The greater the loss, the higher the issuance worth

VinFast loses 27.66 billion dong in 2021

VNDirect Securities has simply printed an replace report on the bond market. Accordingly, this securities firm mentioned that Vinfast Manufacturing and Trading Joint Stock Company – an enterprise within the Vingroup Group ecosystem of billionaire Pham Nhat Vuong is among the models with the whole worth of company bonds. individually due within the fourth quarter of 2022 with the quantity of VND 9,010 billion.

Notably, in accordance with statistics on the Hanoi Stock Exchange (HNX), from 2022 to now, VinFast has efficiently mobilized VND 8,800 billion of company bonds. If together with 2021, the amount of cash VinFast collected from this “calling for capital” channel should be as much as VND 13,800 billion.

In addition to Vinfast, one other enterprise owned by Vingroup with 4.5% capital additionally actively collaborating within the bond market in 2022 is Phu Quoc Tourism Development and Investment Joint Stock Company when repeatedly mobilizing greater than VND 5,000 billion. VND from the bond channel from May to July 2022.

The dynamic actions of the 2 corporations talked about above contributed to the Vingroup ecosystem to be within the prime 5 bond issuers within the first 9 months of the 12 months with a complete worth of 16,569 billion dong.

However, it’s value mentioning that, regardless of mobilizing hundreds of billions of dong from the bond channel, the enterprise state of affairs of each Vinfast and Phu Quoc Tourism Development is “unlucky” when losses pile up on losses and liabilities in 2021. greater than ten occasions the fairness.

For instance, for VinFast, monetary knowledge exhibits that, by the top of 2021, this enterprise has an after-tax lack of about VND 27,636 billion. Previously, in 2020, VinFast additionally misplaced VND 15,042 billion. Meanwhile, VinFast’s liabilities by the top of the most recent 12 months approached VND 106,000 billion. The proprietor’s capital of VinFast is about VND 2,069 billion, thus, the debt / fairness ratio of this firm is as much as 51 occasions.

Huge debt “mountain” of Phu Quoc Tourism Development

Meanwhile, by the top of 2021, liabilities at Phu Quoc Tourism Development are about VND 29,409 billion, up 11% after 12 months, accounting for 92% of whole belongings, 12 occasions greater than fairness.. Note that these statistics are just for the top of 2021, not counting greater than VND 5,000 billion of debt from newly issued bonds in 2022.

At the identical time, the enterprise outcomes at Phu Quoc Tourism Development should not higher when the corporate reported a loss after tax of VND 964 billion in 2020, a lack of VND 30 billion in 2021. It is understood that Phu Quoc Tourism Development was an organization. subsidiary of Vingroup (HoSE: VIC) when billionaire Pham Nhat Vuong’s enterprise used to personal 55% of the shares in 2014. However, in accordance with the 2021 annual report of Vingroup, the holding fee Vingroup’s holding in Phu Quoc Tourism Investment and Development is 4.5% with an authentic worth of VND 351 billion.

Pressure from Vingroup’s bond debt till 2024

In 2021, two different companies belonging to the Vingroup household of billionaire Pham Nhat Vuong, Vinhomes JSC and Vingroup – JSC (HOSE: VIC) have additionally efficiently mobilized trillions of dong of bonds.

Specifically, on September 15, 2021, Vinhomes JSC efficiently issued a number of bonds with code VHMB2124001 with the quantity of VND 2,160 billion, time period of 36 months (till September 15, 2024). This is a bond batch of three zero, non-convertible, unwarranted and unsecured by belongings.

Previously, on June 21, 2021, VIC efficiently mobilized a bond lot of VICB2124003 value VND 2,600 billion, due on June 21, 2024. In addition to the VND 13,800 billion raised from 9 issuances from the start of 2021 to September 2022, all of that are due till 2024, the Vingroup ecosystem must pay about VND 18,500 billion in 2024.