Several massive corporations are recording unhealthy money owed of their monetary stories after failing to gather dues from overseas companions in difficulties, with some having gone bankrupt.
In its first-quarter earnings report, the PetroVietnam Drilling & Nicely Companies Company (PVD) recorded a lack of almost VND104 billion ($4.5 billion) towards a revenue in the identical interval final yr.
Contributing to its loss was an unpaid quantity of VND107.3 billion by KrisEnergy, a developer of oil wells in Cambodia.
PVD signed a deal to offer a mining rig for KrisEnergy in October final yr, its first such challenge in Cambodia.
Different corporations in comparable struggles embody textile agency Might Music Hong, which noticed its excellent dues from American corporations rise by 19.5 % within the first quarter to VND654 billion ($24.2 million).
It has needed to enhance its provision for unhealthy debt to over VND224 billion, particularly after getting solely 17 cents on the greenback from fashion firm New York & Company, whose father or mother agency filed for chapter final July amid the Covid-19 pandemic.
The Thanh Cong Textile Garment Funding Buying and selling have recorded outstandings of VND405 billion by March, a 43% enhance because of the starting of the yr. 1/4 of this quantity was owed by two subsidiaries of U.S. retailer Sears, which filed for chapter in 2018.