Rạng Đông Holding Faces Insolvency
On August 13, Rang Dong Holding Joint Stock Company (stock code: RDP) announced to the Hanoi Stock Exchange (HNX) that it had received a bankruptcy proceeding decision on June 25, 2025, from the Ho Chi Minh City People’s Court.
Rạng Đông Holding’s Insolvency
According to the decision, the court found sufficient grounds in the petition filed by Rang Dong Films Joint Stock Company (a subsidiary of Rang Dong Holding) to prove that Rang Dong Holding is insolvent as defined by law.
Within 30 days from the last day of the publication of this decision, creditors of Rang Dong Holding must submit proof of their claims to the designated insolvency practitioner/asset management enterprise as instructed by the court.
The total debt that Rang Dong Holding has to repay includes due and overdue debts, secured and unsecured debts, interest, and contractual compensation (if any). Creditors must also provide documents and evidence supporting these claims.
Rạng Đông Holding’s Challenges
Rang Dong Holding (formerly known as Rang Dong Plastic Joint Stock Company) was established in the 1960s and was once a prominent company in the market, renowned for its Rang Dong Plastic brand. However, in recent years, the company has faced successive difficulties.
On April 24, the RDP stock was delisted from HOSE due to serious violations of information disclosure obligations. As a result, over 49 million shares were transferred to UPCoM on May 9 but were halted from trading on the same day. Currently, the RDP stock price stands at only VND1,300 per share.
Prior to this, on April 22, the 2025 Annual General Meeting of Shareholders of Rang Dong Holding was unsuccessful, with an attendance rate of only 14.98%, failing to meet the quorum requirements.
Headquarters of Rang Dong Holding. Source: Rang Dong Holding
The absence of the entire Board of Directors, Management Board, and Supervisory Board frustrated many shareholders, who felt disrespected by the company’s leadership. The second attempt to hold the meeting also failed due to low attendance.
Financially, Rang Dong Holding experienced a prosperous period, generating tens of billions of dong in after-tax profits annually. In 2021, the company recorded a net profit of VND 38 billion, and in 2022, it achieved VND 13 billion.
However, since 2023, the situation has taken a turn for the worse as the company lost a lawsuit against Sojitz Pla-net Corporation (Japan) and was ordered to repay VND 157 billion plus related costs.
Mounting Losses and Debts
According to the latest financial report released at the end of Q2/2024, Rang Dong Holding incurred a loss of over VND 64.5 billion in the first half of 2024, bringing the accumulated loss as of June 30, 2024, to VND 266 billion.
In addition to losses, Rang Dong Holding is burdened with short-term loans and financial lease debts amounting to over VND 1,034 billion, along with long-term debts of nearly VND 198 billion. These debts are mostly bank loans, and the total financial debt is 4.4 times the company’s equity.
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