Quốc Cường Gia Lai owes over VND 2.8 trillion to Sunny Island

Vietnamese listed firm Quốc Cường Gia Lai (QCG) still owes more than VND 2.880 trillion to Sunny Island, a company owned by Trương Mỹ Lan, under a 2017 purchase‑sale agreement for the Bắc Phước Kiển project. The outstanding balance to Sunny Island is about VND 1.470 trillion.

QCG’s second‑quarter report shows net revenue of just VND 11 billion, a drop of over 90 % from the same period a year earlier, with operating losses exceeding VND 30 billion. However, other income of roughly VND 920 billion—mainly from the sale of hydropower plants—generated a net profit of VND 165 billion, 25 times the prior‑year figure. Total assets stood at VND 7.94 trillion, with long‑term unfinished projects (mainly at Phước Kiển) representing 68 % of assets. Total liabilities fell to about VND 3.01 trillion, including short‑term financial loans of VND 602 billion.

The company also extended short‑term loans to individuals (Nguyễn Thị Như Loan, Lại Thế Hà) and increased payables to Nguyễn Ngọc Huyền My. CEO Nguyễn Quốc Cường provided a VND 30 billion loan to the firm, while other parties supplied additional short‑term financing. After the June‑30 accounting cut‑off, QCG paid an extra VND 111 billion to the enforcement agency related to the debt.