In the trading session on June 19, SMC shares of SMC Investment and Trading Company rose to 14,150 VND/share, reaching the highest level in a year and increasing by 140% over 5 months. SMC was once a leading enterprise in the steel industry with a revenue of 21 trillion VND in 2021. However, since 2022, revenue has plummeted due to falling steel prices and difficulty in debt recovery from customers. On December 20, 2024, SMC signed a debt confirmation agreement with Novagroup for debt recovery. By April 2025, SMC reported costs associated with buying/leasing real estate and reduced debt by nearly 287 billion VND from the Novaland group. Despite the share price increase, SMC reported a loss of 102 billion VND in the first half of 2025 and faced auditors’ doubts about its operational viability due to short-term debts exceeding current assets by 972 billion VND. Revenue in the first half of the year fell by 15% compared to the same period last year, with a gross loss of nearly 3 billion VND.
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