The Ministry of Industry and Trade has just reported the results of supervision and inspection of state capital management and investment activities at enterprises assigned to manage in 2025.
Regarding the financial supervision report for 2025 for enterprises represented by the Ministry of Industry and Trade as owners, for 100% state-owned enterprises, Vietnam Paper Corporation, in 2025, due to the fierce competition of imported and domestic products of the same type, the impact of the world market situation, increased prices of some types of input materials, old machinery and equipment leading to some technological incidents..., the revenue target for 2025 did not meet the assigned plan.
With efforts to reduce costs and profits from exploiting a part of the "Kon Tum Paper Material Forest Project in the period 2000 - 2010", the pre-tax profit target of the Parent Company - Vietnam Paper Corporation reached VND 24.025 billion, equal to 114.26% of the plan and equal to 124% compared to the same period last year.
Regarding the financial situation and business results of member units, for Southern Paper Materials Co., Ltd., total revenue, including revenue from forest transfer to the corporation, was 671.412 million VND (671.4 billion VND); pre-tax profit reached 763 million VND; state budget contribution was 2,337 million VND (equivalent to 2.337 billion VND).
By the end of 2025, total payables were 32,123 million VND (32.1 billion VND), down 634.615 million VND (634.6 billion VND), equivalent to a decrease of 95% compared to the beginning of the year.
According to the Ministry of Industry and Trade, the company's payables decreased significantly due to the handover of the "Kon Tum Paper Material Forest Project for the period 2000 - 2010" to management at the corporation, so the corporation will continue to be responsible for repaying loans to the Kon Tum Development Bank Branch with a total debt of 275,475,338,119 VND (approximately 275.5 billion VND).
The total receivables of the company as of December 31, 2025 are 9,700 million VND (9.7 billion VND).
Difficult-to-recover receivables, including 6 officials and employees of the old company in Dong Nai who advanced money for work, without reimbursement documents, who quit their jobs when dividing the company, with an amount of 159.623 million VND. There are 2 other customers arising at the old company in Dong Nai, the amount is 26.931 million VND...
Regarding this bad debt, the company has filed a request for the corporation to consider handling it. However, because the corporation found that it did not meet the conditions for handling according to the regulations of the Ministry of Finance, it requested the unit to continue monitoring and debt collection.
For BBP Paper Joint Stock Company, the total payables as of November 30, 2025 are 474.242 billion VND (including both old and new debts), of which debts still to be paid during the construction, renovation, repair, and restoration of the factory's operations are approximately 100 billion VND. Among the above payables, there are currently some debts that creditors have sued.
According to a report by the Ministry of Industry and Trade, due to the factory stopping operating for many years, the facilities, technical infrastructure and equipment are old and seriously degraded, so renovation and repairs arise a lot, the time is prolonged, and the total investment exceeds much compared to the initial plan.
The preparation of financial resources and capital for the company faces many difficulties, especially in the context that the unit has not yet accessed bank loans because the company was previously subject to bad debts.
For Tan Mai Group Joint Stock Company: The operating results of Tan Mai Group Joint Stock Company did not have many positive changes, the financial situation has not improved and continues to decline in an increasingly unsafe direction, the restructuring plan has not been implemented as committed to shareholders.
The company is still handling financial backlogs in the condition that there are no new revenue sources (losses are increasingly large mainly due to bank loan interest expenses and other organizations and individuals arising annually).
The production and business results in 2025 of Tan Mai Group Joint Stock Company are as follows: Revenue according to consolidated financial statements is 113,496 million VND (113,496 billion VND), equal to 256.71% of the annual plan and equal to 183.76% compared to the same period last year.
After-tax profit according to the consolidated financial statements of Tan Mai Group Joint Stock Company: loss of VND 11,698 million (equivalent to VND 11.698 billion, equal to 15.23% of the annual plan).
Tan Mai Group Joint Stock Company has had many consecutive years of losses, and the financial situation continues to be unbalanced and financially unsafe.
Vietnam Paper Corporation has recorded and made provisions for investment capital at Tan Mai Group Joint Stock Company according to the capital contribution ratio as of December 31, 2025, which is 192.069 billion VND.
Some financial problems: For the Phuong Nam Pulp Factory project, the finalization has not been completed.
Regarding this issue, the Ministry of Industry and Trade has Official Dispatch No. 10145 dated December 13, 2018, sent to the Prime Minister on approving the final settlement of the completed project for the Phuong Nam Pulp Factory Project.
Accordingly, the Ministry of Industry and Trade proposed that the Prime Minister assign the Ministry of Finance to preside over and coordinate with relevant agencies to organize the appraisal and approval of the final settlement of the Phuong Nam Pulp Factory project according to its authority.
The report of the Ministry of Industry and Trade shows that the handling of the Phuong Nam Pulp Factory project faces many difficulties.
The handling of the Phuong Nam Pulp Factory Project exceeds the capacity of Vietnam Paper Corporation; difficulties and obstacles mainly relate to the financial handling of the project.
The prolonged project handling has had a very bad impact on the production and business activities of the entire corporation for many years, the corporation cannot be equitized according to the direction of the Government.
For Southern Paper Material Co., Ltd. managing the Kon Tum Paper Material Forest Planting project invested by Vietnam Paper Corporation.
The company is facing difficulties in mobilizing capital from state development investment credit capital. Vietnam Development Bank has stopped disbursing because the project has expired its 15-year loan cycle.
Currently, the Vietnam Development Bank continuously requests the company to pay debts and loan interest due and announces lawsuits against the company to recover debts; however, the amount of money the company generates is not enough to pay debts due.
Vietnam Paper Corporation had to arrange and support capital with a total value of over 300 billion VND for the company to repay the Vietnam Development Bank and to continue to maintain the company's operations.
Tan Mai Group Joint Stock Company has a contributed capital of the corporation of 202.495 billion VND, with a ownership ratio of 22.73%.
The company's production and business results have been continuously losing money for many years, and the financial situation continues to be unbalanced and financially unsafe.
