Gold-backed loan pushes Saigon Seafood Trading Joint Stock Company (APT) to a 1.15-trillion VND loss in 2025

Gold prices surged sharply in 2025, leaving Saigon Seafood Trading Joint Stock Company (APT) with a reported loss of VND 1,153 billion and debt obligations of more than VND 2,400 billion tied to a gold-backed loan that has been in place for many years.

2025 audited results and balance-sheet strain

According to the 2025 audited financial statements, Saigon Seafood Trading JSC (ticker: APT) recorded a loss of VND 1,153 billion, bringing cumulative losses to about VND 2,700 billion. With charter capital of only VND 88 billion, the scale of losses indicates the company’s financial position has deteriorated significantly.

As of 31 December 2025, total assets were about VND 195 billion, while negative equity exceeded VND 2,600 billion. Liabilities reached VND 2,800 billion, mainly to Sacombank.

Debt recovery actions and related legal disputes

Previously, Sacombank filed a lawsuit to recover the debt. In addition, a major shareholder also took related legal action regarding receivables. The company states it is unable to pay its debts under current circumstances.

Origin of the gold-backed loan and revaluation impact

The main cause dates back to a loan signed in 2009, when Saigon Seafood borrowed VND 103 billion and 5,833 taels of SJC gold from Phuong Nam Bank (now merged into Sacombank). At the time, the price of gold was about VND 17.66 million per tael, implying a loan value of over VND 100 billion.

By the end of 2025, when the price of SJC gold rose to about VND 152.8 million per tael, the loan was revalued. As a result, the principal debt increased to about VND 891 billion. After accrued interest is added, the total gold-loan-related debt exceeded VND 2,400 billion, not including cash loans of nearly VND 300 billion.

Impact on cash flow and business outlook

Saigon Seafood Trading said the rapid rise in gold prices expanded its financial obligations far beyond its cash flow capacity, pushing the business into a prolonged period of difficulty.

Broader risk highlighted by the case

Developments at Saigon Seafood Trading illustrate the risk of gold-backed loans or assets linked to high price volatility. When market prices move unfavorably, debt obligations can increase sharply, creating substantial pressure for companies—particularly those with weak financial foundations.