Hoa Binh Construction has paid more than 1,300 billion VND to 7 banks.

Hoa Binh Construction Group has just announced that the debt of 1,327 billion VND at 7 banks was paid off by the company on October 16.

Hoa Binh Construction Group Joint Stock Company (HBC) said this is an effort to sharply reduce debt at banks. As of December 31, 2022, HBC had outstanding debt at 14 banks with a total amount of more than 6,000 billion VND. Thus, after paying off the amount of more than 1,300 billion VND at 7 banks, HBC still owes about 4,756 billion VND.

In the near future, this company believes it can collect more than 261 billion VND from winning the lawsuit against Vi Khoa Hoc Company Limited and Urban Development Joint Stock Company.

Currently, the Vietnam International Arbitration Center (VIAC) has approved HBC’s lawsuit request, forcing Urban Development and Construction Joint Stock Company to pay nearly 162 billion VND. In addition, the People’s Court of Quy Nhon City, Binh Dinh Province accepted all of HBC’s lawsuit requests and forced Vi Khoa Khoa Company Limited to pay more than 100 billion VND.

The project is invested by Hoa Binh Construction. Photo: Hoa Binh — The project is invested by Hoa Binh Construction Company. Photo: *Hoa Binh*

Previously, HBC also announced that it had won the lawsuit and recovered its debt from FLC Group. As of October 12, the company had recovered a total of more than VND304 billion, including more than VND270 billion in cash and VND34 billion in real estate at the FLC Sam Son eco-tourism urban area project transferred to HBC for offset.

Hoa Binh Construction is one of the largest construction companies on the stock exchange, along with Coteccons. However, the difficulties of the real estate market since the second half of last year have affected Hoa Binh's business activities. According to this year's semi-annual financial report, HBC had a net loss of VND711 billion. Meanwhile, in its independent report, the company reported a profit of more than VND103 billion.

In addition, earlier this year, Hoa Binh also experienced several weeks of "power struggles" between Mr. Le Viet Hai and Mr. Nguyen Cong Phu regarding the position of Chairman of the Board of Directors. Following the decision of the Ho Chi Minh City Civil Judgment Enforcement Department, Mr. Le Viet Hai continued to hold the position of Chairman of the Board of Directors and legal representative of HBC.

On the stock market, at the end of the session on October 16, HBC shares continued to increase to 8,600 VND, up 0.58% compared to the previous session.

Thi Ha

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