Vinaxuki urgently sells factory to pay off debts.

Vinaxuki Automobile Joint Stock Company (Vinaxuki) has just issued an urgent announcement regarding the sale of its No. 1 automobile manufacturing plant in Me Linh (Hanoi) to pay off debts. The plant's current workforce is largely comprised of security guards.

Vinaxuki's dream of a domestically produced car has officially ended. Photo: Duc Huy.

In a notice signed by General Director Bui Ngoc Kien on June 15th, sent to several banks, economic security agencies, and creditors of the company, it was clearly stated that the sale of the No. 1 Me Linh automobile manufacturing plant (Hanoi) would be used to repay debts to banks and other organizations and individuals.

The decision was made after Vinaxuki received debt notices from banks and other organizations, along with information that some people had stolen spare parts, equipment, and illegally fished at the factory.

According to Vinaxuki, all assets belonging to the factory have been mortgaged to all banks, organizations, and individuals, including land use rights, factory buildings, and machinery and equipment. These assets are currently being transferred or sold to repay debts as committed by Vinaxuki's board of directors.

To date, the No. 1 Me Linh automobile factory has had very few employees on duty, most of whom are members of the security team, according to a statement from Vinaxuki.

According to Dan Tri