Miza's debt tops VND 4,001bn as Nghi Son expansion continues

Vietnamese containerboard producer Miza reported nine-month 2026 net profit of VND 158.15bn, up 86.96% year on year, while total borrowings and finance leases rose 24.08% since the start of the year to more than VND 4,001bn as it invests at Nghi Son. Nine-month interest expense of VND 190.46bn exceeded net profit by about VND 32.31bn. Thanh Hoa province has also approved Miza as investor in a VND 1,383bn industrial park at Nghi Son, and the company targets 1m tonnes/year of total recycling capacity by 2030.

Why this mattersRising leverage at a fast-growing Vietnamese containerboard producer, with interest costs now outpacing profit, illustrates the financing strain of concurrent mill and industrial-park expansion.

• Nine-month 2026 net profit after tax reached VND 158.15bn, up 86.96% year on year
• Q3 2026 net profit after tax reached VND 74.88bn, up 100.94% year on year
• Total borrowings and finance leases exceeded VND 4,001bn as of 30 September 2026, up VND 776.56bn (24.08%) since the start of the year
• Nine-month interest expense reached VND 190.46bn, about VND 32.31bn more than nine-month net profit
• Debt-to-equity ratio stood at 2.81x, with liabilities of VND 4,575.69bn against total assets of VND 6,205.51bn
• On 25 August 2026 Thanh Hoa authorities approved Miza as investor for a VND 1,383bn, 199.55-hectare industrial park at Nghi Son, where it is developing a 170,000 tonnes/year packaging paper complex

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