Man Duong JSC has released its financial report for the first half of 2024 to the Hanoi Stock Exchange (HNX). Specifically, Man Duong reported a post-tax loss of over 20 billion VND in the first half of 2024, just half of the nearly 51 billion VND loss in the same period last year. Cumulatively, from 2020 to 2023, the company, owned by the billionaire Duong [“Beer”], incurred losses of approximately 228 billion VND.

Source: HNX
The continued losses have also led to a 27% decline in the company’s owner’s equity, leaving it at just over 53 billion VND. The debt-to-equity ratio increased from 15.18 to 21.08, with total liabilities at the end of the second quarter of 2024 amounting to 1,130 billion VND. This includes 200 billion VND in bond debt.
Currently, Man Duong has only one outstanding bond issue, the DMBond 2017, with a seven-year maturity, due on November 20, 2024. The total issuance value is 200 billion VND, with an interest rate of 10.75% per annum, payable quarterly. When issued, the collateral for this bond was Man Duong’s gold-plating system, valued at nearly 160 billion VND. In March 2018, the collateral was changed to machinery, vehicles, and office equipment.
In the first half of 2024, Man Duong failed to make interest payments on the DMBond2017 due on February 28, 2024, and May 31, 2024, totaling over 12.6 billion VND. The company cited inability to arrange funds as the reason for the missed payments.
Previously, in 2023, Man Duong had four instances of missed interest payments and one instance of missed principal payment on its bonds. The total interest and principal amounts overdue are over 25 billion VND and 100 billion VND, respectively.
Established in February 2002, Man Duong has a charter capital of 277.5 billion VND. As of September 2021, Mr. Tran Minh Thong replaced Mr. Nguyen Huu Duong as Chairman of the Board of Directors, while Mr. Duong still holds an 88% stake in the company.
Man Duong is also a member of Hoa Binh Co., Ltd. (Hoa Binh Group), which, as of October 2022, had a charter capital of 600 billion VND. Mr. Nguyen Huu Duong serves as Chairman of the Board of Directors and holds a 47.68% stake in the group.
Mr. Nguyen Huu Duong is also known as Duong “Beer” for being the first producer of beer malt in Vietnam. Man Duong is a supplier of beer malt to many domestic beer manufacturers.
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