New Ownership for Saigon Glory Reverses Nearly 16-Trillion-VND Loss Into 1.51-Trillion-VND Profit in 2025

Saigon Glory (SGL) reported a turnaround in 2025, reversing a near VND 16 trillion loss into a net profit of VND 1,510 billion. However, the company also disclosed violations of its bond debt-payment commitments and obligations to periodically disclose information, according to its audited 2025 financial statements filed with the Hanoi Stock Exchange.

2025 results: loss reversal and equity recovery

The audited 2025 financial statements show net profit of VND 1,510 billion for the year, compared with a loss of VND 15,953 billion in 2024. By year-end, accumulated losses were about VND 17,935 billion.

Owner’s equity improved after a new capital injection of VND 23,000 billion, moving the company from negative equity to positive equity of VND 5,065 billion.

Profitability metrics remained low: ROA was 0.07% and ROE 0.29%, both lower than the previous year.

Total liabilities were about VND 16,995 billion, down from VND 25,347 billion a year earlier.

Bond obligations: principal and interest not fully paid

The company stated that servicing debt on 10 bond issues remains challenging. For the reporting period 01/01/2025–12/31/2025, Saigon Glory was required to pay principal on five bonds (SGL-2020.01 to 05), with each lot valued at about VND 300 billion.

Despite the obligation, the principal actually paid per lot was only in the hundreds of millions to a few billion VND. The report estimates that the principal repaid across the five lots was under VND 7 billion, while the outstanding principal was about VND 1,496 billion.

Interest payments were also not made. The company reported it had not paid any interest on the 10 bond lots. At an 8% annual rate, total interest payable for the year was nearly VND 518 billion.

The report says commitments for principal, interest, and pre-maturity buybacks were not complied with. Saigon Glory made partial principal and interest payments only to bondholders who agreed to a payment-extension resolution; other bondholders did not agree, and negotiations are ongoing.

Information disclosure violations

In addition to bond-payment issues, Saigon Glory violated periodic information disclosure requirements. The company cited a transition period before the new owner took over (before October 2024) as the reason, including staff shortages and prioritization of resources for a financial plan and for collecting bondholder input to extend payments.

The report also notes that other commitments were not met, including the failure to provide financial statements and information on bond fund usage for periods including the first half of 2023, 2023, and the first half of 2024.

Project and ownership changes

Saigon Glory is the investor in the One Central Saigon mixed-use project in Ho Chi Minh City, developed by Masterise Homes under the One Central Saigon brand.

In mid-March this year, SOL E&C and Newtecons restarted the project. SOL E&C is the main contractor for the 56-story apartment tower and the 47-story mixed-use tower to be developed by Newtecons.

At the end of April 2025, Saigon Glory increased its charter capital from VND 14 trillion to VND 23 trillion, with all capital authorized to the company’s chairman, Tran Thanh Tu.

Earlier in October, Saigon Glory changed ownership from Bitexco Group to Phuong Dong Hanoi, along with chairman and CEO changes as described. The ownership change is intended to help fulfill bond-payment obligations from the previous owner to the new owner.

According to the reported plan, Bitexco will continue paying principal and interest on 10 bond packages from 01/09/2024 to 12/06/2025, and the interest due on 18/06/2025 based on a bondholder resolution. Phuong Dong Hanoi will continue paying principal for the 18/06/2025 payment and the principal plus interest for the 10 bond packages from after 18/06/2025 in line with the resolution. The new owner will also seek financing from Techcombank to support the project in accordance with applicable laws.