Hoang Anh Gia Lai Co (HAG) and its chairman, Doan Nguyen Duc. — Photo baogiaothong.vnHÀ NỘI – Hoàng Anh Gia Lai Joint Stock Co (HAG), one of the largest private enterprises in Việt Nam, reported a record loss of almost VNĐ1.1 trillion (US$49 million) in the first half of 2016. After reporting the first-time loss in the last quarter of 2015, Hoàng Anh Gia Lai Co started to restructure the company’s debts by selling real estate projects in Việt Nam, transferring some mineral projects, as well as liquidating uneconomic undertakings. Hoàng Anh Gia Lai saw its debt obligations total $1.25 billion as at the end of March 2016, or equivalent to 0.6 per cent of Việt Nam’s GDP in 2015, a Moody’s report in May showed. Switching to agriculture three years ago, Hoàng Anh Gia Lai has yet to reap the desirable results in sugarcane and rubber production or husbandry.

Source: Viet Nam News August 23, 2016 03:11 UTC