The Fall of Rang Dong Holding: A Tale of Mismanagement and Financial Woes
Rang Dong Holding JSC (stock code: RDP), a once-prominent company, has recently fallen into dire financial straits. The People’s Court of Ho Chi Minh City has initiated bankruptcy proceedings against the company, marking a tragic turn of events.
The court’s decision was prompted by a well-founded petition filed by Rang Dong Films JSC, a subsidiary in which Rang Dong Holding holds a controlling stake of 97.75%. The evidence presented convincingly demonstrated Rang Dong Holding’s inability to fulfill its financial obligations, as outlined in Article 4, Clause 1 of the 2014 Bankruptcy Law.
Effective June 25, the People’s Court of Ho Chi Minh City has declared Rang Dong Holding bankrupt. In the aftermath of this decision, the company’s creditors have a 30-day window to submit their claims, accompanied by relevant documents and evidence, to the court-appointed asset management and liquidation enterprise. These claims must delineate the total debt, including that which is due and not yet due, secured and unsecured, along with any applicable interest or compensation, and bear the signature of the creditor or their legal representative.
Rang Dong Holding’s origins can be traced back to the UFEOC (Far East French Rubber Enterprises Union) during the 1960-1975 period, later renamed UFIPLASTIC. On May 2, 2005, the company underwent privatization and emerged as Rang Dong Plastic Joint Stock Company.
In the years preceding 2016, Rang Dong Holding boasted impressive profits in the plastics industry, consistently earning tens of billions of dong annually. However, their fortunes took a turn when they ventured into the real estate sector, adopting a holding model. While their after-tax profit peaked at VND 70 billion in 2019, it proved unsustainable, with the company plunging into a downward spiral of losses.
The year 2023 marked a nadir for Rang Dong Holding, as they incurred a staggering loss of VND 147 billion, amassing cumulative losses of VND 206 billion. Their short-term debt exceeded short-term assets by VND 122 billion, casting doubt on their ability to continue as a going concern. Adding to their woes, RDP faced a substantial compensation payout of VND 178 billion following a legal defeat against Sojitz Planet.

The People’s Court of Ho Chi Minh City has initiated bankruptcy proceedings against Rang Dong Holding, with the decision taking effect on June 25.
Despite assurances from the management regarding asset liquidation, debt recovery, and financial restructuring negotiations, Rang Dong Holding’s situation remained bleak. Their profit for the first half of 2024 barely exceeded VND 64 billion, while they continued to grapple with tens of billions of dong in tax debt.
The company’s woes extended to the stock market, where RDP was delisted from HoSE in April 2024 due to severe violations of information disclosure obligations. Subsequently, the stock was transferred to Upcom but was halted on its very first trading session. Today, RDP shares languish at a meager VND 1,300 per share.
Adding insult to injury, the company was slapped with fines by the State Securities Commission of Vietnam in December 2024 for misreporting financial figures for the fourth quarter of 2023. Rang Dong Holding also failed to disclose audited financial statements for 2023 and the semi-annual reviewed financial statements for 2024, citing staff shortages, particularly the exodus of accounting personnel.
The beginning of 2025 witnessed a mass exodus of the entire board of directors, including the chairman, Ho Duc Lam, and his son. Mr. Lam is the brother of Ho Thi Kim Thoa, the former Vice Minister of Industry and Trade, who herself faces legal troubles, having been indicted and placed on the wanted list since July 2020 for “Violation of regulations on the management and use of state assets, causing waste and loss.”
The annual general meeting of shareholders for 2025 was a fiasco, with only 15% attendance, and notably, the absence of the entire management board, executive board, and supervisory board, much to the chagrin of the shareholders. The situation repeated itself at the second attempt to hold the annual general meeting, with low attendance and an absent management team.
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