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On April 22, the Hanoi Stock Exchange (HNX) issued a decision to delist AAV Group’s shares. The delisting will take effect on May 15, with the last trading session on HNX scheduled for May 14.
HNX will delist about 69 million shares of AAV Group. The decision is based on the company’s business losses recorded for three consecutive years—2023, 2024, and 2025—falling under the compulsory delisting criteria.
AAV Group, also known as Viet Tien Son Dia Oc Joint Stock Company, was established in 2010 and is headquartered at the Viet Tien Son office building, East side of Yen Kieu Street, Hoa Commune, Chi Linh City, Hai Duong Province.
The company operates in real estate investment and development, frozen foods, travel, and the production and sale of traditional medicine and dietary supplements.
According to the company’s website, since 2015 AAV Group has shifted its investment model from real estate development and infrastructure construction toward a more sustainable approach that combines real estate development with project management and subdivision sales.
Key projects mentioned include Con Son Resort, Hoa Lac Vien Cemetery Park, and a recently announced hotel-office-for-lease complex intended to serve foreign experts and foreign joint ventures in Hai Duong Province.
Before the delisting, AAV Group provided explanations to HNX, reporting net losses of approximately VND 17 billion in 2023, VND 16 billion in 2024, and nearly VND 21 billion in 2025.
The company attributed the results to unfavorable conditions in the real estate market and credit environment, which reduced liquidity and affected sales progress and revenue recognition.
AAV Group also stated that despite three years of losses, operations continued without interruption and there were no signs of insolvency. The company said major projects remain underway, with expected revenue starting in 2026.
To strengthen its financial position, the company is implementing measures including:
AAV Group also plans to submit to shareholders a proposal to use surplus share capital to address accumulated losses.
In the market, AAV previously fell to the lower circuit after HNX warnings. The stock declined for two consecutive sessions on April 23–24 before recovering on April 28.
On April 28, AAV traded at VND 7,800 per share, implying a market capitalization of about VND 538 billion.
In earlier periods, AAV shares recorded sharp increases multiple times, including:
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