Quoc Cuong Gia Lai Joint Stock Company (stock code: QCG) has released its consolidated financial report for Q3/2025, revealing significant developments related to its debt to Sunny Island Investment JSC, a company under the Van Thinh Phat Group.

In 2017, Sunny Island deposited 2.88 trillion VND (approximately $117 million) with Quoc Cuong Gia Lai as part of a deal to acquire the Bac Phuoc Kien residential project in Nha Be District, Ho Chi Minh City. However, the transaction eventually fell through.

Following legal proceedings related to Van Thinh Phat Group, the Ho Chi Minh City People's Court ordered Quoc Cuong Gia Lai to repay the deposit to support remediation efforts by Truong My Lan.

As of the end of October 2025, Quoc Cuong Gia Lai had paid back 900 billion VND (approximately $36.5 million), reducing the outstanding debt to 1.98 trillion VND (around $80.5 million).

While the debt to Sunny Island has declined significantly, the company’s borrowings from relatives and acquaintances have surged.

By the end of Q3, the company, led by CEO Nguyen Quoc Cuong (popularly known as "Cuong dollar"), had borrowed more than 1.1 trillion VND (around $44.7 million) from individuals and related parties.

The two largest personal loans include 507 billion VND ($20.6 million) from Lai Thi Hoang Yen, daughter of Board Chairman Lai The Ha, and 527.5 billion VND ($21.4 million) from Lau Duc Duy, Nguyen Quoc Cuong’s brother-in-law.

At the 2024 annual general meeting, shortly after taking over as CEO from his mother, Nguyen Thi Nhu Loan, Cuong stressed that the Bac Phuoc Kien residential project was the company’s “survival project.” He affirmed that Quoc Cuong Gia Lai had a plan to repay the debt and continue development.

In terms of business performance, in Q3/2025, Quoc Cuong Gia Lai recorded revenue of 111 billion VND (about $4.5 million), a 37% drop year-on-year. Of this, the real estate segment contributed only 45 billion VND ($1.8 million), down from 108 billion VND ($4.4 million) in the same period last year.

After deducting expenses, the company reported a net profit of 24 billion VND ($973,000), a slight decline compared to the previous year.

Anh Phuong