28 C
Ho Chi Minh City
Saturday, June 22, 2024

Van Thinh Phat-linked firms grapple with over VND52 trillion debt

The Saigon Times

Must read

HCMC – Several businesses linked to Van Thinh Phat Group are grappling with a huge debt burden amounting to VND52.4 trillion, the Ministry of Finance said.

Among these businesses, over VND17.2 trillion of overdue payments, including principal and interest, was owed to bondholders.

According to the ministry’s report on the privately-placed corporate bond market, these companies collectively raised VND138.2 trillion through corporate bond issues, with around VND85.7 trillion in principal already repaid.

Notable among the indebted firms are the An Dong Investment Group Corporation, the Bong Sen Corporation, the Quang Thuan Investment Corporation, and the Saigon Investment and Development Corporation, with debts ranging from VND4.8 trillion to nearly VND25 trillion.

Many of these companies are struggling to fulfill their obligations. An Dong Investment Group Corporation leads in delinquent payments, owing VND16.43 trillion.

In 2024, the total bond debt maturing for Van Thinh Phat-linked businesses is estimated at VND20.1 trillion, with individual investors holding about VND11.6 trillion, or 57% of the total.

Reports from custodian organizations said that by the end of 2023, only one company in connection with Van Thinh Phat fulfilled its obligations by repaying VND3.5 trillion.

Among the three companies with bonds to fall due this year, authorities have issued notices to identify affected parties involved with bond lot ADC-2019.01 of An Dong Investment Group Corporation.

The ministry said that repayment for this bond would depend on the progress of the expanded investigation into the bond-related case and the potential asset recovery for the implicated enterprises associated with Van Thinh Phat.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles