The Hanoi South Housing and Urban Development Corporation (NHA) approved a plan to borrow VND10 billion from president Nguyen Minh Hoan for 12 months, from July 3, 2023 to July 3, 2024 to have more working capital for production and business activities. 

The first quarter financial report of the company showed revenue of VND12 billion, an increase of 19 percent over the same period last year and post-tax profit of VND2.6 billion, down 71 percent.

The company plans to obtain turnover of VND130 billion in 2023 and post-tax profit of VND25 billion. It has implemented 9.2 percent of the yearly plan on revenue and 10.4 percent on post-tax profit.

In the stock market, NHA shares are traded at a stable price of around VND20,000 per share, up 63 percent over the beginning of the year.

Quoc Cuong Gia Lai Group’s financial report showed that by the end of the first quarter, Nguyen Thi Nhu Loan, member of the board of directors and CEO had lent VND88 billion to the company.

In addition, the company also had borrowed VND100 billion from Lau Duc Duy and VND5.2 billion from Lai Thi Hoang Yen.

Lacking capital, Quoc Cuong Gia Lai borrowed money from Hiep Phuc Real Estate JSC (VND272 billion), Pham Gia Co (VND152.8 billion) LYN Property (VND12.6 billion) and Da Nang Marina JSC (VND311 billion).

Quoc Cuong Gia Lai reported net revenue of VND166 billion in the first three months, up 23 percent. Of this, the revenue from real estate was the biggest with VND134 billion, or 81 percent. The remaining came from sales of goods and electricity.

However, the financial and sales costs increased by 55 percent and 18 percent to VND11 billion and VND2 billion, respectively, leading to a modest profit of VND1 billion in the first quarter, down 91 percent.

On July 7, QCG shares were traded at VND8,060 per share.

Meanwhile, Interserco (ILS) is borrowing money from individuals who don’t have any relations with the company’s leadership and their relatives.

The first quarter finance report showed that Interserco borrowed Nguyen Minh Tuan VND74.25 billion for 6 months at an interest rate of 5 percent. As of March 10, the total sum, both principal and interests, had reached VND76 billion.

Dao Thi Kim Oanh had provided two loans to Interserco, including the one worth VND3 billion with the interest rate of 6 percent per annum and the other VND500 million, 7 percent.

Besides, Interserco, through subsidiaries, are borrowing billions of dong from other individuals.

ILS shares were traded at VND15,400 on July 7.

Ngoc  Ha