Vinhomes (VHM) Extends VND 1,352B Interest-Free Credit to Pomina (POM)

Overview

Vinhomes (HOSE: VHM) has agreed to provide up to VND 1,352 billion in interest-free working capital to Pomina Steel (UPCoM: POM), with more than VND 1,115 billion already disbursed as of June 30, 2026, according to Pomina board resolutions and reviewed half-year financial statements. The arrangement, signed under a framework contract dated January 31, 2026, runs through December 31, 2027 and formalises a Vingroup support plan first announced in November 2025. It matters for VHM because the real-estate developer is both lender and customer to a steel supplier being folded into the Vingroup ecosystem.

Key Facts

• Maximum facility: VND 1,352 billion (about USD 54 million) in interest-free working capital for the Pomina group.
• Disbursed balance: over VND 1,115 billion recorded as long-term payable to Vinhomes as of June 30, 2026, versus nil at the end of Q1 2026.
• Contract dates: Pomina board resolution dated January 28, 2026; framework contract signed January 31, 2026; disclosed on Pomina’s corporate portal September 29 and on the HNX system October 1.
• Term: interest-free for two years, with the contract effective through December 31, 2027.
• Counter-flow: Pomina recorded roughly VND 172 billion in short-term receivables from Vinhomes at end-June, indicating VHM is also purchasing Pomina output.
• Pomina H1 2026 results: net revenue of about VND 1,946 billion, net loss of more than VND 329 billion, accumulated losses of roughly VND 3,822 billion, and total borrowings near VND 5,744 billion.
• Participating entities: Pomina Steel JSC, Pomina 1 Steel Plant branch, Pomina 2 Steel JSC, and Pomina 3 Steel Billet Plant branch.

What Happened

Pomina published additional documents on its cooperation agreement with Vinhomes, disclosing the size of a funding line that had previously been described only in general terms. Under the board resolution, Vinhomes supplies working capital for the Pomina group’s production and business activities up to a ceiling of VND 1,352 billion. Recovery of the funds is to be carried out through goods purchase and sale transactions between Vinhomes and Pomina, or from other Pomina revenue sources as agreed by the two parties.

The disclosure confirms the facility is already partly drawn rather than a fresh plan. Pomina’s reviewed consolidated half-year statements show more than VND 1,115 billion in long-term payables to Vinhomes at June 30, 2026, a balance absent at the end of the first quarter. The proceeds were used to supplement working capital and pay suppliers within the Pomina group. The arrangement traces back to Vingroup’s November 2025 announcement that it would support Pomina with zero-interest working capital for up to two years and add the steelmaker to a preferred supplier list covering Vinhomes, VinFast, VinSpeed and other member units.

Market Context

POM trades on UPCoM at 3,100 dong as of October 3, 2026, a price level consistent with a distressed small-cap still working through accumulated losses of roughly VND 3,822 billion and total borrowings near VND 5,744 billion. VHM closed at 67,900 dong on HOSE the same day. Pomina has partially restarted Pomina 1 and Pomina 2 steel plants since March 2026, and revenue improved in the first half, but the company remained loss-making. The transaction sits within a broader pattern of Vingroup-affiliated entities extending support to suppliers and partners, a structure Vietnamese investors track closely given related-party disclosure requirements on HNX and UPCoM.

Strategic Significance

For VHM, the facility is less a lending decision than a supply-chain and cost-control move. By funding Pomina’s working capital at zero interest and recovering the balance through purchases of steel products, Vinhomes effectively secures priority access to construction steel for its residential pipeline while keeping a supplier solvent. The VND 172 billion receivable from Vinhomes at end-June shows the commercial leg is already active. For Pomina, the two-year interest-free runway reduces near-term refinancing pressure on a debt stack of roughly VND 5,744 billion, but it does not address the accumulated loss position or the underlying question of whether restarted plants can reach profitable utilisation. The strategic test is whether Pomina becomes a reliable, low-cost supplier to VinFast, VinSpeed and Vinhomes at scale, or remains dependent on continued Vingroup support.

What to Watch

• Pomina’s Q3 2026 financial statements for the drawn balance against the VND 1,352 billion ceiling and any change in the VND 172 billion receivable from Vinhomes.
• Disclosure of actual goods purchase volumes and pricing between Vinhomes and Pomina, which determines how the facility is repaid.
• Progress on restarting Pomina 1, Pomina 2 and Pomina 3 billet capacity, and whether H2 2026 revenue sustains the H1 improvement.
• Any further Vingroup support measures, including additional supplier designations for VinFast or VinSpeed.
• Related-party transaction approvals and HNX/UPCoM disclosure filings covering the framework contract and its amendments.