1. Vietnamese tycoon seeks to sell factory in China amid financial woes

Duc Long Gia Lai JSC (DLG), a major company based in Gia Lai province with origins in wood processing, is facing severe financial difficulties. The company, led by Chairman Bui Phap, previously made headlines by acquiring U.S. electronics firm Mass Noble in 2015, which included a factory in China. DLG now contemplates selling the Chinese factory as it grapples with billions in cumulative losses and plummeting stock prices.

2. Quoc Cuong Gia Lai JSC faces controversies

Quoc Cuong Gia Lai (QCG), managed by Nguyen Thi Nhu Loan, is renowned for its real estate ventures in southern Vietnam. However, the company has been embroiled in numerous controversies over the past decade, including issues with public land projects, delays in site clearance, and legal disputes. Despite these challenges, QCG continues to struggle with low annual profits and financial instability.

3. ‘Sugar Princess’ appointed Chair of Vietnam’s largest sugar company

Thanh Thanh Cong - Bien Hoa JSC (TTC AgriS) has announced the appointment of Dang Huynh Uc My as Chairwoman of the Board of Directors, succeeding Ms. Huynh Bich Ngoc.

My, often referred to as the "sugar princess," is the daughter of Dang Van Thanh, Chairman of Thanh Thanh Cong Group. Her promotion highlights the ongoing leadership changes within the company.

4. Hoang Anh Gia Lai secures major loan with share collateral

Hoang Anh Gia Lai (HAGL) group has pledged 165.75 million shares of Gia Lai Livestock to secure a loan of 1,050 billion VND from Loc Phat Vietnam Bank (LPBank). This move aims to revive the operations of its subsidiary, Gia Lai Livestock JSC. As of March 31, 2024, Hoang Anh Gia Lai holds an 85% stake in the subsidiary, with a total investment value exceeding 2,591 billion VND.

5. Trung Nam Solar Energy shifts from debt to profit

Trung Nam Solar Energy reported an 11% increase in profit for 2023, reaching over 278 billion VND, reversing previous financial difficulties. Despite having sold its controlling stake in the largest solar energy project, the company has seen positive financial results.

6. Fraud alert: Scammers exploit biometric data collection

Banks are warning customers about scammers posing as bank employees to collect biometric data. Customers are advised not to share personal information through unofficial channels or click on suspicious links. Protection of account details and personal data remains crucial to avoid falling victim to fraud.

7. Deputy Prime Minister orders review of proposed oil trading platform

Deputy Prime Minister Le Minh Khai has directed the Ministry of Industry and Trade to review media reports and proposals regarding the establishment of an oil trading platform. The review will assess the feasibility and potential impact of this proposal on the market.

8. Finance Ministry raises concerns over proposed reduction in vehicle registration fees

The Ministry of Finance has submitted a draft decree proposing a reduction in registration fees for domestically manufactured and assembled vehicles. While most agencies support the proposal, concerns remain about potential breaches of international commitments.

9. SCB shutters nearly 100 branches amidst financial troubles

The Saigon Commercial Bank (SCB) has closed 91 branches nationwide following the arrest of Truong My Lan in the Van Thinh Phat scandal. The bank's network, which once boasted 239 branches, has seen a significant reduction in its operations.

10. Record high in household deposits at banks

Household deposits at banks have reached a new record, exceeding 6.7 million billion VND. The total money supply increased slightly by 0.13% by the end of April 2024, with household deposits alone rising by over 39.7 billion VND in the month.

11. Borrowers join 'debt evasion' groups, consequences extend beyond banks

At the seminar "Healthy Development of Consumer Credit, Combating 'Black Credit'" on July 18, Deputy Governor of the State Bank of Vietnam (SBV), Doan Thai Son, stated that the total outstanding loans for living and consumer purposes reached approximately 2.8 trillion VND, accounting for 20% of the total credit debt of the entire economy.

Mai Thi Trang, Deputy Director of the Monetary Policy Department (SBV), mentioned that on social media, there are many private groups posting articles and videos encouraging and instructing people on how to evade debts when borrowing through financial institutions, leading to many loans being reclassified as bad debts or difficult-to-recover debts. 

Hanh Nguyen