HoSE warns of potential mandatory delisting for VNE shares

HoSE warns of potential mandatory delisting for VNE shares

The exchange's notification follows the release of VNE's audited financial statements for 2025, which included a qualified opinion from the auditing firm.

The headquarters of VNE in Đà Nẵng City. — Photo thanhtra.com.vn

The Ho Chi Minh Stock Exchange (HoSE) has issued a warning regarding the possibility of mandatory delisting for the shares of Vietnam Electricity Construction (VNE). 

This alert comes in light of continuing concerns over the company's financial health and compliance with regulatory standards.

HoSE's notification follows the release of VNE's audited financial statements for 2025, which included a qualified opinion from the auditing firm. 

This opinion raises significant concerns about the company's ongoing viability and financial stability. If VNE receives another adverse opinion in its upcoming financial report, it may face compulsory delisting.

Earlier in April, HoSE had already transferred VNE's shares from the warning status to control status due to the audit's negative assessment regarding its consolidated financial statements for 2023 and 2024. 

As of August 29, the company’s semi-annual financial report for 2025 was also subject to a qualified opinion.

The auditing firm highlighted several issues that jeopardise VNE's continuous operations. Key among these concerns are the collection of receivables, the extension of loans and the management of payables to commercial banks and suppliers. 

As of June 30, VNE was unable to reconcile substantial debts, including VNĐ149.8 billion (US$567,693) in receivables and VNĐ350.8 billion in payables.

Moreover, VNE's subsidiary, VNECO 8, reported alarming figures, with total assets at VNĐ57.7 billion and short-term debts exceeding VNĐ112.6 billion. 

The company also faced a net loss of VNĐ36 billion post-tax during the reporting period. 

These financial discrepancies raise questions about the company's ability to operate effectively and meet its obligations.

On September 9, VNE's share price soared 7 per cent to VNĐ6,480 per share, representing a 59.2 per cent rise over the past year. 

However, the ongoing financial issues and the potential for delisting could significantly impact investor confidence and market perception. 

Bizhub