According to BIDV's September 25, 2026 announcement, outstanding debt owed by Ba Huân Joint Stock Company and Ba Huân Thạnh Hóa High Technology Co., Ltd. as of September 23, 2026 totaled approximately VND 624.85 billion. Collateral ranges from land, facilities and equipment to receivables, equity interests and inventory such as eggs, chickens and animal feed.
Two businesses with approximately VND 624.85 billion in outstanding debt
On September 25, 2026, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) announced the sale of debts owed by Ba Huân Joint Stock Company and Ba Huân Thạnh Hóa High Technology Co., Ltd. Their total outstanding balance as of September 23, 2026 was approximately VND 624.85 billion.
Ba Huân Joint Stock Company's debt exceeded VND 494.51 billion, comprising approximately VND 461.86 billion in principal and VND 32.65 billion in interest.
Ba Huân Thạnh Hóa High Technology Co., Ltd.'s outstanding debt was approximately VND 130.34 billion. Its two loans had combined principal of nearly VND 121.94 billion; the remaining approximately VND 8.40 billion was interest.
These figures are outstanding balances at the disclosure date, not debt-offering prices or collateral valuations.
Collateral includes land, factories and production systems
According to BIDV's list, the facility in the Vĩnh Tân, Tân Uyên area occupies four adjoining land plots totaling 176,070 m². Structures include 22 chicken-house blocks and supporting facilities. Related equipment includes poultry-house machinery, incubators, animal-feed production lines and generators.
In Ho Chi Minh City, the list also includes an egg-processing factory on 6,364.70 m² in the Tân Nhựt, Bình Chánh area, together with workshops, warehouses and operational facilities. The MOBA Omnia FT330 system is listed for sorting, candling, inspecting, printing and packing poultry eggs.
The facility in the Thạnh Hóa area comprises nine land plots totaling 244,386 m², 14 poultry-house blocks and supporting structures. It is shared collateral for both businesses' obligations.
Adding the three land areas and counting the shared collateral once produces 426,820.70 m², approximately 42.68 hectares, rounded to nearly 42.7 hectares. This area does not reflect the assets' monetary value or liquidity.
Beyond real estate: eggs, chickens, receivables and equity interests
Beyond land, facilities and equipment, collateral includes debt-claim rights, receivables from downstream partners and inventory circulating through production and business operations, such as eggs, chickens and animal feed.
Ba Huân Joint Stock Company's list also includes its 100% equity interest in Ba Huân Thạnh Hóa High Technology Co., Ltd. For the subsidiary, the bank lists machinery in 14 poultry-house blocks, receivables and inventory as well.
The list shows collateral spanning many stages of a production chain, from physical infrastructure to goods and money still due. An asset's inclusion in collateral records does not mean it has been sold or transferred.
Business perspective: substantial assets need appropriate cash flow
From a management perspective, integrated production can give a business control over multiple stages while requiring capital for land, facilities, equipment, livestock, feed and inventory. Long-term investment and working-capital needs should be tracked separately because each generates cash at different times.
A factory may provide production capacity for years, while operating expenses and debt repayments arise regularly. Recognized revenue may not yet become cash if customers have not paid. Asset scale, revenue and cash available to meet obligations therefore cannot be treated as the same measure.
One lesson for manufacturers is to track inventory cycles, receivables collection and payment schedules together. During expansion, assess actual cash sources and the ability to meet obligations in each period rather than looking only at capacity or invested asset value.
This is a general perspective based on the disclosed asset structure. BIDV's notice provides insufficient data to determine why the debt is being offered, the business performance or each Ba Huân company's cash-flow health.
Read nextRead next: cash flow is not profit—three questions to check weeklyOffering debt for sale does not mean a business is bankrupt
BIDV's disclosure confirms the offering of debts and the related collateral list. The notice does not specify a sale or starting price.
Do not infer that the business is bankrupt, has stopped operating or is liquidating all assets. Nor is this an announcement of a completed debt-sale transaction.
When reading a debt-sale file, distinguish obligations outstanding at the reporting date, the transaction price if disclosed and collateral information. These three categories serve different roles and are not interchangeable.
- Approximately VND 494.51 billion is owed by Ba Huân Joint Stock Company; approximately VND 130.34 billion by Ba Huân Thạnh Hóa High Technology Co., Ltd.
- Listed land areas total nearly 42.7 hectares, without double-counting land securing both businesses' obligations.
- The debt-sale announcement gives no sale or starting price; outstanding debt is not the offer price.
- A debt-sale announcement alone does not establish that a business is bankrupt or has ceased operating.
Asset scale and the ability to generate cash at the right time are different matters. In vertically integrated production, capital management must closely track inventory cycles, receivables and debt repayments.
Suggested actions
Frequently asked questions
Is nearly VND 625 billion the debt's sale price?
No. It is the total outstanding balance summed from BIDV's published figures, including principal and interest as of September 23, 2026. The notice gives no sale or starting price.
How was the nearly 42.7-hectare area calculated?
Adding 176,070 m² in Vĩnh Tân, 6,364.70 m² in the Tân Nhựt area and 244,386 m² in the Thạnh Hóa area gives 426,820.70 m², approximately 42.68 hectares. The jointly securing Thạnh Hóa land is counted only once.
Does BIDV selling the debt mean Ba Huân is bankrupt?
That cannot be concluded from this notice. It confirms a debt offering and related collateral, not a declaration of corporate bankruptcy.
Sources and updates
Source: BIDV's September 25, 2026 debt-sale notice for Ba Huân Joint Stock Company and Ba Huân Thạnh Hóa High Technology Co., Ltd.; balances as of September 23, 2026. The editorial team summed three land areas and removed duplicated shared collateral. The business perspective is editorial analysis, not a conclusion about the causes or operating status of the companies. Images are illustrative; people, factories and settings do not document actual BIDV or Ba Huân transactions.
Last updated: 30 Sept 2026
Bài Học Kinh Doanh Editorial Team
Editorial Team | Bài Học Kinh DoanhBan Biên tập Bài Học Kinh Doanh tổng hợp và biên tập các nội dung về kinh doanh, thị trường, quản trị, công nghệ và khởi nghiệp, với mục tiêu giúp người đọc hiểu rõ vấn đề, nhìn thấy bài học phía sau dữ kiện và có thêm cơ sở cho các quyết định thực tế.
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