Thuan Thanh Social Housing Investment JSC reported its financial results for the first half of 2025, continuing its loss-making streak with a post-tax loss of nearly VND 43 billion, compared to a loss of over VND 41 billion in the same period last year. This extends the company’s losses from 2023 and 2024, totaling nearly VND 173 billion. In 2022, the company recorded a meager profit of just over VND 2 billion.
Source: Author’s compilation
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With continued losses, Thuan Thanh Social Housing has accumulated losses of over VND 243 billion as of the end of June. Owners’ equity increased by 33% from the beginning of the year to more than VND 229 billion.
Total liabilities increased by 1% to nearly VND 1,018 billion, including bond debt of nearly VND 800 billion, bank loans of VND 110 billion, and other payables of over VND 16 billion.
Source: Author’s compilation
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On the HNX, Thuan Thanh Social Housing has only one outstanding bond lot, TTHCH2328001, issued on August 21, 2023, with a value of VND 800 billion, a term of 59 months, maturing on July 21, 2028, and an interest rate of 14%/year. The collateral for this bond is Thuan Thanh’s asset rights arising from the capital contribution transfer agreement between Thuan Thanh and the capital contributor at Hoang Gia Co., Ltd.
Auditors express doubt over the recoverability of a VND 100 billion loan
Notably, the semi-annual report included a significant qualification related to the company’s failure to estimate and account for interest payable on issued bonds, amounting to VND 56 billion. The auditors stated that if this amount had been recognized in accordance with regulations, short-term payables on the balance sheet would have increased, along with a VND 56 billion increase in financial expenses on the income statement, resulting in a corresponding decrease in net profit.
Additionally, the auditors expressed doubt about two individual loans provided by the company as of June 30, 2025, to Mr. Nguyen Van Trung and Mrs. Nguyen Thi Thuy, amounting to VND 40 billion and VND 60 billion, respectively.
Despite conducting necessary review procedures, the auditors were unable to assess the recoverability of these loans or determine the potential loss and necessary adjustments to the consolidated financial statements of the company.
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Thuan Thanh Social Housing JSC was established in December 2018 by Dabaco Vietnam Group JSC (Dabaco, HOSE: DBC) to develop a social housing project in Ho town, Thuan Thanh district, Bac Ninh province. In 2021, Dabaco divested its entire stake in the company. Currently, Thuan Thanh has a charter capital of VND 472 billion, with Mr. Nguyen Minh Duc serving as the Director and legal representative. Hoang Gia Co., Ltd., located in Vo Cuong ward, Bac Ninh city, is the investor in the Hoang Gia Social Housing project in the same area. The company was established in 2009. Before August 2023, Hoang Gia had a charter capital of VND 1,161 billion, of which Thuan Thanh owned 13.781%, and Mr. Vu Viet Cuong owned 86.219%. Since the beginning of September 2023, Thuan Thanh has become the sole owner of Hoang Gia. The company is currently directed by Mr. Vu Dac Quang (born in 1996) as the Director and legal representative. Mr. Nguyen Van Trung, the borrower of VND 40 billion from Thuan Thanh, shares the same name with an individual who held a 70% stake in Hoang Gia during the 2016-2023 period. |
– 08:34 11/09/2025
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