Trung Nam Thuan Nam Solar Power Company Limited experienced a significant financial downturn in 2025. According to periodic reports submitted to the Hanoi Stock Exchange, the company reported a loss of 970 billion VND, a stark contrast to the approximate 170 billion VND profit in the same period the previous year. This marks the second-largest loss reported by the company since it began disclosing financial information as a bond issuer.

These results pushed cumulative losses to 1,818 billion VND, significantly reducing equity to below 600 billion VND. The return on equity ratio plummeted to negative 163 times, compared to a positive 9 times in the prior year.

Trung Nam Thuan Nam, previously Phuoc Minh Solar Power Joint Stock Company, was established in April 2018 and rebranded in 2020. It operates as a subsidiary of Trungnam Group, a conglomerate with interests in five key sectors: energy, infrastructure, construction, real estate, and electronic information industry.

Trung Nam Thuan Nam developed a 450 MW solar power plant, integrated with a 220/500KV substation and transmission line, in Khanh Hoa province. The total construction cost reached 12,000 billion VND. Spanning 557 hectares, the project utilizes over 1.3 million solar panels and became fully operational in October 2020.

The Trung Nam Thuan Nam solar power project. Photo: Company website

By the end of last year, Trung Nam Thuan Nam reported total assets exceeding 10,570 billion VND and liabilities surpassing 9,900 billion VND.

Domestically issued private bonds constitute nearly half of the company's total debt. Data from the Hanoi Stock Exchange indicates these bonds were issued in 2020 with annual interest rates ranging from 10.1% to 10.5%. Currently, ten bond lots remain outstanding, scheduled to mature in 2030.

Phuong Dong