U.S. government shutdown: how did Ho Xuan Nang respond?

On April 10, 2026, Vicostone JSC (VCS), a subsidiary of Phenikaa Group, successfully held its 2026 Annual General Meeting of Shareholders, approving all proposals. In the meeting report, company leadership said business conditions in Vicostone’s major markets remained challenging, with continued price pressures and weaker demand affecting growth.

2025 performance and targets

For 2025, Vicostone reported net revenue of 4,128 billion VND and pre-tax profit of 823 billion VND, reaching 87.50% of the net revenue target and 85.37% of the pre-tax profit target.

The company’s management highlighted that profitability and liquidity were positive indicators. The pretax margin/net revenue for 2025 was 20.16%. In addition, the debt-to-total-assets ratio and debt-to-equity ratio in 2025 were 0.11 and 0.12, respectively, lower than in previous years.

Vicostone also reported that ending inventory at year-end 2025 declined by 228 billion VND compared with the start of the year. The company contributed 292 billion VND to the state budget, up 31% from 2024.

US and global macro pressures

Vicostone’s largest market is the United States. The company said the 2025 government shutdown significantly affected spending and investment, while price pressures persisted and prevented a full recovery. Full-year US growth was 2.2% in 2025, down from 2.8% in 2024.

Beyond the US, Vicostone noted that real estate and construction markets in major regions including the US, Canada, and Europe faced difficulties due to high prices and rising material and labor costs. The resulting reduction in consumer demand and investment margins directly affected the surface-materials sector.

In addition to macro factors, Vicostone said it continued to face intense competition from manufacturers in Vietnam and the Asia-Pacific region.

2026 outlook and approved plan

At the AGM, shareholders approved Vicostone’s 2026 plans, including projected net revenue of 4,186 billion VND, up 1.4% versus 2025, and projected pre-tax profit of 744 billion VND, down 10.6% versus 2025.

“New world order” risks and cost pressures

Vicostone also pointed to a changing global environment. The company said that, according to experts, geopolitical conflicts are no longer short-term signals but indications of a new, volatile world order with long-term and unpredictable implications.

A study cited by Vicostone from the Private Economic Development Research Board found that nearly 90% of enterprises reported higher input costs related to energy, raw materials, and logistics, which the company said is beginning to erode cash flow and margins.

Vicostone added that high inflation, intense competition, and protectionist trade policies continue to pressure international companies, including Vicostone. It expects the global business environment to shift toward a structurally uncertain cycle, with the US market likely to remain sluggish due to high interest rates and consumer demand not yet fully recovered.

2026 action plan: six objectives

Vicostone’s 2026 action plan is built around six objectives:

• Product development to meet stricter environmental and health standards in developed markets, including regulations on silica content, and to advance commercialization of the next-generation Eco Surfaces.
• Market and channel expansion, including boosting sales and market share in existing markets such as the US, Canada, and Europe, while diversifying into Australia and New Zealand.
• Supply chain autonomy and a sustainable development direction.
• Cost optimization and operating efficiency.
• Stronger risk management.
• People development and sustainable development under ESG (Environment – Social – Governance).