Market Insider – In recent weeks, social media platforms have circulated claims that Vietnamese conglomerate Vingroup (HoSE: VIC) is “on the verge of bankruptcy” due to an alleged debt burden of VND 800 trillion (approx. USD 31 billion).
On September 8, 2025, Vingroup officially responded, announcing that it had filed civil lawsuits, reported to regulators, and sent notices to embassies regarding 68 organizations and individuals—both domestic and international—accused of spreading false and defamatory information online about the group, its chairman Pham Nhat Vuong, and other senior executives. The misleading content was largely disseminated through TikTok, Facebook, and YouTube.
Core of the Rumors
According to Vingroup, the misinformation targeted four key areas: the group’s financial health, product quality and origin, legal compliance of its products, and the personal information of senior leadership.
The most damaging narrative claimed that Vingroup was nearing bankruptcy due to debts totaling VND 800 trillion.
Financial Reality
Vingroup’s official consolidated financial statements, published on its corporate website, tell a different story. As of June 30, 2025, the group’s total liabilities stood at VND 799.5 trillion, but only VND 278.9 trillion of this amount represented actual interest-bearing debt. The debt-to-equity ratio was just 1.8x—a level considered safe under both Vietnamese and international standards.
Most of the remaining liabilities consist of deferred revenue, customer prepayments, and other payables typical of large-scale corporate operations. For example:
- Customer prepayments: VND 109.9 trillion, representing future revenue upon project handover.
- Deposits from business partners: VND 243.4 trillion under co-development contracts.
- Short-term trade payables: VND 46.3 trillion.
- Accrued expenses: VND 66.3 trillion.
- Taxes and other obligations: VND 17.7 trillion.
Debt Structure
- Short-term borrowings: Primarily from local banks including 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 borrowings: Mainly from BIDV (VND 4.8 trillion), Vietcombank (VND 4.8 trillion), and VietinBank (VND 4.6 trillion), alongside VND 29.4 trillion from corporate partners.
Outlook and Subsidiary Performance
A recent report by Vietcap noted that most of Vingroup’s debt matures within three years. With the exception of VinFast, the majority of subsidiaries are expected to remain self-sufficient in cash flow, ensuring debt service and business continuity.
- Vinhomes remains the group’s cash cow, with unrecognized sales contracts worth VND 138 trillion at the end of Q2 2025. New sales are forecast to reach VND 131 trillion in 2025, VND 145 trillion in 2026, and VND 156 trillion in 2027.
- Vinpearl, Vinmec, and Vinschool are expected to improve performance, buoyed by Vietnam’s fast-growing middle class and expanding profit margins. Plans for Vinpearl’s listing on HoSE could further strengthen Vingroup’s fundraising capacity in the future.
Conclusion
While Vingroup’s total liabilities may appear substantial, the company’s actual financial obligations are far below the figures circulating online. Its diversified portfolio, strong real estate cash flows, and strategic expansion in healthcare, education, and tourism provide a solid foundation to manage debt and sustain growth.
