From the warning of the SSC and the suspension of auditors, looking back at the trillion-dollar cash flow at Sai Gon Water Infrastructure (SII): Selling good assets, ‘pumping’ capital for unsecured loans

The State Securities Commission (SSC) suspended SII’s auditors after determining that the 2024 financial report did not meet requirements. Audit procedures were required but not fulfilled. SII, under the management of DNP Water, sold 40.85% of its shares in Tan Hiep Water Investment JSC, resulting in a net profit of 544.6 billion VND in 2024. However, without profits from divestment, SII recorded a net loss of nearly 22 billion VND in the first six months of 2025. Cash from divestment shifted to lending, increasing the short-term receivable for loans from 620.6 billion VND to 993.1 billion VND. Many loans lacked collateral, such as those to Ana Investment and Development JSC and Binh An Service Trading Production LLC, which were secured by collateral at the parent company TNG. SII Chairman Hoang Minh Hung stated all transactions adhered to procedures and received audit approval.