Hoang Anh Gia Lai JSC (HAG), chaired by Doan Nguyen Duc (“Boss Duc”), has released its Q1/2025 consolidated financial report. Its revenue reached VND1.39 trillion, up 12 percent year-on-year, with after-tax profit at nearly VND341 billion, up 59 percent.

HAG explained that the gross profit increased mainly because of higher profits from bananas. In addition, financial costs, mostly the interests of the company's loans, decreased thanks to the repayment of most of the bond debt and the reversal of provisions for long-term financial investments.

In a letter to shareholders, Duc noted that the company’s bananas are exported to China, South Korea, and Japan. HAG does not export to the US, so it remains unaffected by President Donald Trump’s new tariff policies.

As of March 31, 2025, HAG’s total assets had reached VND23.478 trillion, while stockholder equity was VND9.743 trillion, with liabilities at VND12.35 trillion, and accumulated losses VND83 billion.

In the document explaining the measures and roadmap to overcome the situation of securities being warned, HAGL said the company will continue to implement financial restructuring measures to further reduce the outstanding bank debt compared, improve operation efficiency, and move towards eliminating accumulated losses.

HAG also announced a delay in paying over VND118 billion in bond interest for HAGLBOND16.26 lot due to unarranged funds (due late March 2025). The interest payment is deferred until the bond’s maturity.

In recent years, Hoang Anh Gia Lai JSC, led by Boss Duc, has seen difficulties ease after selling its agriculture arm (HAGL Agrico) to Thaco, owned by billionaire Tran Ba Duong, generating significant funds to settle debts. It also received capital from LPBank and Thaiholdings, led by Nguyen Duc Thuy.

HAG has actively reduced debt and benefited from expanded durian orchards and higher durian prices.

In 2024, HAG greatly benefited from the “two crops, one animal” model—cultivating bananas and durians while raising pigs fed with bananas. High durian prices throughout the year drove strong profits for HAG. A sharp rise in pork prices late in the year will further boost profits for Boss Duc’s enterprise.

Duc Long Gia Lai delays bond payments

Another Pleiku firm, Duc Long Gia Lai JSC, has just announced a delay in paying a batch of bonds with an issuance value of VND134 billion, with the principal outstanding value at the end of the period of VND56 billion, the payment date is March 31. 

The unpaid amount is more than VND36.8 billion due to the failure to arrange funds. Duc Long Gia Lai is negotiating with investors on debt rescheduling.

As of December 31, 2024, DLG’s equity had reached VND751.8 trillion, with undistributed after-tax losses at negative VND2.456 trillion. Total liabilities were VND3.596 trillion, including VND417 billion in bond debt. The after-tax profit for the fiscal year was VND244 billion, with accumulated losses at VND2.664 trillion.

Last year, Lilama 45.3 requested bankruptcy proceedings against DLG over a debt of just over 10 million dong.

DLG’s Board also resolved to sell its entire 97.73 percent stake (VND249 billion) in Mass Noble Investments Limited, an electronics components firm. The company has made a major distribution to DLG’s revenue since 2016.

In the stock market, the prices of DLG shares have decreased to VND2,050 per share, which is not high enough to buy a cup of ice tea.

Bui Phap is the founder and Chairman of Duc Long Gia Lai.

Quoc Cuong Gia Lai receives good news

The HCM City Stock Exchange (HoSE) announced that Quoc Cuong Gia Lai shares of Quoc Cuong Gia Lai JSC (QCG) have been removed from the margin restriction list after resolving violations.

Recently, QCG released its audited 2024 consolidated financial report, showing an after-tax profit of nearly VND82 billion, which demonstrated a 14 percent gap compared with its self-reported figures.

The gap is attributed to the recalculation of an investment deal, following the stockholder equity method after transferring shares in an affiliate.

Regarding the Bac Phuoc Kien Residential Project, QCG is still following legal procedures and compensating for remaining land clearance. The Judgement Enforcement Agency has seized original land clearance documents to secure a VND2.882 trillion obligation.

QCG stated its operations remain stable, ensuring timely debt payments and continuous business activity.

Last year, Nguyen Quoc Cuong took over as CEO from his mother, Nguyen Thi Nhu Loan. Loan was prosecuted in July 2024 over the transfer of the 39-39B Ben Van Don project in District 4, HCM City.

Over the past decade, QCG has faced controversies not only tied to its projects but also to multiple violations related to information disclosure.

Tuan Nguyen