Rumors have swept across Vietnamese social media in recent weeks, claiming that Vingroup (HoSE: VIC), one of the country’s largest conglomerates, is “about to go bankrupt” under a supposed VND 800 trillion (USD 31 billion) debt load.
On September 8, 2025, Vingroup issued an official statement refuting the claims, confirming it has filed civil lawsuits, reported to authorities, and notified embassies about 68 individuals and organizations accused of spreading false information about the company and its executives, including Chairman Pham Nhat Vuong. The group said the misleading reports circulated mainly on TikTok, Facebook, and YouTube.
False Claims vs. Actual Numbers
The online speculation alleged that Vingroup carried VND 800 trillion in bank debt. However, the group’s consolidated financial statements tell a different story. As of June 30, 2025:
- Total liabilities: VND 799.5 trillion.
- Actual borrowings: VND 278.9 trillion, split between VND 122.6 trillion in short-term debt and VND 156.3 trillion in long-term debt.
- Debt-to-equity ratio: 1.8x, considered safe by both international and Vietnamese corporate standards.
The rest of the liabilities are mostly business-related obligations common to large corporations, including:
- VND 109.9 trillion in customer prepayments for real estate projects.
- VND 243.4 trillion in deposits from partners under joint development agreements.
- Trade payables, accrued expenses, and tax obligations balanced by short-term receivables worth VND 254.1 trillion.
Breakdown of Borrowings
Short-term loans are concentrated among major domestic lenders such as VPBank (VND 19.9 trillion), Techcombank (VND 16.1 trillion), BIDV (VND 7.3 trillion), HDBank (VND 7.0 trillion), and Vietcombank (VND 6.5 trillion). Long-term debt includes VND 4.8 trillion each from BIDV and Vietcombank, VND 4.6 trillion from VietinBank, and about VND 29.4 trillion from corporate partners.
Subsidiary Strength and Outlook
According to Vietcap Securities, most of Vingroup’s debt is set to mature within three years. With the exception of VinFast, the group’s subsidiaries are expected to remain financially independent, generating enough cash flow to cover obligations and sustain operations.
Vinhomes has unrecognized sales contracts worth VND 138 trillion as of Q2 2025. New contract sales are forecast at VND 131 trillion in 2025, VND 145 trillion in 2026, and VND 156 trillion in 2027.
Vinpearl, Vinmec, and Vinschool are expected to continue improving results thanks to Vietnam’s expanding middle class and rising margins. The planned listing of Vinpearl on the HoSE could also strengthen Vingroup’s access to capital markets.
The sensational claims about an imminent Vingroup bankruptcy are not supported by its financial disclosures. While the group carries large liabilities consistent with its scale, its actual debt burden is significantly lower than rumored. With diversified business lines and strong cash flow from real estate and services, Vingroup remains positioned to manage its obligations and pursue growth.
Related
Discover more from Vietnam Insider
Subscribe to get the latest posts sent to your email.
Source: Vietnam Insider