The truth about Vingroup's debts

Vingroup filed a civil lawsuit and reported to the authorities about 68 organizations and individuals providing false information about the group, including a debt of up to 800,000 billion VND. So what is the truth of this debt?

Safer than conventional debt-to-equity ratio

Recently, social networks have been spreading rumors that Vingroup Corporation has a debt of 800,000 billion VND (about 30 billion USD) and is facing bankruptcy. However, Vingroup said it is initiating a civil lawsuit, reporting to authorities and sending documents to embassies about 68 organizations and individuals at home and abroad who have provided false information about the corporation.

According to Vingroup, the rumors are false and "intentionally mislead public opinion". The content focuses on four topics: the group's financial situation; product quality and origin; product legal issues and personal information of leaders. These actions show signs of violating the Law on Cyber ​​Security and the Penal Code.

Vingroup confirmed that the group's total debt is 280,000 billion VND, corresponding to a debt-to-equity ratio of only about 1.8 times.

So what is the actual number 800,000 billion VND?

Many individuals and organizations have provided inaccurate information about the nature of Vingroup's debt. Source: Financial Statements

According to the consolidated financial report for the 2025 half-year of Vingroup Corporation (VIC), total liabilities as of the end of June were more than VND 805,800 billion, an increase of about 18% compared to nearly VND 682,800 billion at the beginning of the year. Of which, short-term debt was VND 506,600 billion (a slight increase compared to nearly VND 505,300 billion at the beginning of the year) and long-term debt was nearly VND 299,200 billion (an increase compared to nearly VND 177,500 billion).

However, in the structure of liabilities, loans and financial leasing debt are 279,000 billion VND, including nearly 125,300 billion VND of short-term debt and more than 153,600 billion VND of long-term debt, respectively increasing by 31.6% and 19% compared to the corresponding figures of nearly 95,200 billion VND and more than 129,000 billion VND at the beginning of the year.

As of the end of June 2025, Vingroup had equity of more than VND 158,600 billion, a slight increase compared to more than VND 153,800 billion at the beginning of the year.

Thus, if calculated according to this figure, the debt to equity ratio is only about 1.76 times. This is a fairly safe figure compared to international and Vietnamese practices.

Vingroup's payables.

What does more than 800,000 billion VND in debt include?

Of Vingroup's more than VND800,000 billion in liabilities, about VND110,000 billion is prepaid by buyers (VND106,500 billion short-term, VND3,300 billion long-term). This is the amount of money buyers pay in advance, such as in house/apartment purchase contracts or car deposits...

In essence, this is not immediate revenue, because the business has not yet completed its delivery/service obligation, but is the amount of money that customers pay in advance to the business before the business delivers the goods or provides the service. When the business has delivered the goods/services (such as handing over the apartment), this amount of money is transferred to revenue. Thus, this is considered a positive amount of money for the business.

Vingroup also recorded two large amounts in the "liabilities" category of more than VND800,000 billion, which are more than VND129,500 billion of "other short-term payables" and more than VND116,400 billion of "other long-term payables". The total is VND245,900 billion.

"Other payables" is essentially a short-term (or long-term) debt item on the balance sheet, reflecting the financial obligations of the enterprise to pay to related parties other than suppliers, employees, banks. It can be capital contributions from members, deposits, customer deposits, third-party collections and payments...

According to the report, of which, there are nearly 54,200 billion VND in revenue from deposit agreements and contracts, other agreements related to real estate projects (nearly 47,900 billion short-term); nearly 51,700 billion VND in short-term capital contributions under investment and business cooperation contracts and other agreements and more than 107,100 billion VND in long-term deposits under investment and business cooperation contracts.

In the asset table, Vingroup recorded other short-term receivables of more than VND 145,000 billion and other long-term receivables of more than VND 10,200 billion.

Regarding loans and financial leasing debts, as of June 30, 2025, Vingroup has short-term debt of nearly VND 125,300 billion and long-term debt of more than VND 153,600 billion. Of which, more than VND 94,000 billion is from bonds, the rest is mainly borrowed from a number of banks such as: VPBank, Techcombank, BIDV, Vietcombank, VietinBank, HDBank,SHB ... and a number of corporate partners (nearly VND 29,400 billion).

Therefore, Vingroup has legitimate reasons to sue individuals and organizations that spread rumors that this enterprise has a debt of up to 800,000 billion VND.

Source: https://vietnamnet.vn/su-that-ve-cac-khoan-no-cua-vingroup-2441027.html