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Lao Cai Mining and Mineral Processing Joint Stock Company (LCM), formerly Gia Long Limited, was established in 2002 and operates in the exploration, mining, and processing of minerals including gold, lead, and zinc. After more than two decades, the company has continued to record annual losses and has advanced more than VND 100 billion to employees, with recoverability still uncertain.
On 7 April 2026, the Hanoi Stock Exchange issued Decision No. 405/QĐ-SGDHN to place LCM shares under trading restrictions. The action followed the auditors’ refusal to issue an opinion on the company’s 2025 financial statements.
In its explanatory note, LCM’s management said several matters prevented auditors from issuing an opinion. One of the main issues was the company’s inability to provide audited financial statements for two associates with total investments of more than VND 47.9 billion.
The first investment, about VND 24.2 billion, was in Green Environmental Cooperative Van Son. The second, approximately VND 23.8 billion, was in Bình Thành Environmental Construction Investment and Green Environment Joint Stock Company.
LCM also reported outstanding advances of more than VND 115 billion to several officers and employees. Management stated these advances were for business activities and are recoverable, and therefore do not affect asset impairment. However, the report did not identify the individuals holding the funds, and the auditor noted it could not assess the reasonableness, purpose, or recoverability of these advances.
The Hoa Bình gold project also raised concerns for the auditors because its mining license had long expired. The project, operated by Gia Long Hoa Bình (LCM’s subsidiary), is located in Luong Son District, Hoa Binh Province. It operated under a mining license issued on 12 November 2009, which has since expired and has not been renewed.
By the end of 2025, LCM’s consolidated report showed a cumulative loss of nearly VND 136 billion, equivalent to 57% of equity. The company also had more than VND 2 billion in overdue borrowings. These financial risks were cited as the basis for auditors to cast serious doubt on the company’s going concern.
LCM’s management pledged to recover the entire amount of over VND 115 billion in advances, though it did not provide a specific timeline for full recovery. The company also committed to include the audited financial statements of the associates in the next reporting period and to continue efforts to obtain an extension of the mining license for the interrupted project.
In addition, the board stated that other business activities would remain normal in order to restore the stock’s trading status.
LCM is currently trading at around VND 800 per share, down about 20% compared with the start of the year. Low liquidity and the financial reporting issues cited by auditors have contributed to the stock’s decline into the low-valued segment of the market.
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