Two Vietnamese stocks face bourse delisting for information disclosure violations
Nam Song Hau Trading and Investing Petroleum JSC (PSH) and Koji Asset Investment JSC (KPF) are facing mandatory delisting from the Ho Chi Minh Stock Exchange (HoSE) due to serious breaches of information disclosure regulations.

The VN-Index, representing the Ho Chi Minh Stock Exchange, closes at 1.315,49 points on June 13, 2025. Photo by The Investor/Trong Hieu.
On Thursday, HoSE announced decisions to initiate the delisting review process for approximately 126 million PSH shares and nearly 61 million KPF shares, citing prolonged and significant violations of information disclosure requirements.
According to the exchange, PSH has been successively placed under warning, control, and trading suspension.
The violations include receiving a qualified opinion on the company's 2023 audited financial statements, failing to submit its 2024 audited financials within 30 days of the deadline, and delaying submission of its 2024 semi-annual reviewed financial statements by more than six months. To date, the company has not resolved these issues.
Nam Song Hau Trading Investing Petroleum JSC (NSH Petro) is a major petroleum distributor in the Mekong Delta region and is closely associated with Mai Van Huy, former director of Dong Thap Petroleum Trading JSC. Since late 2023, the company has faced severe cash flow difficulties, tax enforcement actions, and debts amounting to trillions of Vietnamese dong (VND1 trillion = $38.35 million).
Despite securing funding from Vietnamese financial organisation Acuity Funding, the capital has yet to be disbursed after more than a year. In an official explanation dated May 19, Huy stated that all loan procedures with Acuity had been completed and the disbursement was pending review. Once the funding is received, the company intends to pay off tax liabilities and resume normal business operations.
Due to these setbacks, NSH Petro reported a loss of VND790 billion ($30.3 million) in 2024, with revenue plummeting. In Q1/ 2025, revenue dropped to just VND15 billion ($575,263), while massive expenses led to a net loss of VND164 billion ($6.29 million). Its stock price fell sharply to VND1,770 ($0.09) per share before being suspended from trading.
Similarly, KPF was flagged for receiving a qualified opinion on its 2023 audited financials, delaying submission of its 2024 audited statements by more than 30 days, and failing to submit its 2024 semi-annual reviewed reports for over six months.
After being suspended from trading, the company continued to delay its 2024 audited financials and annual report submissions. The HoSE confirmed that it had not yet received the required documents.
Previously, the firm asked for an extension from the State Securities Commission (SSC), proposing to complete 2024 audited financials by Q2/2025 and implement debt restructuring and investment portfolio adjustments from Q2 to Q4/2025.
It cited difficulties in reconciling and compiling financial data with its independent auditor, despite its active coordination.
However, SSC determined that these reasons did not qualify as force majeure under current regulations, and therefore, the company is still required to disclose information in accordance with the law.
Koji Asset Investment JSC, formerly known as Hoang Minh Financial Investment JSC, operates in the real estate sector. It has faced business challenges. In 2024, the company recorded no revenue from core business activities and posted a net loss of VND277 billion ($10.62 million) due to high administrative costs.
At the end of Q1/2025, KPF's total assets stood at VND532 billion ($20.4 million), mainly consisting of receivables and long-term financial investments.
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