VKC

VKC Holdings, a cable manufacturer, plans to pivot to garment manufacturing, increase charter capital 9 times, borrow 3,000 billion VND, and build a garment factory in Lam Dong with a capacity of 80 million products per year, targeting exports to Europe, North America, and Japan by 2028. The company has posted losses for four consecutive years and has negative equity.

VKC Holdings (VKC) will receive VND 1,700 billion from Thien Hoang Holdings via a private placement of 170 million shares, plus VND 200 billion to retire bonds, totaling nearly VND 1,900 billion. The funds will restructure VKC into fashion manufacturing, with a 50-hectare factory complex in Lam Dong. The deal raises questions about Thien Hoang's financial capacity, as it was founded just over a month ago with charter capital of VND 120 billion.