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Several companies have recently had their status as public companies revoked for failing to meet required conditions related to charter capital, the number of shareholders, and compliance with information disclosure obligations.
The State Securities Commission (UBCKNN) has issued a series of decisions and notices revoking public-company status for enterprises that no longer satisfy the conditions stipulated under current regulations.
VVMI Joint Stock Company for Equipment Manufacturing and Trading (MCK: TB8, UPCoM) had its public-company status revoked effective April 3, 2026.
In its prior announcement, the company stated it did not meet public-company conditions because its charter capital was 12.5 billion VND, its owner’s equity as of December 31, 2025 was more than 20.5 billion VND, and it had 70 shareholders. The company also said it had no plan to increase charter capital in the near future as required by law. As a result, it needed to reassess whether it met the public-company conditions from January 1, 2026; if it still did not, it could be subject to revocation under applicable regulations.
Vinacomin Travel and Trading Joint Stock Company (MCK: DLT, UPCoM) had its public-company status revoked for not meeting conditions requiring (i) charter capital contributed below 30 billion VND and (ii) more than 100 investors who are not major shareholders, holding less than 10% of voting rights.
In February 2026, UBCKNN also issued decisions to revoke the public-company status for Cầu 12 Joint Stock Company due to failure to disclose information in two consecutive years regarding audited financial statements.
Also in February 2026, UBCKNN issued a document related to revoking the public-company status for Lilama 5 Joint Stock Company (MCK: LO5, UPCoM).
According to the company’s notice No. 01/CT-TCHC dated January 9, 2026, it did not meet the public-company conditions under point a, clause 1, Article 31 of the 2019 Securities Law as amended by point a, clause 11, Article 1 of Law No. 56/2024/QH15 because its owner’s equity was under 30 billion VND. The owner’s equity figure was determined as of 31/12/2024 based on the 2024 audited financial statements.
Accordingly, the company was required to reassess whether it met the public-company conditions from January 1, 2026. If it still did not meet them, it could be considered for revocation of public-company status under regulations.
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