Delisting due to insufficient capital
The Hanoi Stock Exchange has just announced the cancellation of the registration of the entire 5.2 million shares of My Tra Tourist Joint Stock Company (My Tra Tourist, UPCoM: MTC). The last trading date on the UPCoM system is June 25, and the official cancellation will take place on June 26.
The reason for this decision is that the company no longer meets the qualifications of a public company, as stated in the State Securities Commission’s official dispatch on May 27. This decision was approved by the shareholders at the 2025 Annual General Meeting of My Tra Tourist in the resolution dated April 24.
According to the audited financial statements for 2024, My Tra Tourist had equity of over VND 14.8 billion and owner’s equity of over VND 18.3 billion, failing to meet the minimum requirements as stipulated in Clause 1, Article 32 of the amended Securities Law of 2024. These requirements include a chartered capital and owner’s equity of at least VND 30 billion, along with a ratio of freely transferable shares held by at least 100 investors who are not major shareholders.
The company, which was established as My Tra Tourist Area under the Dong Thap Petroleum Trading Company, was equitized in 2009 and listed on UPCoM in August 2012. After more than a decade of operation on the stock exchange, the number of employees has decreased by almost half, with 65 employees as of the end of 2024 compared to 115 at the time of listing.
 A corner of My Tra Tourist Area – Photo: MTC
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Currently, MTC has two major shareholders: Dong Thap Petroleum Trading Company, holding 50.53%, and individual shareholder Huynh Moc Kieu, owning 23.91%. The company operates Hoa Binh Hotel and My Tra Tourist Area in Cao Lanh City, Dong Thap Province, with a total capacity of nearly 100 rooms, along with multiple wedding halls and meeting rooms of various sizes.
Profit shrinkage post-pandemic, stock illiquidity
In terms of business results, My Tra Tourist recorded an average revenue of over VND 30 billion per year before the COVID-19 pandemic, which then plummeted to VND 9 billion in 2021. During the 2022-2024 period, revenue slightly recovered to around VND 20 billion per year but remained insufficient to cover expenses. The company incurred losses in 4 out of the last 5 years, with cumulative losses reaching nearly VND 5.5 billion by the end of 2024. Since 2019, the company has stopped paying dividends, whereas during the 2014-2018 period, it maintained a cash dividend payout of 1% annually.
| MTC’s annual net profit |
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For 2025, My Tra Tourist sets a revenue target of VND 23 billion and an expected profit of VND 50 million. No dividends will be distributed for this year.
In the stock market, MTC stock has almost no liquidity. The market price has remained stagnant at VND 1,900 per share for the past four months, a decline of over 34% compared to the beginning of 2025 and a loss of up to 80% compared to the beginning of 2024. MTC had a period of stagnation for almost a decade around the price of VND 9,500 per share since July 2013. The stock only started trading again from the end of October 2021, reaching a peak of over VND 11,000 per share in February 2022 before falling sharply.
 Price movement of MTC stock on the stock exchange – Source: VietstockFinance
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– 11:00 06/04/2025
