Vietnam bourse to delist stocks of Hoa Binh Construction, HAGL Agrico on Sept 6
The Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse, has announced its decisions to delist the stocks of Hoa Binh Construction Group JSC and Hoang Anh Gia Lai Agricultural JSC on September 6 due to their poor business performance.
The 347.21 million HBC shares of Hoa Binh Construction Group JSC and 1.11 billion HNG shares of Hoang Anh Gia Lai Agricultural JSC, aka HAGL Agrico, both will have September 5 as their last trading day on the HoSE.

Hoa Binh Construction is the main contractor of constructions across Vietnam. Photo courtesy of Thoi Bao Tai Chinh Viet Nam (Vietnam Financial Times) newspaper.
According to the HoSE, Hoa Binh Construction Group JSC’s cumulative loss exceeded its paid charter capital, as reported in its 2023 audited financial statement. The delisting is in accordance with Article 120, Decree 155/2020/ND-CP dated December 31, 2020.
As of December 31, 2023, the company had a cumulative loss of VND3,240 billion ($129 million), surpassing its charter capital of VND2,741 billion, according to its 2023 audited financial statement
In the case of HAGL Agrico, its listing will be revoked because the company reported losses in three consecutive years, from 2021 to 2023, the bourse said, citing Article 120, Decree 155/2020/ND-CP dated December 31, 2020.
In response to the HoSE’s notice on the delisting, Hoa Binh Construction argued that there were no legal documents guiding the interpretation of its delisting case based on the audited consolidated or separate financial statements.
The company explained that its cumulative loss was VND2,401 billion ($95.64 million) per its 2023 separate financial statement, which is lower than its charter capital of VND2,741 billion.
In an announcement last month, Hoa Binh Construction said it will move its shares on the Unlisted Public Companies Market (UPCoM), operated by the Hanoi Stock Exchange, in August to ensure shareholders' rights.
Meanwhile, at the company’s 2024 AGM in May, chairman of HAGL Agrico Tran Ba Duong committed to maintaining information disclosure as they had done with HoSE in case of delisting and moving to the UPCoM. Duong added that the firm intends to return to the HoSE when the requirements are met.
At the close on Friday, the stock of HBC slid 0.6% to VND4,970 ($0.2) per share, while that of HNG fell 2.86% to VND4,080 per share.
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