Sacombank (Saigon Thuong Tin Commercial Joint Stock Bank – ticker: STB) has just issued a notice to seize collateral assets related to the bad debt of Tre Viet Aviation Joint Stock Company (Bamboo Airways).
Accordingly, on March 20, 2026, Sacombank sent a notice requesting the guarantor and related parties to hand over the collateral and legal documents before March 27, 2026. However, the parties failed to fulfill their obligations as requested.
By March 31, 2026, the bank issued a decision to seize the collateral. The seized assets are land use rights with a total area of over 86,300 m2, belonging to 355 land use right certificates in Zone C – Villa Area of the Dak Doa Complex (Gia Lai). The owner of this asset block is FLC Group Joint Stock Company (FLC), with the land use term extending until July 2071.
According to the plan, the seizure will take place between April 22 and June 22, 2026. Sacombank requires the guarantor to cooperate in handing over the assets within 15 days of receiving the notification, and to remove all assets not subject to seizure.
In the event of any obstruction, the bank stated that it would request assistance from the authorities to ensure security and order.
Notably, previous loans related to Bamboo Airways were not only secured by FLC's real estate, but also tied to a large stake in the airline's BAV shares.
According to my research, during the period of 2021 – when the relationship between the FLC group and banks such as Sacombank and OCB was gradually established – Mr. Trinh Van Quyet continuously used Bamboo Airways shares as collateral for loans.
Just weeks after Sacombank became a comprehensive partner of Bamboo Airways (April 2021), Mr. Quyet pledged 18 million BAV shares to the bank, with the liquidation price determined at approximately 8,500 VND per share.
In the following months, the amount of BAV shares used as collateral continued to increase sharply.
Specifically, on May 17th, July 22nd, and October 12th, 2021, Mr. Trinh Van Quyet pledged 92 million, 114.5 million, and 114.3 million BAV shares respectively at Sacombank. Not only Mr. Quyet personally, but also FLC Group Joint Stock Company and related entities such as FLC Faros (ROS) and FLC Holding (FCA) used tens of millions of BAV shares as collateral at Sacombank.
In addition, Bamboo Airways shares are also pledged as collateral at other banks such as OCB and NCB, serving as collateral for loans to various entities within the FLC ecosystem.
FLC is a project that Mr. Trinh Van Quyet has poured a lot of heart and soul into.
Established in 2017 and with its first commercial flight in 2019, Bamboo Airways is a project that FLC founder Trinh Van Quyet has poured a lot of heart and soul into, and "considers it a great source of pride".
Bamboo Airways was once XEM a phenomenon in the Vietnamese aviation industry when, just two years after its first flight, it captured 20% of the market share, thus becoming a challenger in the 'two-horse race' between Vietnam Airlines and Vietjet Air.
However, alongside its development and expansion, the airline has also faced significant financial pressure.
Following the Covid-19 shock, in 2022, Bamboo Airways recorded a record after-tax loss of VND 17,619 billion, significantly higher than the VND 2,281 billion loss in 2021.
Entering 2023, the airline began downsizing its operations, reducing its fleet, and restructuring costs. As a result, revenue remained above 12 trillion VND, while business performance improved significantly, recording a net profit of 236 billion VND.
