Vietnam miner Vimico shares surge 140% from lows as precious metals rally

Shares of Vinacomin-Minerals Holding Corporation (Vimico), listed on the Hanoi Stock Exchange as KSV, have jumped about 140% from their recent low, tracking a sharp rally in global precious metal prices driven by rising geopolitical tensions and a weaker U.S. dollar.

KSV shares climbed to VND214,900 ($8.25) on Wednesday from around VND88,000 in late 2025, more than doubling in just one month.

The surge comes amid a strong rally in precious metals. Over the past month alone, spot gold prices have risen by more than $1,000 an ounce, from around $4,276 to $5,550 an ounce. Silver prices also jumped sharply, rising from about $47.2 per troy ounce to $117.33, up roughly 2.5 times since November 2025.

In Vietnam, domestic gold and silver prices have followed the global uptrend. On Thursday, gold bar and ring prices at major retailers rose to VND186-188 million ($7,215) per tael, while silver bullion climbed to VND4.4-4.5 million ($173) per tael, equivalent to VND117-121 million ($4,643) per kilogram.

As a major player in mineral mining, processing and non-ferrous metal production, Vimico has been a key beneficiary of the rally in precious metals.

According to the company’s consolidated financial statements for the first nine months of 2025, revenue rose 13% year-on-year to VND10.85 trillion ($416.4 million), while net profit surged 74% to nearly VND1.37 trillion (VND52.46 million).

Although Vimico has yet to publish its Q4 results, its management said preliminary figures showed continued strong performance.

Full-year consolidated revenue is estimated at over $14.45 trillion ($554.68 million), with profit expected to reach nearly $2.4 trillion ($92.06 million) – a record high and a sharp increase compared with previous years.

In terms of production, Vimico's leadership reported that last year they produced 65,260 tons of 25% Cu MDV copper concentrate, exceeding the year's plan by 6%; 31,200 tons of copper plates, 4% higher than the target; and 918 kg of gold, 14% higher than the plan etc. The sales of the main products were basically completed.

KSV shares had previously staged a sharp rally from late 2024 to early 2025, soaring from around VND50,000 to a peak of VND277,000 ($10.63) over nearly three months, before plunging to their recent low of around VND88,000 ($3.38) amid concerns the company could lose its public company status.

In November 2025, Vimico said it no longer met public company requirements under Vietnam’s Securities Law, which mandates that at least 10% of voting shares be held by a minimum of 100 non-major shareholders.

Although Vimico has charter capital of VND2 trillion (VND76.75 million), parent group Vietnam National Coal and Mineral Industries Holding Corporation Limited (TKV) holds more than 98%, resulting in a highly concentrated shareholder structure.

The board of directors authorized the general director to continue explaining the company’s “special shareholder structure” to the State Securities Commission, while also preparing for a worst-case scenario. If the issue is not resolved or approved by regulators by January 1, 2026, Vimico said it would file to revoke its public company status.

No further update has been released so far.

In fact, many corporations and groups on the stock exchange are facing difficulties in meeting the conditions for being a public company, such as PV GAS, Vietnam Rubber Industry Group, Binh Son Refining and Petrochemical Joint Stock Company, and Becamex.

However, under the Law No. 68/2025/QH15, effective from August 1, 2025, state-owned enterprises converted from wholly state-owned firms and already listed or registered for trading will not be stripped of public company status if they fail to meet shareholder structure requirements.

As a result, investors in KSV shares are not expected to face an immediate delisting risk. Analysts say the legal change could also pave the way for future state divestment, potentially broadening the shareholder base and improving the company’s capacity.

Still, the stock’s near-vertical rise in a short period highlights elevated risks. The rally has been driven largely by expectations of a prolonged precious metals cycle and exceptional earnings, while structural issues such as concentrated ownership and thin liquidity remain.

With gold and silver prices highly sensitive to geopolitical developments and global monetary policy, KSV shares could benefit further if the commodity rally persists but may face sharp corrections should sentiment reverse, market participants said.