Bong Sen Corp's Financial Crisis: Assets to be Liquidated, Chairwoman Offers Daewoo Stake Sale

Bong Sen's assets, including the iconic Palace Saigon Hotel, are on the line. Can selling its stake in Daewoo save the company from collapse?

, and Administrator

2025 October 28 . 3:16 AM

1 min read

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Bong Sen Corp's Financial Crisis: Assets to be Liquidated, Chairwoman Offers Daewoo Stake Sale

Bong Sen Corp, a significant player in Vietnam's real estate sector, confronts severe financial hardship. Local courts have ordered the liquidation of its assets to compensate victims, following the ongoing Van Thinh Phat case. The company's chairwoman, Truong My Lan, has confirmed her family's control and proposed selling its stake in Daewoo to raise funds.

Bong Sen, previously part of state-owned Saigontourist and privatized in 2005, possesses prime assets in downtown Ho Chi Minh City, including the Palace Saigon Hotel and properties on Dong Khoi and Hai Ba Trung streets. Despite these valuable holdings, the company reported a net loss of nearly VND356 billion ($14 million) in the first half of 2025. By June 30, 2025, Bong Sen's accumulated deficit had reached almost VND3.1 trillion ($117 million).

Bong Sen's assets, including the Palace Saigon Hotel and prime properties in Ho Chi Minh City, are slated for liquidation to compensate victims. The company's chairwoman has proposed selling its stake in Daewoo to raise funds, but the company's future remains uncertain. Bong Sen's financial struggles, with an accumulated deficit of nearly VND3.1 trillion ($117 million), highlight the challenges facing the real estate sector in Vietnam.