February 5, 2026

 

Vietnam's Hoang Anh Gia Lai achieves US$86.47 million net profit last year

 

 

Major Vietnamese agribusiness Hoang Anh Gia Lai Group (HAGL) reported a record net profit of ₫2.24 trillion (US$86.47 million) in 2025, more than doubling from a year earlier, after completing a major bond restructuring that sharply improved cash flow.

 

According to its Q4 earnings statements, Hoang Anh Gia Lai said full-year net revenue rose nearly 29% to a record ₫7.44 trillion (US$286.82 million), driven mainly by its agricultural operations.

 

Fruit sales remained the core growth engine, generating ₫5.78 trillion (US$222.82 million), or nearly 78% of total revenue, up from ₫4.25 trillion (US$163.65 million) in 2024. Revenue from pig farming slipped slightly to around ₫1.48 trillion (US$57.06 million).

 

During 2025, HAGL issued 210 million new shares to swap more than ₫2.5 trillion (US$96.38 million) of Group B bonds held by six creditors, eliminating the debt ahead of maturity.

 

For its Group A bonds, HAGL said BIDV was no longer a bondholder after transferring the exposure in late December to the Vietnam Debt and Asset Trading Corporation (DATC). The bonds, issued in 2016 with a 10-year tenor, have an outstanding value of nearly ₫3.9 trillion (US$150.35 million) and mature at the end of 2026.

 

The balance sheet strengthened alongside the earnings recovery. Total assets rose by more than ₫4.6 trillion (US$177.33 million) during the year to ₫26.89 trillion (US$1.04 billion) as of December 31, surpassing the US$1 billion mark.

 

Construction-in-progress costs increased to ₫8.57 trillion (US$330.34 million) from ₫5.02 trillion (US$193.6 million), reflecting heavier investment in fruit plantations.

 

Equity climbed sharply to ₫14.18 trillion (US$546.8 million) from ₫9.33 trillion (US$359.49 million), supported by retained earnings and the debt-for-equity swap. The restructuring also allowed HAGL to reverse its accumulated losses, with undistributed profit turning positive at ₫1.4 trillion (US$53.97 million) by year-end, compared with an accumulated loss of ₫730 billion (US$28.14 million) previously.

 

The firm plans to list Hung Thang Loi Gia Lai in 2026 and Gia Suc Lo Pang in 2027 as part of its longer-term restructuring strategy.

 

HAG shares closed at ₫17,250 (US$0.66) each on January 30.

 

- The Investor