{"id":5111,"date":"2026-09-10T09:18:18","date_gmt":"2026-09-10T02:18:18","guid":{"rendered":"https:\/\/giaodichlienket.man.net.vn\/?p=5111"},"modified":"2026-09-10T09:18:18","modified_gmt":"2026-09-10T02:18:18","slug":"ebitda-cao-co-that-su-tot-khong","status":"publish","type":"post","link":"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/","title":{"rendered":"Is a high EBITDA really a good thing?"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Is a high EBITDA truly a good thing, or just a nice number on a management report? This is a question that many chief accountants and CFOs have been forced to reconsider since then. <\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/thuvienphapluat.vn\/van-ban\/Doanh-nghiep\/Nghi-dinh-255-2026-ND-CP-quan-ly-thue-giao-dich-lien-ket-cua-doanh-nghiep-co-quan-he-lien-ket-713416.aspx\" rel=\"nofollow noopener\" target=\"_blank\">Decree 255\/2026\/ND-CP<\/a><\/span><\/strong><span style=\"font-weight: 400;\"> Officially applicable from the corporate income tax period of 2026, when EBITDA is no longer simply a management indicator but becomes the denominator determining the portion of interest expense deductible under the 30% EBITDA threshold, a &quot;good&quot; EBITDA figure can be both a tax advantage and a trap if businesses don&#039;t understand its true nature. This article analyzes whether a high EBITDA is truly beneficial in certain situations, when it&#039;s merely a financial illusion, and how to properly assess it before tax settlement.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Index<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Vi_sao_cau_hoi_%E2%80%9CEBITDA_cao_co_that_su_tot%E2%80%9D_khien_nhieu_CFO_phai_suy_nghi_lai\" >Why does the question &quot;Is high EBITDA really a good thing?&quot; make many CFOs reconsider their approach?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_la_gi_va_vi_sao_tro_thanh_thuoc_do_quan_trong\" >What is EBITDA and why has it become an important metric?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Nguong_30_EBITDA_theo_Nghi_dinh_2552026ND-CP\" >The 30% EBITDA threshold is based on Decree 255\/2026\/ND-CP.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_cao_co_that_su_tot_hay_chi_la_ao_giac_tai_chinh\" >Is a high EBITDA really a good thing, or just a financial illusion?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#3_ly_do_khien_EBITDA_cao_duoc_xem_la_tin_hieu_tich_cuc\" >3 reasons why high EBITDA is considered a positive sign.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#4_gioi_han_khien_EBITDA_cao_chua_chac_phan_anh_suc_khoe_doanh_nghiep\" >4 limitations that mean high EBITDA doesn&#039;t necessarily reflect a company&#039;s health.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_thue_va_bai_toan_30_nguong_chi_phi_lai_vay_Khi_EBITDA_cao_lai_tro_thanh_loi_the_thue\" >Taxable EBITDA and the 30% interest expense threshold: When EBITDA is high, it becomes a tax advantage.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Cong_thuc_tinh_EBITDA_thue_duoc_xac_dinh_nhu_the_nao\" >How is the formula for calculating taxable EBITDA determined?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_cao_mo_rong_du_dia_chi_phi_lai_vay_duoc_tru_nhu_the_nao\" >How does a high EBITDA expand the scope for deductible interest expenses?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Rui_ro_khi_doanh_nghiep_co_tinh_thoi_phong_EBITDA_de_ne_nguong_chi_phi_lai_vay\" >The risk arises when businesses intentionally inflate EBITDA to avoid interest expense thresholds.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Cac_thu_thuat_thuong_gap_va_vi_sao_bi_co_quan_thue_bac_bo\" >Common tricks and why they are rejected by the tax authorities.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#He_luy_khi_chi_phi_lai_vay_khong_duoc_tru_bi_an_dinh_lai\" >The consequences of interest expense not being deductible being reassessed.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Doi_chieu_EBITDA_cao_voi_dong_tien_hoat_dong_thuc_te\" >Compare high EBITDA with actual operating cash flow.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Doi_chieu_EBITDA_cao_voi_chat_luong_loi_nhuan_va_giao_dich_lien_ket\" >Compare high EBITDA with earnings quality and related-party transactions.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Vi_du_thuc_te_Hai_doanh_nghiep_cung_EBITDA_cao_nhung_khac_biet_ve_rui_ro_thue\" >Practical example: Two businesses with high EBITDA but different tax risks.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Ket_luan\" >Conclude<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Thong_tin_lien_he_MAN_%E2%80%93_Master_Accountant_Network\" >Contact information MAN \u2013 Master Accountant Network<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Cau_hoi_thuong_gap_ve_EBITDA_cao_co_that_su_tot\" >Frequently Asked Questions: Is High EBITDA Really a Good Thing?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_cao_co_that_su_tot_cho_moi_loai_hinh_doanh_nghiep_khong\" >Is a high EBITDA really good for all types of businesses?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Vi_sao_EBITDA_cao_lai_lien_quan_den_chi_phi_lai_vay_duoc_tru_khi_tinh_thue\" >Why is a high EBITDA related to deductible interest expenses when calculating taxes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Doanh_nghiep_co_nen_tim_cach_lam_EBITDA_cao_hon_de_duoc_tru_nhieu_chi_phi_lai_vay_hon_khong\" >Should businesses seek to increase their EBITDA to be able to deduct more interest expenses?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_thue_khac_gi_so_voi_EBITDA_quan_tri_ma_doanh_nghiep_hay_dung\" >How does tax-based EBITDA differ from the management-based EBITDA that businesses commonly use?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Neu_EBITDA_cao_nhung_dong_tien_hoat_dong_am_thi_co_dang_lo_khong\" >Is it a cause for concern if EBITDA is high but operating cash flow is negative?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Vi_sao_cau_hoi_%E2%80%9CEBITDA_cao_co_that_su_tot%E2%80%9D_khien_nhieu_CFO_phai_suy_nghi_lai\"><\/span><b>Why does the question &quot;Is high EBITDA really a good thing?&quot; make many CFOs reconsider their approach?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">For many years, EBITDA has been considered a benchmark for comparing profitability among businesses, as it eliminates the influence of capital structure, depreciation policies, and tax rates. However, the question of whether a high EBITDA is truly beneficial is not limited to management comparisons; it directly relates to the tax obligations of businesses with related-party transactions, particularly the challenge of controlling interest expense.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_la_gi_va_vi_sao_tro_thanh_thuoc_do_quan_trong\"><\/span><b>What is EBITDA and why has it become an important metric?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) is profit before interest, taxes, and depreciation. Essentially, it&#039;s an approximate measure of operating cash flow, helping investors and regulators identify a company&#039;s core profitability, separate from financial decisions such as high or low debt levels and rapid or slow depreciation. Because of this neutrality, EBITDA is often used for business valuation, credit rating, and, since Decree 132\/2020\/ND-CP and now Decree 255\/2026\/ND-CP, has been used as a benchmark for limiting interest expense deductions for companies with related-party transactions.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Nguong_30_EBITDA_theo_Nghi_dinh_2552026ND-CP\"><\/span><b>The 30% EBITDA threshold is based on Decree 255\/2026\/ND-CP.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to point a, clause 3, Article 16 of Decree 255\/2026\/ND-CP, the total interest expense after deducting interest on deposits and loans incurred during the period, which is deductible when calculating corporate income tax, must not exceed 30% of the taxable EBITDA.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In other words, the higher the EBITDA, the wider the margin for deductible interest expenses. This is why the question of whether a high EBITDA is truly beneficial is no longer simply a matter of management, but has become a variable directly affecting the amount of corporate income tax payable in 2026.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_cao_co_that_su_tot_hay_chi_la_ao_giac_tai_chinh\"><\/span><b>Is a high EBITDA really a good thing, or just a financial illusion?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_5114\" aria-describedby=\"caption-attachment-5114\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5114\" src=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh.jpg\" alt=\"EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay ch\u1ec9 l\u00e0 \u1ea3o gi\u00e1c t\u00e0i ch\u00ednh\" width=\"1200\" height=\"675\" srcset=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh.jpg 1200w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh-300x169.jpg 300w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh-1024x576.jpg 1024w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh-768x432.jpg 768w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh-18x10.jpg 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-5114\" class=\"wp-caption-text\">Is a high EBITDA really a good thing, or just a financial illusion?<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The honest answer to the question &quot;Is high EBITDA really a good thing?&quot; is: <\/span><b>Conditional<\/b><span style=\"font-weight: 400;\">. High EBITDA is a positive sign when it accurately reflects true profitability, but it becomes an illusion if distorted by accounting techniques or unusual items.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"3_ly_do_khien_EBITDA_cao_duoc_xem_la_tin_hieu_tich_cuc\"><\/span><b>3 reasons why high EBITDA is considered a positive sign.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><b>First, high EBITDA is usually accompanied by strong core profitability.<\/b><span style=\"font-weight: 400;\"> When the core business generates ample cash flow before financial obligations, the company has more room to reinvest, pay off debt, or distribute dividends.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Secondly, high EBITDA expands the room for deductible interest expenses under the 30% EBITDA threshold.<\/b><span style=\"font-weight: 400;\"> For businesses with related-party transactions and group borrowing, a large taxable EBITDA means that net interest expense is less likely to be disallowed when calculating corporate income tax.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Third, a high EBITDA is a preferred indicator for investors, banks, and credit rating agencies when assessing debt repayment capacity.<\/b><span style=\"font-weight: 400;\">, This helps businesses access capital at a lower cost.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"4_gioi_han_khien_EBITDA_cao_chua_chac_phan_anh_suc_khoe_doanh_nghiep\"><\/span><b>4 limitations that mean high EBITDA doesn&#039;t necessarily reflect a company&#039;s health.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><b>First, EBITDA ignores the need for capital expenditure (capex).<\/b><span style=\"font-weight: 400;\"> Asset-intensive businesses, such as manufacturing, infrastructure, and mining, may have high EBITDA, but their free cash flow is almost zero after deducting mandatory reinvestment costs.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Second, EBITDA does not reflect changes in working capital.<\/b><span style=\"font-weight: 400;\"> Businesses experiencing rapid revenue growth but with capital tied up through accounts receivable may report high EBITDA while actually running low on cash.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Third, EBITDA is easily manipulated by earnings reports. <\/b><span style=\"font-weight: 400;\">Assets and provisions reversals mean that the EBITDA figure for a period does not reflect sustainable profitability.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Fourth, high EBITDA comes from the inclusion of financial revenue unrelated to core business operations.<\/b><span style=\"font-weight: 400;\"> This is a particularly important point when calculating taxable EBITDA according to Decree 255\/2026\/ND-CP, because the formula only allows adding net interest expense (after deducting interest on deposits and other interest). <\/span><b>one-time unusual or adjusted accounting<\/b><span style=\"font-weight: 400;\">, (for example, income from the liquidation of loans), but not all financial revenue is offset.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Therefore, to fully answer the question of whether high EBITDA is truly good, businesses need to differentiate between EBITDA that accurately reflects the nature of their business and EBITDA that is &quot;inflated&quot; by accounting techniques or unusual items.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_thue_va_bai_toan_30_nguong_chi_phi_lai_vay_Khi_EBITDA_cao_lai_tro_thanh_loi_the_thue\"><\/span><b>Taxable EBITDA and the 30% problem: When high EBITDA becomes an advantage.<\/b><b>\u1ebf<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">To properly assess whether high EBITDA is truly beneficial in the context of related-party transaction taxes, businesses need to understand this thoroughly.<\/span><a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/cong-thuc-tinh-ebitda\/\"> <span style=\"font-weight: 400;\">EBITDA calculation formula<\/span><\/a><span style=\"font-weight: 400;\"> In accordance with the provisions of Article 16 of Decree 255\/2026\/ND-CP, instead of applying the conventional management-based EBITDA concept.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Cong_thuc_tinh_EBITDA_thue_duoc_xac_dinh_nhu_the_nao\"><\/span><b>How is the formula for calculating taxable EBITDA determined?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to point a, clause 3, Article 16, taxable EBITDA is determined as follows:<\/span><\/p>\n<table style=\"width: 100%; border-color: #000000;\" border=\"1\" cellspacing=\"2\" cellpadding=\"12\">\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Taxable EBITDA = Net operating profit for the period + Net interest expense + Depreciation expense incurred during the period<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In this context, net interest expense is the interest expense after deducting interest on deposits and loans incurred during the period. The corresponding deductible interest expense threshold is equal to 30% of the recently determined taxable EBITDA.<\/span><\/p>\n<table style=\"width: 100%; border-color: #000000;\" border=\"1\" cellspacing=\"2\" cellpadding=\"12\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><b>Indicators<\/b><\/td>\n<td style=\"text-align: center;\"><b>How to determine<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Net operating profit<\/span><\/td>\n<td><span style=\"font-weight: 400;\">According to the expenditures shown in the Statement of Income, excluding other income and other expenses.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Net interest expense<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Interest expense incurred during the period \u2013 (Interest on deposits + Interest on loans incurred during the period)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Depreciation expense<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Depreciation expense of fixed assets incurred during the period<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Deduction threshold<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30% x EBITDA tax<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_cao_mo_rong_du_dia_chi_phi_lai_vay_duoc_tru_nhu_the_nao\"><\/span><b>How does a high EBITDA expand the scope for deductible interest expenses?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Since the taxable threshold is directly proportional to taxable EBITDA, a business with high EBITDA due to strong net profit from operations or large depreciation expenses will have room for maneuver.<\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/chi-phi-lai-vay-giao-dich-lien-ket\/\"> related party interest expense<\/a><\/span><\/strong><span style=\"font-weight: 400;\"> This allows for a correspondingly broader deduction. This perspective leads many businesses borrowing from the group to question whether high EBITDA is truly beneficial, not only from a management standpoint but also in terms of optimizing tax obligations.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>A simple example:<\/b><span style=\"font-weight: 400;\"> A company with a taxable EBITDA of VND 100 billion will have a net interest expense deduction threshold of VND 30 billion; while a company with a taxable EBITDA of only VND 50 billion will be limited to VND 15 billion, even though both have the same level of borrowing and the same interest expense. Clearly, from a tax perspective, is a high EBITDA truly beneficial for a company bearing interest expenses from related parties?.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Rui_ro_khi_doanh_nghiep_co_tinh_thoi_phong_EBITDA_de_ne_nguong_chi_phi_lai_vay\"><\/span><b>The risk arises when businesses intentionally inflate EBITDA to avoid interest expense thresholds.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_5113\" aria-describedby=\"caption-attachment-5113\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5113\" src=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay.jpg\" alt=\"EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t v\u00e0 r\u1ee7i ro khi doanh nghi\u1ec7p c\u1ed1 t\u00ecnh th\u1ed5i ph\u1ed3ng \u0111\u1ec3 n\u00e9 ng\u01b0\u1ee1ng chi ph\u00ed l\u00e3i vay\" width=\"1200\" height=\"675\" srcset=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay.jpg 1200w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay-300x169.jpg 300w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay-1024x576.jpg 1024w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay-768x432.jpg 768w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay-18x10.jpg 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-5113\" class=\"wp-caption-text\">Is a high EBITDA really a good thing, and what are the risks when businesses intentionally inflate their figures to avoid interest expense requirements?<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Because they recognize the high tax benefits of EBITDA, many businesses try to artificially inflate their EBITDA to expand their deductible interest expense. This is where experience in reviewing related-party transaction records shows that it is most likely to be rejected by tax authorities.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Cac_thu_thuat_thuong_gap_va_vi_sao_bi_co_quan_thue_bac_bo\"><\/span><b>Common tricks and why they are rejected by the tax authorities.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><b>Incorrectly including gross interest expense instead of net interest expense in EBITDA.<\/b><span style=\"font-weight: 400;\"> Some businesses fail to deduct interest on deposits and loans from the addition side of EBITDA, leading to inflated EBITDA and miscalculation of the deduction threshold in a way that creates a false sense of advantage.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Include other income in the net profit from business operations.<\/b><span style=\"font-weight: 400;\"> Since the formula only takes net profit from business operations, adding gains from asset liquidation and reversal of provisions to this indicator to artificially inflate EBITDA is fundamentally incorrect and is likely to be disqualified when compared with audited financial statements.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Depreciation is recorded in an incorrect period or in a manner inconsistent with the registered policy.<\/b><span style=\"font-weight: 400;\"> Accelerating or delaying depreciation solely to impact the EBITDA of a specific period is a sign that tax auditors should pay particular attention to.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"He_luy_khi_chi_phi_lai_vay_khong_duoc_tru_bi_an_dinh_lai\"><\/span><b>The consequences of interest expense not being deductible being reassessed.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">When tax authorities discover that EBITDA has been miscalculated or inflated, the consequences are not only a correction of the EBITDA but also a complete reassessment of the entire tax base.<\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/chi-phi-lai-vay-khong-duoc-tru\/\"> Interest expenses are not deductible.<\/a><\/span><\/strong><span style=\"font-weight: 400;\">, This involves collecting back taxes on corporate income and calculating late payment penalties from the time the tax should have been paid. In other words, intentionally inflating EBITDA might seem beneficial in the short term on the tax return, but it creates a much greater risk of back taxes being collected in the long term if discovered.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>When is a high EBITDA really a good thing?<\/b><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">To definitively answer the question of whether high EBITDA is truly a good thing, chief accountants and CFOs should compare EBITDA with at least two other sets of data instead of looking at the number in isolation.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Doi_chieu_EBITDA_cao_voi_dong_tien_hoat_dong_thuc_te\"><\/span><b>Compare high EBITDA with actual operating cash flow.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A high EBITDA is only truly positive when it translates into corresponding cash flow from operating activities. If EBITDA increases but operating cash flow is negative or declining due to inflated accounts receivable or stagnant inventory, then the high EBITDA is merely an accounting figure, not a true reflection of financial health.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Doi_chieu_EBITDA_cao_voi_chat_luong_loi_nhuan_va_giao_dich_lien_ket\"><\/span><b>Compare high EBITDA with earnings quality and related-party transactions.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">For businesses with related-party transactions, whether a high EBITDA is truly beneficial depends on whether the internal borrowing interest rates, selling prices, and purchase prices with related parties comply with the arm&#039;s length principle. A high EBITDA generated from transfer pricing that benefits a domestic party but lacks supporting documentation carries the risk of being reassessed, leading to a recalculation of both EBITDA and the deductible interest expense threshold.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Vi_du_thuc_te_Hai_doanh_nghiep_cung_EBITDA_cao_nhung_khac_biet_ve_rui_ro_thue\"><\/span><b>Practical example: Two businesses with high EBITDA but different tax risks.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Company B and Company C are in the same manufacturing industry, both have a taxable EBITDA of VND 100 billion in 2026, and both borrow capital from their parent companies abroad with net interest expense of VND 35 billion.<\/span><\/p>\n<table style=\"width: 100%; border-color: #000000;\" border=\"1\" cellspacing=\"2\" cellpadding=\"12\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Indicators<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Company B<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Company C<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Taxable EBITDA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">100 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">100 billion VND<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">EBITDA component<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Net operating profit, depreciation in accordance with policy.<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">There was 20 billion VND in other income from asset liquidation that was mistakenly included in net profit.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Net interest expense<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">35 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">35 billion VND<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Deduction threshold<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">30 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">30 billion VND<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Taxable EBITDA after the tax authorities recalculate it.<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">100 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">80 billion VND (excluding 20 billion VND in other income)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Deduction threshold<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">30 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">24 billion VND<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Exceeding the limit<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">5 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">11 billion VND<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The above example shows that, even with the same high EBITDA figure of 100 billion VND, only company B can definitively say whether a high EBITDA is truly beneficial to them, because the EBITDA component accurately reflects the company&#039;s true nature and has been proactively managed.<\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/xu-ly-tien-lai-vay-vuot-nguong-30-ebitda\/\"> Handling interest expense exceeding the 30% EBITDA threshold<\/a><\/span><\/strong><span style=\"font-weight: 400;\"> The process was correct. Company C, on the other hand, had a high EBITDA figure that was only temporary, with the risk of being completely recalculated when tax inspectors compare it with the audited financial statements.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Ket_luan\"><\/span><b>Conclude<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Whether a high EBITDA is truly good doesn&#039;t lie in the size of the number, but in the quality of the components that generate it. In the context of Decree 255\/2026\/ND-CP continuing to maintain the 30% EBITDA limit for interest expense deductions of enterprises with related-party transactions, a genuinely high EBITDA will expand the scope for legally and sustainably deductible interest expense deductions.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Conversely, a high EBITDA resulting from incorrect inclusion of other income, miscalculation of net interest expense, or related-party transactions not reflecting market prices will only be a temporary figure, subject to recalculation during an audit.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In other words, the question of whether high EBITDA is truly a good thing needs to be answered through a process of reviewing the EBITDA components, comparing cash flow and related-party transaction records, rather than relying on subjective feelings based on a single number in a management report.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If your business needs to review its EBITDA tax calculation, reconcile the 30% interest expense threshold, or standardize related-party transaction records before the 2026 tax year, MAN \u2013 Master Accountant Network&#039;s team of related-party transaction experts is ready to work with you to ensure that the EBITDA figures on your report are truly an advantage, not a potential risk.<\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/lien-he\/\"><span style=\"font-weight: 400;\"><strong><span style=\"color: #0000ff;\">Contact MAN \u2013 Master Accountant Network<\/span><\/strong><\/span><\/a><span style=\"font-weight: 400;\"> For free support and advice!<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Thong_tin_lien_he_MAN_%E2%80%93_Master_Accountant_Network\"><\/span><b>Contact information MAN \u2013 Master Accountant Network<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Address:<\/b><span style=\"font-weight: 400;\"> No. 19A, Street 43, Tan Thuan Ward, Ho Chi Minh City<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mobile\/Zalo:<\/b><span style=\"font-weight: 400;\"> 0903 963 163 \u2013 0903 428 622<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>E-mail:<\/b><span style=\"font-weight: 400;\"> man@man.net.vn<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Google Business Profile:<\/b> <a href=\"https:\/\/share.google\/EmihzHg354pCASC9k\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\"><strong><span style=\"color: #0000ff;\">View MAN \u2013 Master Accountant Network&#039;s Google Business Profile<\/span><\/strong>\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>LinkedIn Founder:<\/b> <a href=\"https:\/\/www.linkedin.com\/in\/tuy%C3%AAn-l%C3%AA-ho%C3%A0ng-65292aa0\/\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\"><strong><span style=\"color: #0000ff;\">View expert Le Hoang Tuyen&#039;s LinkedIn profile.<\/span><\/strong>\u00a0<\/span><\/a><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Responsible for production and professional content review by: Mr. <\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/man.net.vn\/le-hoang-tuyen\/\" rel=\"nofollow noopener\" target=\"_blank\">Le Hoang Tuyen \u2013 Founder &amp; CEO of MAN \u2013 Master Accountant Network<\/a><\/span><\/strong><span style=\"font-weight: 400;\">. He is a CPA Vietnam auditor with over 30 years of in-depth experience in accounting, auditing, taxation, and corporate legal consulting.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Cau_hoi_thuong_gap_ve_EBITDA_cao_co_that_su_tot\"><\/span><b>Frequently Asked Questions: Is High EBITDA Really a Good Thing?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_cao_co_that_su_tot_cho_moi_loai_hinh_doanh_nghiep_khong\"><\/span><b>Is a high EBITDA really good for all types of businesses?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Not entirely. High EBITDA is a positive sign when it accurately reflects core profitability and is accompanied by corresponding operating cash flow. For capital-intensive businesses or those with related-party transactions, high EBITDA needs to be further compared with reinvestment costs and the reasonableness of related-party transactions.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Vi_sao_EBITDA_cao_lai_lien_quan_den_chi_phi_lai_vay_duoc_tru_khi_tinh_thue\"><\/span><b>Why is a high EBITDA related to deductible interest expenses when calculating taxes?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to point a, clause 3, Article 16 of Decree 255\/2026\/ND-CP, the threshold for deductible net interest expense when calculating corporate income tax is equal to the taxable EBITDA. The higher the EBITDA, the greater the margin for deductible interest expense.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Doanh_nghiep_co_nen_tim_cach_lam_EBITDA_cao_hon_de_duoc_tru_nhieu_chi_phi_lai_vay_hon_khong\"><\/span><b>Should businesses seek to increase their EBITDA to be able to deduct more interest expenses?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It should not be done by incorrectly merging components or making calculations that don&#039;t reflect the true nature of the business. A high EBITDA is only truly good if it accurately reflects the business&#039;s reality; if the tax authorities determine that the calculation is incorrect, the business will be subject to back taxes and late payment penalties.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_thue_khac_gi_so_voi_EBITDA_quan_tri_ma_doanh_nghiep_hay_dung\"><\/span><b>How does tax-based EBITDA differ from the management-based EBITDA that businesses commonly use?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Taxable EBITDA is calculated from net operating profit, excluding other income and expenses, plus net interest expense (after deducting interest on deposits and loans) and depreciation expense. Management EBITDA typically uses pre-tax profit plus gross interest and depreciation, which can easily result in a higher figure than the actual figure.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Neu_EBITDA_cao_nhung_dong_tien_hoat_dong_am_thi_co_dang_lo_khong\"><\/span><b>Is it a cause for concern if EBITDA is high but operating cash flow is negative?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Yes. This is an indication that high EBITDA has not yet translated into actual cash, possibly due to working capital being tied up or profits coming from non-cash-generating items. The company needs to conduct further review before concluding whether high EBITDA is truly good for its financial situation.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay ch\u1ec9 l\u00e0 m\u1ed9t con s\u1ed1 \u0111\u1eb9p tr\u00ean b\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb, \u0111\u00e2y l\u00e0 c\u00e2u h\u1ecfi m\u00e0 kh\u00f4ng \u00edt k\u1ebf to\u00e1n tr\u01b0\u1edfng v\u00e0 CFO bu\u1ed9c ph\u1ea3i nh\u00ecn l\u1ea1i k\u1ec3 t\u1eeb khi Ngh\u1ecb \u0111\u1ecbnh 255\/2026\/N\u0110-CP ch\u00ednh th\u1ee9c \u00e1p d\u1ee5ng t\u1eeb k\u1ef3 t\u00ednh thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p n\u0103m 2026. Khi [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts\/5111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/comments?post=5111"}],"version-history":[{"count":2,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts\/5111\/revisions"}],"predecessor-version":[{"id":5116,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts\/5111\/revisions\/5116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/media\/5112"}],"wp:attachment":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/media?parent=5111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/categories?post=5111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/tags?post=5111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}