Nguyen Thi Nhu Loan proposed for suspended sentence; Quoc Cuong Gia Lai stock hits ceiling

This is the second consecutive upper circuit session for QCG, pushing the share price to the highest level this year. On April 10, QCG (ticker: QCG) rose to the price ceiling from early trading, reaching 15,400 VND per share. More than 500,000 shares were placed at the ceiling price.

Ceiling session continues amid ongoing case

The April 10 ceiling move marks the second consecutive ceiling session for QCG, with the stock rising continuously during the period leading into a misconduct-related case involving the transfer of more than 6,000 square meters of land at 39-39B Ben Van Don, linked to Ms. Nguyen Thi Nhu Loan, the former chairwoman of the board.

At the April 9 trial, the Ho Chi Minh City People’s Procuracy proposed a prison sentence of 24–30 months for Ms. Loan. However, the court granted probation for the offense of violating regulations on the management and use of state assets causing loss and waste. The prosecution cited mitigating factors, including Ms. Loan’s contributions to charitable activities and that she had largely remedied the consequences, leading to the view that incarceration was not necessary.

2025 results: profit growth despite revenue decline

In 2025, QCG’s revenue declined versus the prior year, but after-tax profit reached over 171 billion VND, reported as double the 2024 figure. The company attributed the improvement largely to financial income in the fourth quarter.

Compared with its annual plan, QCG did not meet targets. The company set revenue of 2,000 billion VND and pretax profit of 300 billion VND, but actual results were about 24% of the revenue plan and 70% of the profit plan.

Related-party lending and obligations

As of December 31, 2025, Ms. Loan had lent QCG nearly 410 million VND. QCG also recorded a liability to pay rent for office space to Ms. Loan of 600 million VND. Conversely, Ms. Loan owed the company 11 billion VND, recorded as other short-term receivables.

Family members of Ms. Loan remained a major source of lending to the company. Her daughter and son-in-law, Ms. Nguyen Ngoc Huyen My and Mr. Lau Duc Duy, lent a total of 444.5 billion VND to QCG. Ms. Nguyen Quoc Cuong, her son and the company’s CEO, also lent 30 billion VND to the business.

Phuoc Kien project payments and remaining debt

Regarding financial obligations related to the Phuoc Kien project, QCG paid a total of 1,200 billion VND in 2025 for payments related to Mrs. Truong My Lan, reducing the outstanding debt to nearly 1,683 billion VND.