Hung Vuong Corporation (HOSE:HVG) will divest 100% of its capital from Sao Ta Foods Joint Stock Company (HOSE:FMC) and 50% of its capital from Viet Thang Feed Joint Stock Company. The divestment plans have been completed. Hung Vuong Corporation has informed the Vietnam's State Securities Commission it is divesting capital and selling real estate, reports Vietnam News.

Hung Vuong has sent an official letter to the government, outlining plans to divest capital from some of its subsidiaries and sell real estate to offset losses. Hung Vuong also plans to sell some of its real estate assets, including two land lots in Ho Chi Minh City. The company will also close some ineffective seafood processing factories due to the lack of pangasius raw materials, according to its letter.

It plans to negotiate with banks for financial support, persuading them to keep funding medium-long term capital to help complete uncompleted projects.