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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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MB Securities Joint Stock Company (MBS) reported its Q1 2026 financial results, becoming one of the first brokerage firms to reveal the three-month performance. Specifically, MBS recorded operating revenue of VND 1,019 billion, up 52% year over year. In the proprietary trading segment, profit from financial assets measured at fair…
Auditors have again refused to issue an opinion on VTG’s consolidated financial statements, and the company’s stock remains under trading restrictions.
The Hanoi Stock Exchange (HNX) said VTG’s trading restrictions on the UPCoM market will remain in place because the 2025 audited financial statements were not issued with an opinion.
AFC Vietnam, the audit firm, issued a disclaimer of opinion on two main bases.
VTG and its subsidiary Nghinh Phong Tourism did not recognize land rent and infrastructure lease payments funded by the Provincial Budget for the Thuy Van Beach – Back Beach area in Vung Tau City (now Ho Chi Minh City), based on the conclusions and decisions of the Provincial Inspectorate.
According to the auditors’ calculations, the 2025 consolidated financial statements do not reflect these payments, totaling more than VND 225 billion. If fully recognized, the line item “Taxes and other amounts due to the State” would increase, while “Profit after tax – not distributed” would decrease accordingly.
The auditors also cited that investments in associates were not consolidated using the equity method because VTG’s 2025 financial statements were not provided.
AFC said it could not obtain the financial statements for equity investments in other entities, leaving no basis to assess impairment.
VTG said these issues have appeared in previous audited statements and were previously declined. The company stated that, to date, the parent and its subsidiary have not been signed by provincial authorities to lease infrastructure and land for the entire Thuy Van Beach area.
Based on the 2013 meeting conclusions of the Provincial People’s Committee (only the land lease for the business-serving area is to be considered), VTG and other companies continue to request the provincial Inspectorate to reconsider the unit price and calculation of land rent. The company said it hopes to sign land lease agreements to exercise rights and obligations and asks for a recalculation of rent at a reasonable level.
Regarding missing consolidated financial statements of associates, VTG argued that at the time of preparing the financial statements, other units were also undergoing audits, so reports could not be submitted yet. It added that some units are projects not yet operational or have been suspended.
VTG further stated that it has recorded impairment provisions for investments that incurred losses in line with actual conditions.
VTG said that in 2025 it received land-reclamation decisions for numbers 06 and 08 Thuy Van (Bien Dong Beach tourism area). The cessation of business at Thuy Van Beach meant revenue from remaining activities could not cover costs.
In addition, in 2025 the parent recognized impairment for its investment in Nghinh Phong Tourism amounting to over VND 28.6 billion.
As a result, VTG reported a net loss of nearly VND 9.1 billion in 2025, compared with a profit of VND 5.5 billion in the same period last year. VTG noted that 2024 profit largely came from compensation received for houses and structures on land when the state reclaimed the land.
Recently, VTG’s Board of Directors issued a resolution to extend the time to hold the 2026 annual general meeting. The meeting is expected to be held no later than June 30, 2026, to allow more time for preparation and to finalize related content.
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