Hoang Long Construction and Development posts 2025 net profit of VND 3.5 billion as total debt hits VND 3,487 billion with about VND 1.5 trillion bonds maturing mid-2026

Hoang Long Construction and Development Co., Ltd. reported 2025 after-tax profit of VND 3.5 billion, nearly doubling from VND 1.8 billion in the previous year. However, given a total capital base close to VND 4,000 billion, this level of profitability remains very modest, indicating that capital efficiency is not keeping pace with asset size. Notably, two bond issues are currently outstanding for Hoang Long. At the end of 2025, the company’s equity stood at VND 310 billion, up slightly from the beginning of the year. Of this, owner contributed capital was VND 300 billion and undistributed after-tax profits were VND 10.2 billion. The thin capital base relative to total resources reflects heavy reliance on debt funding and obligations. Total liabilities rose sharply to VND 3,487 billion, up nearly VND 1,000 billion from the start of the year. In the structure, "other payables" accounted for the largest share at VND 2,017 billion, equivalent to nearly two-thirds of total borrowings. The remainder mainly comes from bond debt at VND 1,470 billion, while the company did not incur bank debt, creating a financial structure heavily dependent on bond financing. According to data from the Hanoi Stock Exchange (HNX), in the period May–July 2021, Hoang Long issued three bond tranches with total value VND 1,900 billion. The two large lots, HLCCH2124002 (VND 1,000 billion) and HLCCH2124003 (VND 500 billion), extended maturities from 3 years to 5 years, with due dates in mid-June and July 2026. Although the entire HLCCH2126001 tranche worth VND 400 billion was repurchased earlier, the repayment pressure still centers on about VND 1.5 trillion. In an environment where profits remain at a low level and cash flow has not clearly improved, the company’s debt-servicing capacity will be a key factor to monitor going forward. Hoang Long Construction and Development Co., Ltd. was established in June 2019, operating mainly in real estate, with charter capital of VND 300 billion. The current legal representative is Mr. Do Van Trung. In a market with ongoing volatility, the pressure from maturing bonds could continue to challenge the company’s financial strength and governance.