Mr. Cuong 'dollar's' company borrowed more than 500 billion VND from his brother-in-law to pay off debt for Phuoc Kien project?

Quốc Cường Gia Lai - Ảnh 1. — 32-hectare land in Phuoc Kien commune, Nha Be district - Photo: Q.D.

Quoc Cuong Gia Lai Joint Stock Company (QCG) announced its consolidated financial report for the third quarter of 2025.

The report shows that the company paid a significant amount of money to Sunny Island Investment Joint Stock Company - a unit related to Ms. Truong My Lan's Van Thinh Phat.

Accordingly, the outstanding debt for the Phuoc Kien project as of September 30, 2025 is VND 1,982 billion, a decrease of nearly VND 900 billion compared to VND 2,882 billion recorded at the beginning of the year.

However, along with the reduction in outstanding debt with Sunny Island, QCG's payables to other related parties increased sharply, from VND 179 billion at the beginning of the year to VND 1,197 billion after 9 months.

The sharp increase in payables was mainly due to QCG borrowing more money from relatives of the board of directors. Specifically, Ms. Lai Thi Hoang Yen - daughter of Chairman Lai The Ha - lent QCG nearly VND507 billion.

Mr. Lau Duc Duy - brother-in-law of General Director Nguyen Quoc Cuong - lent 527.5 billion VND.

Mr. Duy (born in 1980) is the husband of Ms. Nguyen Ngoc Huyen My. He is also a famous businessman in the market with a series of companies such as Dai Nam Investment, Trade and Service Company Limited, Dao Xanh Real Estate Joint Stock Company, Vo Thi Sau Villa Joint Stock Company, Thuan Giao Real Estate Joint Stock Company, Tinh Hoa Global Medical Joint Stock Company...

QCG did not explain in detail, but it is likely that the company borrowed money from related parties to "redeem" the Phuoc Kien project.

The debt between QCG and businesses in the Van Thinh Phat ecosystem originated in 2017, when Sunny Island transferred money to QCG under an agreement to acquire the Bac Phuoc Kien Urban Area project with a total value of VND 14,800 billion.

However, the deal was not completed. The advance payment from Sunny Island was used by Quoc Cuong Gia Lai to pay off the loan at BIDV and cover the site clearance costs for the project.

The dispute between the two parties was brought to the Vietnam International Arbitration Center (VIAC) for resolution. The initial decision of VIAC was in favor of Quoc Cuong Gia Lai, according to which the enterprise did not have to return the amount received.

However, after the case involving Van Thinh Phat Group was prosecuted, the Ho Chi Minh City People's Court annulled the VIAC's verdict and forced Quoc Cuong Gia Lai to return VND2,882 billion to Sunny Island to receive back all legal rights and documents of the Bac Phuoc Kien project.

Previously, Phuoc Kien was a super project that Ms. Nguyen Thi Nhu Loan, head of QCG in the period 2011-2016, expected to bring in revenue of over 12,000 billion VND and profit of over 7,000 billion VND for the enterprise.

But then the Phuoc Kien project was the source of the company's debt for more than a decade, and is still stalled because of the Truong My Lan case.

How is Quoc Cuong Gia Lai's business situation?

Regarding business situation, QCG's third quarter 2025 financial report recorded net revenue of VND 111 billion, down 37% over the same period last year.

According to QCG, the decrease in revenue was due to the company reducing the delivery of apartments to customers.

However, the positive point is that the cost of goods sold decreased sharply by 56%, due to the improvement in the company's gross profit to VND 45.7 billion, an increase of 63% compared to the third quarter of 2024.

After deducting expenses and taxes, QCG recorded after-tax profit of nearly VND24 billion, a slight decrease compared to the same period last year.

In the first 9 months of this year, QCG's revenue reached 353 billion VND, an increase of 45% over the same period in 2024. Profit after tax reached 34 billion VND, nearly 4 times higher.

BINH KHANH

Source: https://tuoitre.vn/cong-ty-ong-cuong-dola-vay-anh-re-hon-500-ti-dong-de-tra-no-du-an-phuoc-kien-20251102094359305.htm