The ‘big players’ who paid off their debts still hold tens of trillions

According to the Q2 2025 financial report, there are 10 companies on the Vietnamese stock exchange holding over 1 billion USD in cash and equivalents. The leading companies include Bao Viet Holdings (BVH), Vingroup (VIC), Vinhomes JSC (VHM), Binh Son Refining and Petrochemical Co. (BSR), and Viettel Global Investment Corporation (VGI). Notably, VGI holds over 41 trillion VND, accounting for over 60% of total assets. In the context of difficulties in capital mobilization, these companies hold a distinctive advantage. A company’s strength is measured by the difference between cash and debts payable. Vietnam Gas Corporation – PV Gas (GAS) tops the list with 21.247 trillion VND left after settling all debts. Next are VEAM, BSR, VGI, and SAB, each still holding over 10 trillion VND. This group includes several private companies without state ownership, such as Sabeco, Duc Giang Chemicals, Vinamilk, and QNS. If divided among shareholders, DGC would receive the highest amount at 24,452 VND/share.