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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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Duong Man Joint Stock Company, a malt producer affiliated with the Hoa Binh ecosystem and associated with Nguyen Huu Duong (also known as beer magnate Duong Bia), recently released its 2025 financial statements to the Hanoi Stock Exchange. It recorded a net loss after tax of more than VND 87.4 billion, while 2024’s loss stood at more than VND 50.1 billion, extending five consecutive years of losses. As of end-2025, accumulated losses reached VND 341.2 billion, and Duong Man’s equity turned from VND 23.7 billion in the prior period to a negative VND 63.7 billion in the current reporting period. Total liabilities declined from about VND 1,114 billion to roughly VND 966.5 billion. Bank borrowings were VND 278.1 billion. Bond liabilities stood at more than VND 199.3 billion, mainly privately placed bonds in the domestic market. The company has failed to repay principal and interest on time and has begun negotiations with investors. The audit was conducted by the International Audit Firm Limited, which issued a qualified opinion on the report. Duong Man was established in 2022 as part of the Hoa Binh ecosystem, an enterprise linked to Mr. Nguyen Huu Duong (the so-called beer magnate Duong Bia). The company’s business includes beer and beverages production, as well as civil and industrial construction, but its name is built around malt production – the main ingredient for beer. According to the homepage, Duong Man is based in the Tien Son Industrial Park, Dai Dong commune, Bac Ninh province. The facility has capacity of more than 40,000 tons per year, operated and trained by German malt production experts, and is the official supplier of malt to Sabeco. Currently, the company’s charter capital stands at VND 277.5 billion, with Mr. Nguyen Huu Duong owning 88% and serving as Chairman of the Board. Since September 2021, Mr. Tran Minh Thong has replaced Mr. Nguyen Huu Duong as Chairman.
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