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At the 2025 Annual General Meeting of Dược Hậu Giang Joint Stock Company (ticker: DHG) on April 21, shareholders raised concerns that the company may not meet the criteria to remain a public company under Vietnam’s Securities Law. The issue centers on the shareholding held by retail investors, which has not reached the 10% minimum threshold.
In response, Dang Thi Thu Ha, Chairwoman of the Board of Directors of Dược Hậu Giang Joint Stock Company, said DHG currently has more than 4,000 small shareholders, but their combined ownership remains below 10%, meaning the company does not qualify as a public company under the Securities Law. She added that DHG has reviewed the matter and reported it to the State Securities Commission.
Ha said the company has also been discussing the issue with relevant authorities, noting that many large Vietnamese public companies face similar situations. She referenced meetings between the State Capital Investment Corporation (SCIC) and the Securities Commission on the direction for handling such cases.
According to Ha, the conclusion and next steps will be determined after the Securities Commission makes a decision for the company in the following year. She expressed confidence that the regulator will apply appropriate measures to allow DHG to continue maintaining public company status.
Under the Securities Law, to maintain public company status, the shareholding held by non-controlling investors must be at least 10% of voting shares. DHG’s current ownership structure is concentrated among two major shareholders: Taisho Pharmaceutical Co., Ltd. (Japan) holds 51.01% of shares, while SCIC holds 43.31%. The remaining small shareholders hold 5.68%.
At the meeting, shareholders approved distributing 1,307 billion VND of profits as cash dividends.
For 2025, DHG reported total revenue of about 5,270 billion VND, with exports contributing 130 billion VND. Pre-tax profit reached 904 billion VND, up 9% year-on-year.
For 2026, DHG set targets of net revenue above 5,530 billion VND and pre-tax profit of 1,007 billion VND. Ha said the company’s profit growth target is cautious, noting that 80–90% of pharmaceutical production depends on imported raw materials, which exposes costs to global political and economic developments.
She cited the Middle East conflict as an example of how geopolitical tensions can increase raw material costs. If the conflict ends sooner and input prices fall, DHG’s profits could exceed the target.
In the long term, DHG plans to focus on functional foods and health-protective medicines. Ha noted, however, that this segment is currently subject to tighter state management on quality and advertising, creating risks for the business.
She also pointed to demographic trends, saying Vietnam is aging rapidly, with a growing elderly population. This is expected to shift consumer behavior toward daily health protection products, including functional foods, health-protective medicines, skincare, and cosmetics. DHG plans to work with its major shareholder Taisho and partners to expand market share in these categories.
Shareholders approved a cash dividend of 100% of par value, equivalent to 10,000 VND per share. The total cash dividend payout is planned to exceed 1,307 billion VND and will be disbursed in two installments in May and September 2026.
Shareholders also approved a 2026 profit distribution target at 70% of par value.
DHG’s charter capital is over 1,307 billion VND. By the end of 2025, liabilities were more than 1,036 billion VND.
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