The Board of Directors of Quoc Cuong Gia Lai Joint Stock Company (Quoc Cuong Gia Lai – QCG) has presented shareholders with a financial restructuring plan to settle the VND 2.882 trillion received from the Bac Phuoc Kien project of Sunny Island Investment JSC (a company associated with Ms. Truong My Lan).
However, during the execution of the “promise-to-buy, promise-to-sell” agreement, Ms. Truong My Lan breached the terms. Quoc Cuong Gia Lai filed a lawsuit with the Vietnam International Arbitration Center (VIAC), resulting in the termination of the contract between the two parties. Sunny Island was ordered to return all land clearance documents for the project. Conversely, in the Van Thinh Phat case, the High People’s Court in Ho Chi Minh City ruled that Quoc Cuong Gia Lai must return the VND 2.882 trillion, while regaining the land-use rights certificate for the Bac Phuoc Kien project.
Over the past year, Quoc Cuong Gia Lai has paid VND 1.100 trillion to the enforcement agency, funded by the sale of hydropower plants and personal loans.
To settle the remaining amount, the leadership proposes to continue divesting from subsidiary and affiliated companies within the year.
According to Quoc Cuong Gia Lai’s leadership, the divestment will only proceed if the sale value is not lower than the initial investment. Additionally, the company plans to partner with capable investors to develop real estate products and projects, aiming to increase cash flow and promptly settle the VND 2.882 trillion debt, avoiding forced execution by enforcement agencies.
The Bac Phuoc Kien project spans over 90 hectares.
By the end of Q3/2025, Quoc Cuong Gia Lai’s total assets reached VND 8.760 trillion, with liabilities of VND 4.150 trillion. Q3 revenue was VND 354 billion, with after-tax profit of VND 34 billion.
For 2025, Quoc Cuong Gia Lai targets VND 2.000 trillion in revenue and VND 300 billion in profit, representing increases of 274% and 306%, respectively.
According to a representative of Quoc Cuong Gia Lai, the Bac Phuoc Kien project, spanning over 90 hectares, holds significant value if the land-use rights certificate is recovered. Partnering with a capable developer could optimize its potential, generating up to VND 12.000 trillion in revenue and VND 7.000 trillion in profit.
Quoc Cuong Gia Lai also announced a 10% dividend payout to shareholders, the first in several years.
At the close of the December 5 trading session, Quoc Cuong Gia Lai’s stock (QCG) rose to VND 14,150 per share.
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