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Duc Giang Chemicals plans to dismiss all three members of its board of directors, including Chairman Đào Hữu Huyền and his son Đào Hữu Duy Anh, who are currently under indictment. The information was disclosed in a document prepared for the company’s annual general meeting scheduled for May 8.
In the filing, Duc Giang Chemicals states that Đào Hữu Huyền serves as chairman, while Đào Hữu Duy Anh is the deputy chairman. If both the chairman and his son are dismissed, the board would be left with two members: Chief Executive Officer Lưu Bách Đạt and Ms. Nguyễn Thị Thu Hà.
To maintain the board’s required size, the company plans to appoint three new members for the remainder of the 2024–2029 term. Duc Giang Chemicals has not yet announced the replacement candidates.
Earlier, on March 17, the Police Investigation Agency of the Ministry of Public Security indicted and remanded in custody Chairman Đào Hữu Huyền and his son Đào Hữu Duy Anh, the former deputy general director of the company.
Duc Giang Chemicals was established in 1963, formerly part of the Chemical Bureau. The company was corporatized in 2003, with main activities including the production of phosphoric acid, yellow phosphorus, and fertilizers.
According to the company’s self-reported records, in 2025 Duc Giang Chemicals recorded nearly 11.266 trillion VND in net revenue, up 14% year-on-year. After-tax profit rose nearly 3% to 3.188 trillion VND, surpassing the annual plan.
To date, the company has not released its audited financial statements for 2025, with the disclosure delayed by 19 days beyond the deadline. As a result, DGC shares were placed under caution by the Ho Chi Minh Stock Exchange (HoSE) and are no longer eligible for margin trading from April 23.
Duc Giang Chemicals said the delay in filing the audited financial statements is an extraordinary circumstance. The company reported that it has sent a letter to the State Securities Commission and HoSE requesting an extension beyond March 30, and pledged to complete the report with the auditor and disclose information as soon as conditions permit.
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