Mr. Le Tien Dung, a member of the Board of Directors of Vimedimex Pharmaceutical Joint Stock Company (VMD), has recently retracted his previous resignation.
Specifically, Mr. Dung had previously submitted his resignation in August 2024 due to personal reasons and a lack of time to effectively fulfill his role as a board member. However, he has now withdrawn his resignation, stating that he has successfully rearranged his personal affairs and wishes to continue contributing to the company.
In contrast, Mr. Tran Hung Cuong, the Head of the Supervisory Board of Vimedimex, recently resigned from his position at the beginning of June, citing a lack of time to properly fulfill his duties.
The personnel decisions will be approved at the upcoming 2025 Annual General Meeting of Shareholders, scheduled for June 27. Previously, in April, Vimedimex had requested a postponement of the AGM due to the absence of several shareholders and board members who were abroad or occupied with personal matters, resulting in an insufficient quorum for the meeting.
According to the agenda, the 2025 Annual General Meeting of Shareholders will discuss important matters, including reports on the activities of the Board of Directors and the Supervisory Board, the 2024 financial statements, and plans for 2025. The meeting will also approve the resignations of Supervisory Board members and elect replacements.
At the Assembly, the Vimedimex Board of Directors will present to the shareholders the 2025 business plan, targeting a total revenue of VND 1,000 billion and a pre-tax profit of VND 41 billion, representing a 22% decrease and a 36% increase, respectively, compared to the 2024 performance. The company plans to pay a 20% dividend for 2024.
In another development, on September 4, 2024, the Hanoi People’s Court sentenced Nguyen Thi Loan, the former Chairman of Vimedimex, to 36 months in prison for “Violation of regulations on the sale of auction assets.”
Prior to her arrest in November 2021, VMD shares on the stock market experienced a period of extreme volatility. The stock has since declined and is currently trading around VND 17,000 per share, a more than 70% drop from its peak in early September 2021.
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The prosecution asserted that defendant Nguyen Thi Loan, the former chairman of Vimedimex, directed and utilized three companies under her control to participate in auctions, bidding in rounds to win a plot of land, which resulted in financial loss to the state.
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The trial of Nguyen Thi Loan and her accomplices, accused of irregularities in land auction in Dong Anh, Hanoi, has been adjourned due to the absence of the defendant and some related stakeholders. The court will announce a new trial date in due course.
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“Mrs. Nguyen Thi Loan has been accused of orchestrating a scheme in which she allegedly instructed her subordinates to prepare documents for a land auction in Thon Co Duong, Dong Anh district. The plot involved bidding in rounds to ensure that a favored entity won the auction at a price of 20.2 million VND per square meter. This price was significantly lower than the market value, as the land was later sold for 86.3 million VND per square meter. As a result, the state budget suffered a staggering loss of over 135 billion VND due to this misconduct.”
