On September 9th, the Board of Directors of Hoang Anh Gia Lai Joint Stock Company (HAGL, stock code HAG) continued to announce unusual information regarding the implementation of the share issuance plan to restructure debt. General Director Nguyen Xuan Thang was authorized to direct relevant units to prepare documents and complete procedures for submission to the State Securities Commission.
According to the announced plan, HAGL will issue 210 million shares to convert existing debt, simultaneously increasing its charter capital from VND 10,574 billion to VND 12,674 billion. The total value of debt expected to be converted is VND 2,520 billion, corresponding to an issue price of VND 12,000 per share.
The issuance plan will be implemented in 2025, after the company receives its offering certificate from the regulatory authority.
New creditors
The swapped debt consists of interest-bearing debt valued at VND 2 trillion and non-interest-bearing debt valued at VND 520 billion. These are Group B bond debts from BIDV Bank that will be transferred to new creditors.
According to the new list of creditors, Huong Viet Investment Consulting Joint Stock Company (Huong Viet Investment) is the largest debtor, holding nearly 721 billion VND. Huong Viet Investment will receive over 60 million shares, equivalent to 4.74% of the charter capital after issuance (higher than the planned 572 billion VND as stated in the Q2/2025 financial statements).
Several domestic individuals also participated in the swap, including Ms. Nguyen Thi Dao with a debt of 479 billion VND.
Mr. Phan Cong Danh and Mr. Nguyen Anh Thao jointly received a debt of over 60 billion VND.
Mr. Ho Phuc Truong and Mr. Nguyen Duc Trung each received a debt of 600 billion VND.
List of organizations and individuals receiving back the 2,520 billion VND debt from BIDV (Image: Screenshot of HAGL Resolution).
In 10 years, they paid off $1 billion in bank debt.
In 2016, with total debt exceeding 36,000 billion VND (borrowed debt accounting for 28,000 billion VND), Mr. Doan Nguyen Duc (Chairman Duc), then Chairman of the Board of Directors of HAGL, declared that "HAGL has lost liquidity".
Without cash flow to sustain operations, unable to pay interest and principal, the business faced the risk of collapse… Mr. Duc called it the loneliest moment of his life: "It was like I was going to die!"
At that time, Mr. Duc was in the final days of his 53rd year, beginning a decade of relentless work to pay off his debts.
In 2021, after transferring the agricultural company HAGL Agrico to billionaire Tran Ba Duong, HAGL reduced its outstanding debt from VND 35,274 billion (in 2020) to VND 13,766 billion, of which borrowings amounted to only VND 8,287 billion.
As of June 30, 2025, HAGL's total debt will continue to decrease to VND 6,965 billion. If the share swap is successful, the Group expects to further reduce its bank debt by more than VND 2,000 billion, bringing the outstanding bank debt to approximately VND 5,000 billion (a reduction of VND 23,000 billion over 10 years, since 2016).
In terms of business performance, in the second quarter of 2025, HAGL recorded net revenue of VND 2,329 billion, an increase of 53% compared to the same period last year. After-tax profit reached VND 510 billion, an increase of 88% and the highest level in the last 6 quarters.
For the first half of the year, the Group's net revenue reached VND 3,707 billion, and after-tax profit reached VND 880 billion, representing increases of 34% and 76% respectively compared to the first half of the previous year.
With these results, HAGL has completed more than half of its adjusted business plan announced on July 23rd, achieving 52.2% of the revenue target and 56.8% of the profit target.
Source: https://dantri.com.vn/kinh-doanh/mot-thap-ky-xoay-xo-bau-duc-sap-tra-duoc-1-ty-usd-no-ngan-hang-20250909123302509.htm
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