Hoanh Son Group Joint Stock Company (Vietnam)

The subject is a privately held company, which operates in many fields and one of the key activities is logistics services. The subject has a fleet of heavy trucks and vessels to transport minerals from Vietnam to overseas. It has expanded its activities to real estate investments, mineral exploitation, renewable energy projects, raising beef cattle, trade of fertilizer, coal, cement, steel, pesticide, rubber tires, manufacture of beer, etc. This company has doubly increased its charter capital to VND 2 trillion since Sep 2020 but the owner's investment capital was still VND 1 trillion as of 31 Dec 2022. In the cash flow statement, the subject also did not record the cash flow in "Gains from stock issuance and capital contributions from shareholders" in the period 2020 - 2022. It might be that the subject's shareholders have not yet completely contributed as registered.The subject's financial report showed that the subject's business results significantly decreased in 2022 due to the difficulties of the economic downturn. Its capital structure was also less safe because it largely depended on liabilities.