PVComBank was forced to erase a million-dollar debt of a Hai Phong 'tycoon' on CIC

The Hanoi Civil Judgment Enforcement Department has issued a decision to enforce the judgment against PVComBank in canceling the outstanding debt information for VOSCO's debt of 1.2 million USD at this bank on CIC.

VOSCO reports sharp increase in profit in 2024 thanks to selling ships - Photo: VOS

The above information has just been reported by Vietnam Ocean Shipping Joint Stock Company (VOSCO) to the State Securities Commission.

Attached to the report is the decision of the Civil Judgment Enforcement Office of Hoan Kiem District (Hanoi) on compulsory enforcement against Vietnam Public Joint Stock Commercial Bank - PVComBank.

Specifically, according to the decision, PVComBank must cancel outstanding debt information for the debt of 1,200,000 USD (converted at an exchange rate of more than 30 billion VND) and information on VOSCO's collateral at PVComBank on the national credit information of the National Credit Information Center of Vietnam (CIC).

Apart from information from the enforcement agency, VOSCO did not mention any further developments surrounding this debt.

However, in VOSCO's consolidated financial statements from 2022 to 2024, short-term and long-term loans and financial lease debts (including bank loans) of this shipping company are all equal to 0.

That is, the business confirms that there is no outstanding debt at the bank.

In the previous period, from 2016 to 2021, VOSCO's financial loan balance continuously decreased. In 2016, the total short-term and long-term loan balance of this enterprise was VND 2,534 billion, but by the end of 2021 it was only VND 663 billion.

According to the audited financial report for 2024, VOSCO recorded revenue of VND 5,576 billion, an increase of 75% over the previous year.

Profit after tax reached 335 billion VND, an increase of nearly 2.2 times. However, the profit increased dramatically thanks to other income of nearly 400 billion VND from liquidation and transfer of assets. The assets VOSCO sold here are ships.

"The after-tax profit for the whole year 2024 will be higher than that of 2023 because the company has profit from selling Dai Minh ship," VOSCO explained to the stock market management agency.

In 2025, this "big guy" plans to do business with total revenue of VND 5,300 billion, down 12.1% compared to the implementation in 2024, pre-tax profit of VND 376 billion, down 10% compared to the same period last year.

VOSCO is a state-owned enterprise under Vietnam National Shipping Lines, headquartered in Hai Phong . VOSCO's charter capital is 1,400 billion VND.

Source: https://tuoitre.vn/pvcombank-bi-buoc-phai-xoa-no-trieu-usd-cua-mot-dai-gia-hai-phong-tren-cic-20250307221915027.htm