been cut by almost half to just over USD 420,000, reflecting the prolonged difficulties in liquidating the collateral.