Hoa Dong 2 Wind Power Company Limited has just announced its financial situation for the first half of 2025. Accordingly, in the first 6 months of this year, the company recorded equity at more than 144.8 billion VND, down nearly 61% compared to 367.9 billion VND in the same period last year, after decreasing by more than 42% compared to mid-2023.

By mid-2025, Hoa Dong 2 Wind Power recorded a slight decrease in total liabilities, from over VND2,815 billion in mid-2024 to VND2,812.5 billion. Of which, bank loans increased from VND817 billion to over VND2,713 billion.

Bank loans increased sharply in the context of Hoa Dong 2 Wind Power buying back all 9 bond lots before maturity on March 18, with a total value of 1,730 billion VND.

In 2024, businesses had to spend hundreds of billions of dong to pay bond interest.

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Hoa Dong 2 Wind Power was profitable in 2021-2022 but suffered heavy losses in recent years. Photo: HD

With a large bank loan balance of up to 2,713 billion VND, the company also has to pay hundreds of billions of VND in interest each year. This is also the reason why Hoa Dong 2 Wind Power has been losing money for many years in a row, with its equity plummeting.

In the first 6 months of 2025, the company lost more than 114 billion VND after tax, compared to a loss of more than 120 billion VND in the same period last year and a loss of 10 billion VND in the first half of 2023. At the current rate of loss, in less than a year, the company will have negative equity.

By mid-2025, Hoa Dong 2 Wind Power recorded a debt/equity ratio increasing from 7.65 times in the first half of 2024 to more than 19.4 times. If only counting bank loans/equity, this ratio is nearly 19 times.

Hoa Dong 2 Wind Power operated profitably in the 2021-2022 period and suddenly suffered heavy losses from 2023 with a negative after-tax profit of VND158.6 billion.

The accumulated loss of this company has reached nearly 500 billion VND.

Previously, from 2021 to 2023, Hoa Dong 2 Wind Power issued many bonds to raise money to invest in the Hoa Dong 2 Wind Power Plant project, with a capacity of 72 MW in Khanh Hoa ward, Hoa Dong commune and Vinh Chau town, Soc Trang province (formerly, now Can Tho city). The project will be put into operation from the end of 2023.

According to the investment policy decision in 2020, Hoa Dong 2 Wind Power Plant has a land use area of ​​nearly 19.3 hectares, with a total investment capital of VND 2,599 billion. The project's operating period is 50 years. This is considered the largest wind power project in Soc Trang province that has completed commercial operation (part or all of the turbines).

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Source: https://vietnamnet.vn/du-an-dien-gio-o-can-tho-lo-hon-490-ty-dong-no-vay-gap-19-lan-von-chu-so-huu-2443344.html