Enterprise

Steel Industry Giant Postpones Extraordinary General Meeting Unexpectedly

The Board of Directors of VICASA - VNSTEEL Joint Stock Company (HOSE: VCA) issued a resolution on November 7th, canceling the list of shareholders eligible to attend the 2025 Extraordinary General Meeting, originally registered as of November 5th. This decision was made to allow for additional time to prepare for the meeting.

Administrator

12 November, 2025

The new final registration date is set for November 28, with the corresponding ex-dividend date being November 27. The annual general meeting is expected to take place in December 2025 or January 2026, later than the original plan of December 2025.

At the upcoming meeting, VCA aims to present several critical proposals to shareholders, notably the relocation plan and the handling of inventory, raw materials, and assets.

Previously, on October 28, VCA announced receiving a decision from the People’s Committee of Trấn Biên Ward regarding the land reclamation of Sonadezi (UPCoM: SNZ), which VCA was leasing. This decision aims to transform Biên Hòa 1 Industrial Zone into an urban, commercial, and service area while improving the environment in Trấn Biên Ward.

The state will reclaim a total area of nearly 204,000 square meters, including land plots 147, 151, and 164 on map sheet 47, formerly in An Bình Ward, now in map sheet 333 of Trấn Biên Ward.

Biên Hòa 1 Industrial Zone, established in 1963, spans 320 hectares and is Vietnam’s oldest industrial zone. Its age has revealed infrastructure and production technology limitations, coupled with a high environmental pollution risk due to its proximity to the Đồng Nai River. However, its strategic location near National Highway 1 and 51, the eastern gateway to Ho Chi Minh City, presents significant potential advantages.

Future urban, commercial, and service area at the site of Biên Hòa 1 Industrial Zone

The recent land return to Đồng Nai Province has caused significant challenges for VCA, leading to its stock being placed under warning.

Specifically, the Ho Chi Minh City Stock Exchange (HOSE) decided to place VCA under warning from October 23, 2025, due to the company’s suspension of primary production activities for over three months.

According to VCA, this decision followed the provincial People’s Committee’s administrative penalty on May 9, 2025, which suspended steelmaking and finishing operations at Biên Hòa 1 Industrial Zone for 3.75 months due to the absence of an environmental permit. The company was also mandated to relocate its production facility to a suitable location by December 1, 2025.

In a clarification letter dated October 29, VCA stated it had identified potential relocation sites within and outside Đồng Nai Province and was negotiating land leases. The relocation plan will be presented at the upcoming extraordinary shareholders’ meeting.

The company clarified that only waste-generating activities (steelmaking and finishing) were suspended, while commercial and service operations (sales, inventory disposal, and other services) continued.

“We are actively working with relevant authorities to resume production and remove the stock from the warning list, as the 3.75-month suspension period has ended,” VCA emphasized.

In Q3 2025, VCA reported a net revenue of over 43 billion VND, an 89% decrease from the same period last year. Consequently, the company incurred a net loss of 3.5 billion VND, erasing the first-half gains and resulting in a cumulative loss of nearly 1.6 billion VND after nine months. Notably, Q3 has historically been the lowest point in VCA‘s business cycle, with consistent losses over the past four years.

These results raise concerns, as the company’s undistributed profit stood at only 3.4 billion VND as of September 30, 2025.

VCA incurred a net loss of 3.5 billion VND in Q3 2025

In the stock market, VCA shares have struggled, maintaining a downward trend since the beginning of the year despite sporadic efforts to rise. The stock closed at 8,990 VND per share on November 7, a 28% decline from the year’s start.

VCA shares have maintained a downward trend since the beginning of the year

Personnel changes are also expected at the upcoming extraordinary shareholders’ meeting, including the dismissal and appointment of Board of Directors and Board of Supervisors members.

Earlier, at the 2025 Annual General Meeting, the company’s leadership saw changes with the retirement of Mr. Nguyễn Xuân Sơn and the resignation of Mr. Nguyễn Văn Thoan due to work commitments. They were replaced by Mr. Nguyễn Phú Dương and Mr. Dương Văn Hà. Additionally, Board of Supervisors member Nguyễn Phước Hải was replaced by Ms. Ngô Thị Minh Nguyệt.

Huy Khải

– 10:13 10/11/2025