Due to the fact that most of its employees have quit, Rang Dong Holding has not been able to prepare its financial report for the fourth quarter of 2024. The most recent report still shows that the company still has outstanding debts to pay Japanese shareholders and short-term bank debt of more than VND 1,000 billion.
Rang Dong Holding is a business with a long history of 65 years of operation - Photo: RDP
Who is the creditor of Rang Dong Holding?
The leaders of Rang Dong Holding Joint Stock Company (RDP) - a plastics company with a history of 65 years of operation - have just sent a document explaining to the Ho Chi Minh City Stock Exchange the reason for not submitting the financial report for the fourth quarter of 2024.
Accordingly, the explanatory document from RDP revealed that from the second half of 2024 until now, Rang Dong Holding's financial situation has encountered many difficulties, leading to it being moved to the bad debt group in the national credit system.
In the financial report for the second quarter of 2024, RDP said it had short-term loans from many banks with a total value of more than VND 1,026 billion at the end of June 2024. In addition, the company also had long-term bank loans worth more than VND 176 billion.
The self-prepared report did not explain the loans in detail. In the audited financial report for 2023, RDP owed many banks short-term loans with interest rates ranging from 7 - 8.5%.
Of which, the enterprise owes Ocean Commercial Bank Limited (now changed to Vietnam Modern Bank Limited - MBV) nearly 200 billion VND.
RDP also incurred short-term loans with Vietinbank, MBBank, Vietcombank with over 100.7 billion VND, 146 billion VND and 132 billion VND respectively...
There are also loans from many other banks such as VIB, HDBank, BIDV... Notably, this enterprise also has two personal loans of up to 30 billion VND. Of which, Mr. Ho Anh Thai lent RDP 17 billion VND, and Ms. Ho Thi My Hai nearly 14 billion VND.
Details of the above loans have only been made transparent by the enterprise until December 31, 2023. The fluctuations until the end of 2024 have not been declared, but the total outstanding debt value has not changed much.
Rang Dong Holding also "stuck" with many bad debts
Notably, in the payables section, RDP still owes Sojitz Planet Corporation more than VND 156.9 billion. This is the debt that Rang Dong Holding is forced to pay to Sojitz Planet Corporation (under the Japanese Sojitz Group) after losing the lawsuit in 2023.
On the other hand, the financial report also shows that RDP is having difficulty in collecting debts. At the end of June 2024, this enterprise had up to 252 billion VND in bad debt, some units had nearly 130 billion VND.
Difficulties piled on top of difficulties, RDP leaders said that currently, subsidiaries/member companies and parent company (RDP) are all temporarily suspending operations, most of the staff have quit their jobs.
The entire board of directors, including Chairman Ho Duc Lam (younger brother of Ms. Ho Thi Kim Thoa - former Deputy Minister of Industry and Trade), resigned a few days ago.
On the stock market, RDP shares are suspended due to delayed information disclosure. Before being suspended, the company's stock price was at VND1,310/unit.
Unfortunately, Rang Dong Holding, once one of the leading enterprises in the plastic manufacturing industry, with 65 years of operation, is now in difficulty.
Source: https://tuoitre.vn/rang-dong-holding-te-liet-hoat-dong-van-no-co-dong-nhat-vay-ngan-hang-nghin-ti-2025022821355571.htm
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