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Hyosung Vina Chemical Co., Ltd. has successfully issued VND 200 billion worth of bonds in April 2026, a move taking place as the company continues to post losses and faces prolonged financing pressures.
According to the Hanoi Stock Exchange, on April 23, 2026, Hyosung Vina Chemical Co., Ltd. issued 2,000 bonds under code HOS12601. Each bond has a face value of VND 100 million, bringing total proceeds to VND 200 billion.
Hyosung Vina’s accumulated losses exceed VND 21.5 trillion. In 2025, the company recorded a net loss of about VND 4,208 billion, compared with a net loss of about VND 4,261 billion in the prior year. By year-end, cumulative losses rose to over VND 21,566 billion, continuing to erode equity.
As of December 31, 2025, the company’s equity was about VND 9,995 billion, up sharply from the prior period. The increase was mainly attributed to owner contributions of over VND 30,882 billion, suggesting the balance sheet remains heavily supported by external funding rather than improvements from core operations.
Total liabilities declined to about VND 18,153 billion, down approximately 34% from the prior period. Bank borrowings accounted for about VND 11,857 billion, with the remainder at about VND 6,296 billion in other payables.
Key leverage indicators improved as part of a capital structure rebalancing: the debt-to-asset ratio fell from 0.94 to 0.64, and the debt-to-equity ratio decreased from 14.51x to 1.82x. Despite this improvement, leverage remains relatively high given limited operating performance.
Liquidity remains weak, with the current ratio at 0.39x and the quick ratio at 0.18x. Interest coverage is negative, indicating operating profit is not sufficient to cover financing costs.
Hyosung Vina Chemical Co., Ltd. was established in May 2018 and operates in basic chemical production, including ethylene, propylene, polypropylene and hydrogen. The company is headquartered at the Cai Mép industrial park and is described as one of the large-scale petrochemical projects in Vietnam’s southern region.
The continued bond funding highlights the company’s need for additional cash to sustain operations and balance finances. With business results showing no clear improvement, the effectiveness of the use of proceeds will be a key factor to monitor in upcoming periods.
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