Trung Nam Group, a prominent Vietnamese company, witnessed a positive turnaround in the first half of 2025 with its solar energy subsidiary, Trung Nam Thuan Nam, reporting timely payments of principal and interest on its bonds.
According to a report sent to the Hanoi Stock Exchange (HNX), Trung Nam Thuan Nam successfully made interest payments totaling VND 20.5 billion and principal payments of VND 5 billion for the bonds with the code TRUNGNAMSOLAR_BOND2020_01 and TRUNGNAMSOLAR_BOND2020_02, each with a face value of VND 498.9 billion.
Additionally, the company made timely interest payments of nearly VND 50 billion and principal payments of VND 9 billion on the TRUNGNAMSOLAR_BOND2020_03 bonds, with a face value of VND 884.9 billion.
Trung Nam Thuan Nam also honored its financial commitments for the TRUNGNAMSOLAR_BOND2020_05, TRUNGNAMSOLAR_BOND2020_06, TRUNGNAMSOLAR_BOND2020_07, and TRUNGNAMSOLAR_BOND2020_08 bonds, making timely interest and principal payments as per the terms.
However, the company faced delays in payments for three bond lots: TRUNGNAMSOLAR_BOND2020_04, TRUNGNAMSOLAR_BOND2020_09, and TRUNGNAMSOLAR_BOND2020_10. The delays were attributed to late receipts of electricity revenue, resulting in outstanding principal and interest payments totaling nearly VND 73 billion as of June 30, 2025.
In recent years, Trung Nam Thuan Nam has experienced a financial turnaround, reporting a profit after tax of over VND 138.2 billion in 2024, a significant improvement from the nearly VND 1,000 billion loss in 2023. The company had previously recorded profits of VND 81 billion in 2022 and VND 402 billion in 2021.
Despite the positive trajectory, the company still carried forward accumulated losses of over VND 849.3 billion as of the end of 2024. As of the same date, its owner’s equity stood at VND 1,562 billion, while contributed capital remained unchanged at VND 2,411 billion.
The company’s total liabilities remained high at approximately VND 8,778 billion, accounting for 85% of total assets and about 5.6 times the owner’s equity. This included bond debt of over VND 4,500 billion, bank loans of VND 1,318 billion, and other payables of nearly VND 2,900 billion.
Trung Nam Thuan Nam, formerly known as Phuc Minh Solar Joint Stock Company, was established in April 2018 with a charter capital of VND 10 billion. Trung Nam Group, a leading Vietnamese conglomerate, held a 92% stake in the company during its inception.
In April 2020, the company changed its name to Trung Nam Thuan Nam and significantly increased its charter capital to VND 2,411.4 billion. Mr. Nguyen Tam Thinh assumed the role of Chairman.
In August 2024, the ownership of Trung Nam Thuan Nam was transferred from Trung Nam Group to Trung Nam Tra Vinh Solar Power Joint Stock Company, another member of the Trung Nam Group conglomerate.
In May 2025, the ownership changed once again, with the parent company becoming Trung Nam Tra Vinh Investment Joint Stock Company, also a member of the Trung Nam Group.
Trung Nam Thuan Nam is the investor in a 450 MW solar power plant project combined with a 220/500kV transformer station and power line. The project is located in Thuan Nam district, Ninh Thuan province (formerly known as Ninh Thuan), with a small part of the connecting power line located in Vinh Tan commune, Tuy Phong district, Binh Thuan province (formerly known as Binh Thuan).
Spanning an area of 557 hectares, the project utilizes over 1.3 million solar panels and has a maximum electricity output of 1.2 billion kWh. With a total investment of VND 12,000 billion, the project commenced its synchronous operation in October 2020.
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