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TrieuAn’s Q3/2025 Business Results. Unit: Billion VND
Source: Q3/2025 Financial Report
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The primary driver behind the profit growth was a 16% increase in net revenue, reaching over 201 billion VND, while the cost of goods sold rose only slightly by 2%. As a result, TrieuAn’s gross profit nearly doubled to 46 billion VND, 2.2 times higher than the same period last year.
Regarding expenses, financial costs and selling expenses surged by 94% and 2.4 times, respectively, but accounted for a small portion of total expenses. The largest expense, management costs, remained stable at nearly 11 billion VND.
On the balance sheet, TrieuAn’s total assets as of September 30, 2025, surpassed 1 trillion VND, a 5% increase from the end of June. The most significant growth was in short-term receivables, which rose by 42% to over 202 billion VND, primarily due to a surge in short-term prepayments to Amec Holdings from nearly 32 billion VND to over 74 billion VND.
The value of long-term work-in-progress assets for the TA eco-tourism and resort project plummeted from over 2.6 billion VND to 244 million VND in just three months.
Meanwhile, TrieuAn’s total liabilities increased by 6% to nearly 356 billion VND. Notably, the outstanding loan from Ho Chi Minh City State Financial Investment Company (HFIC) skyrocketed from nearly 8 billion VND to over 44 billion VND, a 5.6-fold increase, due to a new long-term loan of over 38 billion VND in Q3.
– 09:43 21/10/2025
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