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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Bông Sen Joint Stock Company has released its 2025 financial report, showing continued losses. For the year, the company recorded a net loss after tax of about 679 billion dong. While this represented a modest improvement from the previous year’s net loss of 752 billion dong, persistent losses increased the company’s cumulative losses to more than 3.429 trillion dong. As a result, equity declined to 4.214 trillion dong.
By the end of 2025, Bông Sen’s total liabilities rose to 9.466 trillion dong. Bond borrowings accounted for the largest portion at 4.800 trillion dong. The debt-to-equity ratio increased to 2.25x.
In its audit, A&C declined to express an opinion on the group’s consolidated financial statements due to insufficient evidence.
The report attributes the company’s operational stagnation and financial distress to the Van Thinh Phat ecosystem. In court proceedings, Ms. Truong My Lan stated that this is a family-owned business holding core assets, including a 93.6% stake in Hanoi Daewoo Hotel and a portfolio of prime properties in central Ho Chi Minh City, such as Bong Sen Saigon Hotel, Palace Saigon, and Bong Sen Annex.
The current 4.800 trillion dong bond tranche was issued in late 2021 and arranged by Tan Viet Securities. After the Van Thinh Phat case was charged in October 2022, the company’s accounts were frozen by authorities to support the investigation.
According to the report, loss of control and restricted cash flow are the main reasons the company is currently unable to meet its financial obligations. As a result, interest arrears on the bond tranche have grown to over 2.6 trillion dong.

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