SSC revokes public company status of multiple firms over capital, disclosure breaches

SSC revokes public company status of multiple firms over capital, disclosure breaches

The SSC has advised companies to proactively review their compliance with legal requirements and determine their applicable status.

Outside the building of the Vietnam Exchange on Phan Chu Trinh Street, Hà Nội.  VNS Photo Ly Ly Cao

The State Securities Commission of Vietnam (SSC) has announced the revocation of public company status for several enterprises that no longer meet regulatory requirements on capital, shareholder structure and information disclosure obligations.

Among the affected firms, Aviation Printing JSC (UPCoM: IHK) had its public company status withdrawn effective April 23. According to its audited 2024 financial statements, the company's equity stood at VNĐ24.42 billion (US$926,878) as of December 31, 2024.

Under Circular 19/2025/TT-BTC and the amended Securities Law 2024, companies must maintain both charter capital and equity of at least VNĐ30 billion to qualify as public companies. Based on this threshold, IHK no longer meets the capital requirement.

In another case, the regulator also revoked the public company status of DMC - Southern Petroleum Chemicals (UPCoM: DMS), citing non-compliance with shareholder structure criteria.

As of the shareholder list dated October 1, 2025, DMS had 166 shareholders. However, major stakeholders held a dominant share: PetroVietnam Chemical and Services owned 51 per cent, Omanco Materials Vietnam Co Ltd held 16.44 per cent and an individual investor held 24.22 per cent. The remaining minority shareholders accounted for only 8.34 per cent of total voting shares.

This falls short of the regulatory requirement that at least 10 per cent of voting shares must be held by a minimum of 100 non-major shareholders.

DMS, formerly known as Petroleum Drilling Fluids Joint Stock Corporation, was established in 1990 and converted into a joint stock company in 2011. Its business activities include fuel wholesale, plastic and synthetic rubber production and oilfield support services.

The SSC also announced the revocation of public company status for Hong Phong Cement JSC effective April 20, following prolonged violations of information disclosure obligations.

Previously, the SSC's inspection unit imposed an administrative fine of VNĐ92.5 million on the company for failing to disclose a series of mandatory reports, including audited financial statements for 2022-24, semi-annual reviewed financial statements for 2022-25, corporate governance reports and annual reports over multiple years.

Hong Phong Cement, formerly Lang Son Cement JSC, was established in 2006 and is headquartered in Lạng Sơn Province.

In parallel, the regulator has requested a review of public company status for state-owned enterprises and their listed or registered subsidiaries.

For enterprises undergoing equitisation from wholly state-owned entities, public company status will not be revoked during the restructuring process, even if shareholder structure requirements are not fully met.

The SSC has advised companies to proactively review their compliance with legal requirements and determine their applicable status. Firms that fail to meet any of the criteria must notify the regulator, submit shareholder lists and disclose extraordinary information within 15 days from the time of non-compliance.

If deficiencies are not remedied within one year, companies are required to file for revocation of public company status. Following such revocation, firms must disclose information within seven days and complete procedures for delisting or withdrawal from trading registration in accordance with regulations. 

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