Hyosung Vina Chemicals Turns to a 36.1 Billion Won Profit in the First Half; Accumulated Deficit Exceeds 20 Trillion Dong

【HANOI, Vietnam—Correspondent Kim Jun-seok】Hyosung Vina Chemicals turned to a net profit of more than 700 billion dong (approximately 36.1 billion won) in the first half of this year, successfully rebounding in its performance. However, its accumulated deficit from years of losses exceeds 20 trillion dong (approximately 1.0323 trillion won), indicating that the company continues to face financial pressure.
According to local media on the 7th, Hyosung Vina Chemicals said in its recently disclosed interim financial statements for 2026 that it recorded a net profit of 768 billion dong (approximately 39.6 billion won) in the first half of this year. This marked a significant improvement from the 1.885 trillion dong (approximately 97.2 billion won) net loss recorded in the same period a year earlier.
Despite the return to profitability, the company remains unable to eliminate the massive accumulated losses built up over several years. As of June 30, Hyosung Vina Chemicals’ undistributed retained earnings stood at negative 20.798 trillion dong (approximately 1.0735 trillion won), with the deficit widening by 12% from the same period a year earlier.
During the same period, equity surged more than 20-fold year on year to 10.789 trillion dong (approximately 556.8 billion won). Shareholder investments rose 61% to 30.882 trillion dong (approximately 1.5939 trillion won), while foreign-exchange gains totaled 705 billion dong (approximately 36.3 billion won).
Hyosung Vina Chemicals’ total liabilities fell 37% year on year to 1.8899 trillion dong (approximately 97.54 billion won). Bank borrowings accounted for most of the liabilities at 1.1916 trillion dong (approximately 61.5 billion won), followed by other payables of 678.6 billion dong (approximately 35.02 billion won) and outstanding corporate bonds of 20 billion dong (approximately 1.03 billion won).
According to disclosure data from the Hanoi Stock Exchange (HNX), Hyosung Vina Chemicals issued corporate bonds with a total face value of 20 billion dong (approximately 1.03 billion won) on June 24. As of June 30, corporate bond liabilities on the financial statements were recorded at 19.6 billion dong (approximately 1.01 billion won), after deducting approximately 400 million dong (approximately 200 million won) in issuance costs and foreign-exchange differences from the face value.
EY Vietnam, the accounting firm that reviewed Hyosung Vina Chemicals’ interim financial statements, assessed that the report fairly reflected, in all material respects, the company’s financial position as of June 30, 2026, and its operating performance for the first half of the year.
However, in an emphasis-of-matter section, EY Vietnam noted that, in addition to the large accumulated deficit, Hyosung Vina Chemicals’ current liabilities exceeded its current assets by 648.2 billion dong (approximately 33.45 billion won). The accounting firm explained that these financial conditions indicated the existence of a material uncertainty that could raise significant doubt about the company’s ability to continue as a going concern.
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