A series of companies are doubted about their ability to operate continuously
Hoang Anh Gia Lai International Agricultural Joint Stock Company (HAGL Agrico, HNG) has just released a revised semi-annual financial report for 2025, recording an additional loss of VND61 billion compared to the self-made report.
In the first 6 months of the year, net revenue reached more than 216 billion VND, up 47% over the same period. However, other costs amount to more than 130 billion VND, mainly due to 125 billion VND in ineffective property misappropriation. This figure is much higher than the 69.5 billion VND of depreciation of assets that the company had previously set up on its own, causing the loss in the first half of the year to increase sharply.
As of June 30, 2025, HAGL Agrico accumulated a loss of VND 9,643 billion, short-term debt exceeded short-term assets by more than VND 12,955 billion. Auditing warns that these factors create "significant suspicions" about the continuous operation of the business.
Responding to auditing opinions, HAGL Agrico affirmed that it is implementing many measures: Accelerating projects to improve cash flow, restructuring debts, handling debts with partners, and at the same time completing procedures to receive land use right certificates in Laos and Cambodia.
Duc Long Gia Lai Joint Stock Company (DLG) also released a semi-annual review report for 2025 with consolidated after-tax profit decreasing by 31% compared to the self-reported report, to VND69 billion. As of June 30, the company had accumulated losses of more than VND 2,411 billion, short-term debt exceeded total short-term assets by nearly VND 530 billion. The auditors issued exceptional opinions, emphasizing that the company's continuous operations are facing many important uncertainties.
Duc Long Gia Lai said it is implementing restructuring to gradually reduce accumulated losses. The company has paid more than 207 billion VND in principal and interest to banks, and actively negotiated debt extension for the period 2025 - 2026 and handled maturing debts.
Quoc Cuong Gia Lai Joint Stock Company (QCG) reported revenue in the first half of the year at more than VND242 billion, up nearly 272% over the same period; profit after tax reached VND10 billion, while in the same period last year, it lost more than VND16 billion. However, the auditors still noted the risks when on June 30, short-term debt exceeded short-term assets.
QCG has short-term assets of VND 1,844 billion while short-term debt is up to VND 3,815 billion.
In the real estate sector, No Va Real Estate Investment Group Joint Stock Company (Novaland, NVL) was emphasized by auditors to gia dinh continuous operations, even though no excepted conclusions were given.
The Group recorded a loss of 999 billion VND in the first 6 months of 2025, net cash flow from consolidated business activities was negative 7,456 billion VND (the same period in 2024 was negative 4,127 billion VND). As of June 30, Novaland has not fulfilled a number of short-term repayment obligations related to loans, bonds and repayment. The audit believes that these conditions may lead to significant doubts about the group's ability to operate continuously.
Profit fluctuates strongly after audit
LDG Investment Joint Stock Company (LDG) recorded a net loss of more than VND92 billion, an increase of VND38 billion compared to the self-reported report due to the after-review capital price increasing by 2.8 times, to nearly VND57 billion. The auditors accept all but still note that LDG depends heavily on debt restructuring and debt collection to maintain operations.
LDG said it has approved many cooperation plans, project transfers, and shares to pay bond debts, bank debts, and ensure resources for new projects, while speeding up the implementation progress and debt collection.
In the steel sector, SMC Investment and Trading Joint Stock Company (SMC) was audited and gave an exception due to the arising of a cash payment of VND 42 billion in advance to Chairman of the Board of Directors Nguyen Thi Ngoc Loan but there is no document to prove it and has not been approved by the Board of Directors. On January 17, the company returned 2.1 billion VND to Ms. Loan through transfer to Mr. Nguyen Nhat Tien as prescribed, but there was no contract and explanation file.
The audit said that the company has not fully complied with management regulations, and emphasized doubts about its ability to operate continuously. In the first 6 months of 2025, SMC lost more than 102 billion VND, accumulated to 30.6 losses of nearly 242 billion VND, business cash flow was negative 129 billion VND, while short-term debt exceeded short-term assets by 971 billion VND.
In another group, Kido Group Joint Stock Company (KDC) recorded after-tax profit in the first half of the year decreasing by 18 billion VND after audit, to more than 57 billion VND. The company explained the adjustment of interest rate reduction from asset liquidation, when the transaction did not meet the conditions for recording in the period.
On June 30, Kido completed the sale of 11.5 million shares in Dabaco Food Processing Joint Stock Company (Dabaco Food), equivalent to 50% of capital. The profit of more than 74.8 billion VND from the transfer is accounted for in financial revenue. After reviewing, Kido's profit in the first half of the year increased by only 80% instead of 2.4 times as self-reported.
In contrast to the trend, Construction Development Investment Corporation (DIC Corp, DIG) reported an additional profit of VND21 billion after audit, reaching VND28 billion. The company said the increase was largely due to reduced costs compared to self-reporting and increased financial revenue. With the above results, DIG's profit is about 7 times higher than the same period last year.
