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In the context of a sharp profit decline and rising cash-flow pressure, Hà Đô Group (HDG) continues to expand its ecosystem by planning to establish a new subsidiary with charter capital of more than 600 billion đồng.
Hà Đô Group has announced a Board of Directors resolution approving a capital contribution to establish Bình Gia Wind Power Joint Stock Company.
The expected charter capital of Bình Gia Wind Power JSC is 610.5 billion đồng. Hà Đô Group’s contributed capital is nearly 609.9 billion đồng, equivalent to 99.9% of the subsidiary’s charter capital.
The group also appointed Mr. Nguyễn Trọng Minh, General Director, to represent Hà Đô Group’s entire stake in Bình Gia Wind Power JSC.
The move comes as Hà Đô faces pressures on business performance and financial structure. According to the Q1 2026 financial report, net revenue reached nearly 684 billion đồng, up more than 14% year-on-year. However, after-tax profit was only about 104 billion đồng, down 50%.
The decline was mainly attributed to a substantial provision for impairment related to renewable energy projects.
At the end of Q1, total liabilities were more than 6,100 billion đồng. Borrowings accounted for about 75%, indicating the company relies heavily on interest-bearing debt to sustain operations.
This debt structure can increase financial risk because principal and interest payments are large on a monthly and quarterly basis. If business performance slows, the risk of insolvency would be higher.
Despite the pressures, Hà Đô’s leadership remains ambitious for 2026, targeting revenue of over 3,240 billion đồng and after-tax profit of around 1,151 billion đồng.
The company expects real estate projects such as Linh Trung and 62 Phan Đình Giót to become growth drivers in the medium and long term.
Some analysts assess that Hà Đô still benefits from a large asset portfolio and relatively stable revenue streams from the power segment. However, ongoing legal processes related to energy projects, together with debt pressure and capital requirements for new projects, are expected to remain key challenges in the period ahead.
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