Delays in Financial Reporting for Bamboo Capital Group
On May 9, 2024, Bamboo Capital Joint Stock Company (Stock Code: BCG) reported a delay in submitting its first-quarter 2025 financial statements.
In the official letter, CEO Ho Viet Thuy attributed the delay to recent upheavals involving major shareholders and personnel at the company and its subsidiaries, which interrupted the financial reporting process due to ongoing investigations.
While working to finalize the Q1 report, the company is prioritizing the issuance of its 2024 audited financial statements and commits to releasing the Q1 report after the 2024 audited statements are published, expected in October 2025.
Regarding the delayed release of the 2024 audited financial statements, the company cited similar reasons and anticipated their publication in early September 2025.
As of April 21, 2025, Bamboo Capital’s subsidiaries and associated companies were in the process of finalizing their financial statements, with only 4 out of 45 companies having released their reports.
Consequently, due to the delayed submission of financial reports, BCG’s stock has been placed under control by the Ho Chi Minh City Stock Exchange (HOSE) since May 13, 2025. Similarly, the stock of TCD, a member of the Bamboo ecosystem, has also been placed under control for the same reason.
According to the self-prepared report, in Q4 2024, Bamboo Capital recorded net revenue of VND 1,134 billion, a 3.7% increase compared to Q4 2023. After-tax profit for Q4 2024 reached VND 96.5 billion, a significant increase from the VND 3.36 billion profit in Q4 2023. However, this result was a decline compared to the VND 331 billion after-tax profit achieved in Q3 2024.
For the full year 2024, Bamboo Capital recorded revenue of VND 4,372 billion and after-tax profit of VND 845 billion, increases of 9.2% and 394%, respectively, compared to 2023.
Leadership Changes at Bamboo Capital
The Bamboo Capital ecosystem fell into crisis after news broke of the prosecution of Mr. Nguyen Ho Nam in early March 2024. Bamboo Capital confirmed that Mr. Nam no longer holds any position on the Board of Management, Executive Board, or Supervisory Board as of April 27, 2024.
Mr. Nguyen Ho Nam
At that time, Mr. Nam stated that he had stepped down to focus on his role as Chairman of the Strategic Council of Bamboo Capital. He also held the position of Vice Chairman of the Board of Directors of the Vietnam Export Import Commercial Joint Stock Bank (Eximbank). However, an extraordinary general meeting of Eximbank’s shareholders in 2024 dismissed Mr. Nam from his role as Vice Chairman.
According to the 2024 corporate governance report, Mr. Nguyen Ho Nam remains a major shareholder of Bamboo Capital, holding over 91.7 million shares, equivalent to 10.42% of the charter capital.
Meanwhile, Bamboo Capital’s CEO, Mr. Nguyen Tung Lam, resigned to focus on new responsibilities. The company has appointed Mr. Ho Viet Thuy as the new CEO.
On March 19, 2025, the Board of Directors of Bamboo Capital approved the dismissal of Mr. Kou Kok Yiow as Chairman due to his passing on March 8, 2025. The Board also elected Mr. Tan Bo Quan Andy as the new Chairman.
On the same day, Bamboo Capital announced the resignation of Mr. Hoang Trung Thanh as a member of the Board of Directors and Mr. Nguyen Quoc Khanh as an independent member of the Board of Directors, effective March 20, 2025, due to personal reasons.
BCG Land, a company within the Bamboo Capital ecosystem, also announced the dismissal of Mr. Nguyen Thanh Hung as CEO, effective March 20, so he could focus on his role as Vice Chairman of the Board of Directors. Mr. Nguyen Hoang Tien has been appointed as the new CEO.
Additionally, several senior leaders within the Bamboo Capital ecosystem have expressed their intention to divest their holdings.
Stocks in the “Bamboo family” have continuously hit lower circuit breakers, pushing many stock prices to historical lows. As of the market close on May 9, BCG’s market price was VND 2,910 per share, and TCD’s was VND 1,700 per share.
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