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Audited consolidated financial statements for 2025 of Vimico (ticker KSV) show net revenue of 14,554 billion VND, up about 10% from the prior year. Consolidated net income after tax reached 1,908 billion VND, up 56% versus 2024. The key driver was the continued uptrend in prices of the company’s core metal products, alongside improved margins and reduced short-term financial pressure.
In 2025, copper cathode averaged 262.2 million VND per ton, up 32 million VND. Gold averaged 2.5 billion VND per kilogram, up 758.8 million VND over the same period. The synergy from higher prices for silver and zinc ingots helped lift Vimico’s gross profit margin to 24%.
Cash flow from operations helped reduce financial pressure as short-term borrowings declined from 2,186 billion VND to 1,291 billion VND by year-end.
Vimico also highlighted the value-chain potential of its sulfuric acid by-product through a closed-loop model. The metallurgical process generates SO2 gas, which is captured to produce commercial sulfuric acid rather than treated as waste. In 2025, the group produced over 145,000 tons of sulfuric acid, supporting environmental objectives while generating revenue by supplying feedstock to the fertilizer and chemical industries.
For 2026, the company targets sulfuric acid output above 128,000 tons. Analysts are monitoring the product amid reports that China may restrict sulfuric acid exports; tighter supply could support prices and strengthen the by-product processing business in subsequent quarters.
Despite the strong consolidated results, subsidiary operations show a contrasting picture. A more-than-90 billion VND reduction in post-audit profit was attributed to Lai Chau Rare Earth Joint Stock Company recognizing additional other costs. This followed the revocation of the investment license and the halting of the Đông Pao rare-earth project at the start of 2026. As a result, the subsidiary recorded a loss of 56.1 billion VND and effectively closes the plan to incorporate rare earth output into the group’s financial ecosystem in the near term.
Financial pressure was also reflected in the steelmaking and mining segments. Cao Bang Iron and Steel Joint Stock Company, while reporting revenue of 2,068.9 billion VND, posted a net loss after tax of 205.2 billion VND due to delays in compensation for site clearance at the Na Rua iron ore mine. Separately, the Lang Vinh iron ore project from Mineral 3 Joint Stock Company remains suspended and has not yet contributed revenue.
In addition, the auditor noted a risk that Vimico may no longer qualify as a public company under securities law. The requirement is that at least 10% of voting shares are held by no fewer than 100 non-controlling investors. Vimico’s shareholder base remains concentrated, with Vinacomin holding 98.06% of charter capital.
Vimico plans to discuss these issues at its upcoming annual general meeting on 22 April. Agenda items include divestment from Mineral 3, Binh Giang tourism, and a merger of Lao Cai Iron and Steel Investment JSC into the parent company to streamline the organization.
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