Ha Do Group faces 800 billion VND in bad debt from energy projects

Ha Do Group has reported significant bad debt totaling 939 billion VND in its reviewed semi-annual 2026 financial statements. A major portion of this, approximately 804 billion VND, consists of receivables from the Electricity Trading Company under Vietnam Electricity (EVN) due to violations in renewable energy projects.

Despite these bad debts, the group's audited after-tax profit for the first six months reached 386 billion VND, an 86% increase from previous self-reported figures. This surge was primarily driven by a downward adjustment in the cost of goods sold, specifically related to land use costs and cumulative costs in real estate operations.