VPG shares of Vietnam Phat Import-Export Commercial Investment Joint Stock Company fell to the floor price of 10,400 VND/share in the session on June 4, marking a consecutive decline after news that both the Chairman and CEO of the company were prosecuted. On June 2, the Investigation Police Department announced the prosecution of a criminal case related to bribery and mismanagement of state assets. Mr. Nguyen Van Binh, Chairman of VPG’s Board of Directors, and Mr. Nguyen Van Duc, CEO of VPG, were prosecuted for bribery. Mr. Binh recently resigned, replaced by Ms. Le Thi Thanh Le, his wife. Despite the management change, Mr. Binh still holds nearly 26% of VPG’s capital while Ms. Le holds about 4.5%. Regarding business results, VPG recorded a 43% increase in revenue in Q1 2025, driven by a surge in real estate and financial revenue. The revenue for 2024 also reached a remarkable high, reflecting success in the real estate sector. Vietnam Phat was established in 2008 and has expanded investment into various fields.
Leave a Reply