Quoc Cuong Gia Lai Joint Stock Company (Quoc Cuong Gia Lai, code QCG) has just announced its consolidated financial report for the third quarter of 2025 with many notable information related to the debt to Sunny Island Investment Joint Stock Company (belonging to the Van Thinh Phat Group ecosystem).

In 2017, Sunny Island deposited VND2,882.8 billion with Quoc Cuong Gia Lai to receive the transfer of the Bac Phuoc Kien Residential Area project, Phuoc Kien Commune, Nha Be District, Ho Chi Minh City. However, this deal was not successful.

Regarding the case that occurred at Van Thinh Phat Group, Quoc Cuong Gia Lai was forced by the People's Court of Ho Chi Minh City to return the above amount of money to Ms. Truong My Lan to remedy the consequences.

By the end of October 2025, Quoc Cuong Gia Lai had paid 900 billion VND out of the total debt of 2,882.8 billion VND, bringing the remaining debt down to 1,982.8 billion VND.

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Quoc Cuong Gia Lai paid 900 billion VND for Sunny Island. Photo: QCG

While the debt with Sunny Island decreased sharply, loans from relatives and acquaintances of Quoc Cuong Gia Lai increased significantly.

Specifically, by the end of last quarter, the enterprise with Mr. Nguyen Quoc Cuong (often called Cuong "dollar") as General Director had borrowed more than 1,100 billion VND from individuals and related parties.

Including two large loans: 507 billion VND borrowed from Ms. Lai Thi Hoang Yen, daughter of Chairman of the Board of Directors Lai The Ha and 527.5 billion VND borrowed from Mr. Lau Duc Duy, brother-in-law of Mr. Nguyen Quoc Cuong.

At the 2024 Annual General Meeting of Shareholders, immediately after taking over the position of General Director from his biological mother - Ms. Nguyen Thi Nhu Loan, Mr. Cuong "Dollar" affirmed that the Bac Phuoc Kien Residential Area is the "survival project" of the enterprise. He emphasized that the company has a plan to repay the debt and continue to implement this project.

Regarding business results, in the third quarter of 2025, Quoc Cuong Gia Lai recorded revenue of VND 111 billion, down 37% compared to the same period last year. Of which, the real estate segment only contributed VND 45 billion, down significantly compared to VND 108 billion in the same period. After deducting expenses, the company achieved a net profit of VND 24 billion, down slightly compared to the same period.

Source: https://vietnamnet.vn/lo-dien-hai-ca-nhan-cho-quoc-cuong-gia-lai-vay-hon-1-000-ty-dong-de-tra-no-2458883.html