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Morning of May 8, 2026, Duc Giang Chemical Group Joint Stock Company (DGC) held an extraordinary general meeting of shareholders (EGM).
The meeting’s main purpose was to approve the dismissal of three members of the Board of Directors: Mr. Đào Hữu Huyền, Mr. Đào Hữu Duy Anh, and Mr. Phạm Văn Hùng. The decision cited that they are under indictment by the Decision of the Investigative Police Agency – Ministry of Public Security.
At the same time, DGC elected three additional members to the Board for the remainder of the 2024–2029 term.
The slate for the new Board includes three candidates: Đào Hữu Kha, Nguyễn Quốc Trung, and Phạm Duy Tùng. All three candidates were elected.
Đào Hữu Kha (born 1970), the younger brother of former chairman Đào Hữu Huyền, holds a bachelor’s degree in Business Administration. He joined the company in 2008 and currently serves in the Projects Department of Duc Giang Chemicals Vietnam Lao Cai. He holds nearly 22.7 million DGC shares, equivalent to almost 6% of charter capital.
Nguyễn Quốc Trung and Phạm Duy Tùng are currently directors of two subsidiaries of Duc Giang Chemicals.
Regarding the new Board, Luu Bach Dat, CEO and a Board member of Duc Giang, said the appointees are individuals who have been closely associated with Duc Giang for many years.
Dat stated that the new Board will carry on the will and directives of the former chairman (Mr. Đào Hữu Huyền) and promote them, including development directions for chemicals, deep product research, and value enhancement.
During the meeting, the Supervisory Board proposed granting authority to the Board to select the independent audit firm for the 2025 financial statements. The candidate firms include A&C Audit & Consulting Co., Ltd. and UHY Audit & Consulting Co., Ltd.
“Individual wrongdoing should be paid for by the individuals and their families.”
On shareholder questions about legal lessons and governance, Dat said DGC would not take responsibility for individual violations being handled through the legal process, unless the investigation results show a direct impact on the company.
“Regarding individual violations, this is a matter involving the individual being prosecuted, so the individual and their families must bear the costs; the company will not handle that matter. Unless there is a direct impact on the company per the investigation’s findings, we will announce later. Currently, individuals must bear responsibility themselves.”
On the 25 and 19B mines, Dat said mining is paused pending the investigation’s conclusions. When results are available, it will be determined when operations can resume.
To ensure production, DGC must procure ore from other apatite mining companies and especially import from Egypt and Pakistan. Dat said importing increases raw material costs compared with self-mining, which affects profits.
“The ore for production is not in short supply, but importing increases raw material costs compared with self-mining, impacting profits.”
The company also noted that the pause of mining at Field 25—a key apatite mine—forced it to rely entirely on imported ore and external purchases, increasing the production cost of yellow phosphorus.
On the real estate project, Dat stressed that DGC has no intention to move outside its core business. The Duc Giang Real Estate project is linked to relocating the Hanoi plant under government regulations. DGC plans to use the land to build a residential and office complex and has no plan to expand into other real estate sectors.
Dat said the events may slow some projects. The Nghi Son project is expected to start testing in late Q3 or early Q4 2026. Other projects will be reviewed by the new Board with safer, clearer directions after the Board is established.
In Q1 2026, DGC reported net revenue of VND 2,125 billion, down 24% year-on-year. After-tax profit declined nearly 49% to VND 430 billion.
The company attributed the results to higher input costs, especially sulfur prices tripling versus the same period.
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