Hyosung Vina reports accumulated losses of $760 million in Vietnam

The facility of Hyosung Vina in Dong Nai province

Hyosung Vina Chemical announced its financial report for the first half of 2025 on October 22, marking the first time the company's business situation has been revealed.

In the first half of 2025, it recorded an after-tax loss of VND1.88 trillion ($75.2 million), down from VND2.27 trillion ($90.8 million) in the first half of 2024. However, the accumulated loss as of June 30 had jumped to more than VND19.24 trillion ($769.6 million).

By the end of the second quarter of this year, Hyosung Vina's equity was only VND534 billion ($14.1 million), while total liabilities amounted to VND30.1 trillion ($1.24 billion), which means that the debt ratio was 56 times higher than its equity, reflecting a worrying financial situation. Of which, bank loans had reached VND13.3 trillion ($532 million), bond debt VND250 billion ($10 million), and the remaining other payables were about VND16.63 trillion ($654.4 million).

Auditing unit PwC Vietnam stated that Hyosung Vina had an accumulated loss of VND19.24 trillion ($769.6 million) and short-term debt exceeding short-term assets by VND22.2 trillion ($888 million).

In July, Hyosung Vina completed the issuance of VND250 billion ($10 million) in 12-month bonds, with an interest rate of 7 per cent per year, maturing on June 24, 2026. This is a "three no" bond, no collateral, no conversion, no warrants, registered and custodied by Shinhan Securities Vietnam Company.

Hyosung Vina was established in 2018, headquartered in Ho Chi Minh City, 100 per cent owned by Hyosung Group (Korea). The company operates in basic chemical production, such as ethylene, propylene, polypropylene, hydrogen, and by-products from the liquefied gas production process.

At the end of 2021, Hyosung Vina inaugurated a polypropylene factory complex and underground LPG storage in Cai Mep Industrial Park with a total investment of $1.3 billion.

The project includes two plants with an annual capacity of 300,000 tonnes, a propylene and ethylene plant with an annual capacity of 600,000 tonnes, a dedicated port to receive 60,000-tonne ships, and an underground LPG storage facility nearly 5 km long, located 110-200 m below sea level, with a capacity of up to 240,000 tonnes.

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