According to the 2025 audit report of Sai Gon Aquatic Products Trading Company (APT), the company incurred a loan of 5,833 SJC taels of gold from Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) in 2009. At that time, each tael of gold was priced at approximately 17 million dong, making the loan value equivalent to over 100 billion dong. In addition to the gold loan, APT also borrowed over 100 billion dong in cash from Sacombank at an interest rate of 12% per year.

These two loan agreements were signed with Phuong Nam Bank before its merger into Sacombank in 2015. However, after 15 years, the enterprise, which operates in the production, processing, and trading of aquatic products, has yet to repay either of the credit contracts.

According to the explanatory notes in APT's 2025 audited financial statements, by the end of the year, the gold loan, after being revalued according to the lending bank's listed gold price, was worth approximately 891 billion dong.

Beyond the principal outstanding, the enterprise also bears interest expenses and overdue interest. Under the credit contract, the loan interest rate is 0,9% per month. For the overdue portion, the interest rate applied is 150% of the loan interest rate, equivalent to 1,35% per month. The total interest payable specifically for the gold loan reached approximately 1,558 billion dong by the end of 2025.

Regarding these two loans, on 28/4/2022, Sacombank initiated legal action against APT at the Binh Tan District People's Court, Ho Chi Minh City (now the People's Court of Area 9, Ho Chi Minh City), concerning a credit contract dispute.

The bank demanded that the enterprise pay a provisional debt of 1,426 billion dong calculated up to 15/2/2022, and continue to accrue overdue interest according to the signed contracts. Sacombank also proposed the sale of collateral to recover the debt if APT fails to pay. The enterprise would still be liable for any remaining deficit if the asset sale does not cover the full amount. The case has been accepted by the court, and the parties are currently in negotiation and mediation.

In addition to the lawsuit, Sacombank has repeatedly put the debt up for auction but without success. Most recently, in late 2025, Sacombank auctioned the debt with a starting price of only 317 billion dong, significantly lower than the outstanding debt.

SJC gold taels displayed for sale at a store in Ho Chi Minh City. Photo: Thanh Tung

Sai Gon Aquatic Products Trading Joint Stock Company, formerly an enterprise under Sai Gon Trading Group (Satra), was established through equitization following a decision by the Ho Chi Minh City People's Committee in 2006.

According to the 2025 governance report, Satra remains a major shareholder, directly holding 30% of the capital. Somo Vietnam Group Joint Stock Company owns 41% of the shares. Nguyen Lam Vinh Huy, Chairman of the Board of Directors and capital representative for Somo Vietnam, holds approximately 24% of the shares. Additionally, several board members and supervisory board members, who represent capital for Satra and Somo Vietnam, also hold between 5% to 8% of the enterprise's capital.

Regarding APT's financial situation, according to the post-audit report, the enterprise's total overdue debt by the end of 2025 (including bank debt and partner debt) was nearly 2,790 billion dong. Of this, overdue bank debt (comprising principal and interest) accounted for approximately 2,749 billion dong, with other debts totaling about 41 billion dong.

The enterprise recorded accumulated losses of approximately 2,708 billion dong, resulting in negative owner's equity of 2,619 billion dong, which is over 30 times the charter capital of 88 billion dong.

Short-term liabilities exceeded short-term assets by approximately 2,658 billion dong, while total liabilities reached 2,814 billion dong, roughly 32 times the charter capital.

Auditors noted that these factors indicate a material uncertainty, which could raise significant doubt about the enterprise's ability to continue as a going concern. However, management stated that it has developed plans to ensure cash flow and meet financial obligations, and has prepared the financial statements based on the going concern assumption.

Quynh Trang