FLC Group stirs back to life as founder Trinh Van Quyet reappears

Vietnam’s major real estate developer FLC Group is gradually returning to the race as its property segment records the implementation and launch of multiple projects, while Bamboo Airways announces plans to recruit 1,000 employees.

At a recent meeting between the leaderships of FLC Group and Bamboo Airways with that of the Embassy of South Korea in Vietnam, former chairman Trinh Van Quyet appeared and took commemorative photos with embassy leaders in his role as the group’s founder, according to a company release on Monday.

The meeting aimed is to exchange ideas on cooperation and expand connections between the business communities of the two countries, said the release.

The reappearance of Quyet after a three-year absence from his arrest in 2022 and prosecution by the Ministry of Public Security’s investigative agency, has attracted strong attention from investors.

On June 26, 2025, under a Hanoi appeal court ruling, Quyet saw his prison sentence decreased from 21 years to 7 years for "fraudulent appropriation of property", while receiving a fine of VND4 billion ($153,000) for "stock market manipulation".

As founder and key decision-maker, his absence led to operational stagnation at the group, significant turnover in senior management, delayed disclosure of audited financial statements for several years (2021-2024), and the delisting of FLC shares from the Ho Chi Minh Stock Exchange (HoSE) to the Unlisted Public Companies Market (UPCoM), before completely exiting the stock market at the end of 2025.

Not only FLC, but several companies within its ecosystem have faced similar situations, including FLC Faros Construction JSC (ROS), FLCHomes Real Estate Development and Investment JSC (FHH), FLC Stone Investment and Minerals JSC (AMD), FLC Mining Investment and Asset Management JSC (GAB), H.A.I Agrochemical JSC (HAI), and CFS Investment and Import Export Trading JSC (KLF).

Investors are hoping that FLC Group and its subsidiaries will gradually overcome these difficulties, return to growth, and particularly see their shares re-listed once the founder resolves personal issues and refocuses on group operations. In reality, the group made notable progress in 2025.

Capital increase, personnel restructuring

At the end of last year (December 30, 2025), FLC Group successfully increased its charter capital from VND7.1 trillion to VND8.6 trillion ($328 million), injecting an additional VND1.5 trillion into business operations.

Meanwhile, ecosystem member FLC Faros Construction JSC raised its capital from VND5.68 trillion to VND6.08 trillion ($232.59 million).

At the second extraordinary general meeting of shareholders in 2025, the group completed restructuring of senior leadership, dismissing and appointing members to the board of directors (BOD) and the supervisory board (SB) for the 2021-2026 term.

Accordingly, shareholders approved the election of Trinh Van Nam, Do Thi Hai Yen, and Phung Thi Thu Thao to the BOD, and Tran Thi Doan to the SB, replacing former members who had resigned.

As a result, FLC’s new board of directors consists of five members: Vu Anh Tuan (chairman), along with Nguyen Thanh Tung, Trinh Van Nam, Do Thi Hai Yen, and Phung Thi Thu Thao. The new supervisory board includes Bui Pham Minh Diep, Tran Thi My Dung, and Tran Thi Doan.

Strengthening senior governance is considered a key step in FLC’s comprehensive restructuring process, aimed at enhancing management capacity and ensuring stable development in the new phase.

Real estate returns to profitability, Bamboo Airways to recruit 1,000 staff

Real estate remains FLC Group’s core business, with more than 50 projects nationwide across commercial housing, urban areas, resorts, and social housing. At the same time, FLC has regained ownership, management, and operational control of Bamboo Airways.

The group stated that its core property business returned to profitability in 2025, with an estimated profit of VND635 billion ($24.29 million), improving significantly from a loss of VND123 billion in 2024.

Notable highlights include the Hausman Premium Residences apartment project within Hanoi’s Premier Parc urban area, which is ahead of schedule, topped out in November 2025 and is expected to be handed over to buyers in June 2026.

The FLC Quang Binh Hotel & Villas, with 433 rooms, in the former central province of Quang Binh (now Quang Tri province after the July 2025 merger) is scheduled to open this year. Meanwhile, the FLC Hilltop Gia Lai hotel and shophouse complex in the central province of Gia Lai has had its implementation timeline adjusted to June 2028.

The FLC Tropical City Ha Long social housing project in Cao Xanh ward, Quang Ninh province, officially topped out in December 2025 and completed procedures for eligibility to sell on December 25, 2025.

At the beginning of 2026, FLC also received positive news when the Gia Lai provincial People’s Committee approved Ion Complex Building Management and Investment Co., Ltd., a group subsidiary, as the investor for the Dak Doa Golf Course project.

Under the decision, the golf course will feature 36 holes, cover more than 171 hectares, and require total investment of over VND1.15 trillion ($44 million), with an operating term of 50 years. The project will be implemented from Q1/2026 to Q4/2029, with preparation and construction from Q1/2026 to Q3/2029, and completion and commissioning in Q4/2029.

Bamboo Airways is also returning to expansion mode, announcing continuous recruitment throughout 2026 with a target of 1,000 flight attendants. The airline plans to expand its fleet by 8-10 aircraft per year through 2030, aiming to restore operations to a fleet of 30 aircraft.

Audited financial statements – a bottleneck

However, FLC Group and its subsidiaries still owe investors audited financial statements for the years 2021-2024, which is the main reason their shares were delisted from the HoSE to the UPCoM, suspended from trading on the UPCoM, and officially exited the stock market at the end of 2025.

In its most recent explanation, FLC stated that it has been actively coordinating with its auditing firm to finalize the financial statements. However, the two parties have yet to reach agreement on audit opinions for both standalone and consolidated financial statements for the fiscal year ending December 31, 2021.

As a result, FLC has been unable to issue audited financial statements for 2021, 2022, 2023, 2024, as well as the semi-annual financial statements for 2025.

Audited annual financial statements are mandatory documents for AGMs. Consequently, the absence of audited reports for 2021-2024 has prevented FLC from holding its AGMs on schedule in accordance with regulations.

In recent times, FLC has continuously demonstrated efforts, proactiveness, openness, and determination to overcome difficulties and gradually restore stable and sustainable operations. The group continues to work closely with auditors to complete standalone and consolidated financial statements for 2021-2024, along with other required reports.

Immediately after finalizing the audited financial statements, FLC will proceed with procedures to convene its AGM and disclose information in accordance with applicable laws.

While the revocation of public company status and deregistration of shares on the UPCoM has helped reduce disclosure pressure, responsibility toward tens of thousands of shareholders who placed their trust in the group and its subsidiaries remains. This places pressure on the leadership, especially Trinh Van Quyet, to soon provide clear answers.