Major firms sell off assets on the cheap amid credit crunch: minister
Cash flow troubles have forced many major companies in Vietnam to sell off assets at prices much lower than their market value, Minister of Planning and Investment Nguyen Chi Dung said on Tuesday.
“Many large enterprises have had to sell assets at a 50% discount, and most buyers are foreign companies. We have warned about this many times," he told a meeting hosted by the National Assembly’s Standing Committee on socio-economic issues.
"Businesses have been facing cash flow difficulties due to hiccups in operating credit policies.”
The minister added that the Vietnamese monetary market was basically stable in the first four months of this year, but lending interest rates remained high, averaging 9.56% per annum. In the year to April 24, credit supply in the country grew only 2.66% from a year earlier, showing that businesses were facing difficulties and had limited access to capital sources.

Minister of Planning and Investment Nguyen Chi Dung speaks at a National Assembly meeting in Hanoi on May 9, 2023. Photo courtesy of the government portal.
Like Dung, National Assembly (NA) Vice Chairman Tran Quang Phuong pointed out details of the financial burden. He said many businesses claimed they had to use up their reserves over the past two years, and these resources are running low.
Vu Hong Thanh, head of the legislative body's Economic Committee, said: "Issuing shares and corporate bonds has become tough, so capital mobilization for the economy is not working.”
He noted that non-performing loans at banks would rise if tough conditions prolong. Citing a report by the National Financial Supervision Commission, Thanh said the average NPL ratio of the whole banking system by the end of this March was 2.88%, up from 2.05% at the end of 2022. Some banks are close to their capital adequacy ratio (CAR) minimum levels, which means they face pressure to increase capital in the near future.
"It is necessary to shift from tightening credit to easing this supply and continuing to lower policy interest rates to drive growth as inflation pressure has eased from the end of 2022," Thanh said.
Vietnam obtained 8.2% GDP growth last year and a government report on the first four months showed a positive economic performance, but NA Vice Chairman Phuong said the report was “rather rosy”.
He noted that economic growth showed signs of decline at the end of Q3/2022; therefore the government needs to re-evaluate as Q1/2023 posted slow growth of 3.32%.
The vice chairman asked the government to clarify woes in the ailing real estate market and corporate bond issuances, and identify weaknesses among banks that have not been completely resolved. "The government also needs to assess the economy's resilience to external impacts, and definitively tackle cross-ownership and "backyard businesses" of banks."
Members of the NA Standing Committee also mentioned local officials who fear the consequences of possible errors, saying being afraid to take responsibility hinders growth.
Nguyen Thi Thanh, head of the Committee for National Assembly Deputies Affairs, said this fear has reached an alarming level. She noted that city and provincial officials often send questions to ministries instead of proactively solving issues, while ministries, in reply, say they need to observe the laws.
She said the government needs to work out a more efficient way to deal with this time-consuming problem.
Minister of Planning and Investment Dung, at a meeting chaired by Prime Minister Pham Minh Chinh last month, said his ministry received 584 documents containing questions on administrative and legal issues from the Ho Chi Minh City administration last year.
“However, most of the questions were within the city’s power to answer. This is absurd, and shows that we are afraid of responsibility.” The minister urged HCMC officials to change their attitudes to better serve the city’s growth.
- Read More
Halal market presents major opportunities for Vietnamese businesses
The global Halal market is projected to reach $5 trillion by 2030, with Malaysia alone expected to hit $113.2 billion, said Shariza binti Abdul Rasheed, Halal product manager at Maybank Malaysia.
Economy - Thu, August 7, 2025 | 9:18 pm GMT+7
Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant
Vietnam’s leading steelmaker, Hoa Phat Group (HoSE: HPG), will increase investment in its Dung Quat 2 iron and steel production complex by VND3.4 trillion ($129.7 million) as part of an expansion plan.
Industries - Thu, August 7, 2025 | 8:03 pm GMT+7
Vietnam’s army-backed construction firm proposes 14 offshore wind power projects
Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.
Energy - Thu, August 7, 2025 | 5:07 pm GMT+7
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7
Malaysia pledges big purchases, investments with US
Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.
Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7
Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
Companies - Thu, August 7, 2025 | 10:11 am GMT+7
Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil
Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.
Economy - Thu, August 7, 2025 | 9:57 am GMT+7
Malaysia steps up efforts to explore nuclear energy potential
Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.
Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7
Indonesia's economy grows faster than expected
Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).
Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7