Vicem Cement Trading Joint Stock Company (TMX) has suspended Deputy General Director Hoang Anh Duc to assist in an investigation regarding the crime of “violating bidding regulations causing serious consequences.” Duc, who previously held the position of General Director of Ha Long Cement Company, has been prosecuted alongside several other defendants in a case involving the illegal sale of VAT invoices and tax evasion. TMX’s stock unexpectedly surged to the ceiling price of 11,000 VND/share, although trading volume was very low. The company is controlled by the Vietnam Cement Industry Corporation (VICEM) with nearly 60% of capital and has experienced significant declines in business results; in 2024, revenue reached only 493 billion VND with profit dropping 57% compared to the previous year, leaving less than 2 billion VND. TMX aims for a modest 4% revenue growth in 2025.
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