The developer of a 450 MW solar plant in Khanh Hoa reported a loss of over VND 27 billion in the first half of 2026, with accumulated losses of nearly VND 1.95 trillion and equity of VND 460 billion.
Original article: “Công ty điện mặt trời của Trung Nam tiếp tục lỗ” — VnExpress - Business, September 29, 2026.
In a report to the Hanoi Stock Exchange, Trung Nam Thuan Nam Solar Power Co., Ltd. reported a loss of over VND 27 billion for the first six months of 2026, compared with a profit of over VND 126 billion a year earlier. The company lost nearly VND 1 trillion in 2025.
At the end of June 2026, accumulated losses stood at nearly VND 1.95 trillion, while equity fell to VND 460 billion. Return on equity was negative 6%, and return on assets was negative 0.3%. Debt was approximately VND 9.8 trillion, up about VND 800 billion year on year; the debt-to-equity ratio rose from over five times to 21 times.
A member of Trungnam Group, Trung Nam Thuan Nam is the developer of a 450 MW solar plant with a substation and 220/500 kV transmission lines in Khanh Hoa. According to the company, the project had total investment of VND 11.482 trillion and began commercial operation in October 2020. It covers 557 hectares and uses more than 1.3 million solar panels.
Outstanding bond debt declined to approximately VND 4.18 trillion. The bonds were mainly issued in 2020 to finance the project, carrying annual interest rates of 10.1–10.5%. The company has 10 bond issues outstanding, all scheduled to mature by 2030.
