On December 30, 2025, the State Securities Inspectorate issued Decision No. 555/QĐ-XPHC regarding administrative penalties in the securities and stock market sector against Phan Lam Energy Joint Stock Company.
Accordingly, Phan Lam Energy was fined 92.5 million VND for failing to disclose information as required by law. Specifically, the company did not submit periodic reports to the Hanoi Stock Exchange (HNX) for the following documents: Audited Reports on the Use of Bond Proceeds for 2022, 2023, and 2024 (annual and semi-annual); and Audited Reports on the Use of Bond Proceeds for the first half of 2025. Additionally, Phan Lam Energy failed to submit timely reports to HNX for the following documents: 2022 Annual Financial Report; 2022 Bond Principal and Interest Payment Status; 2022 Report on the Fulfillment of Commitments to Bondholders; 2023 Semi-Annual Financial Report; 2023 Semi-Annual Bond Principal and Interest Payment Status; 2023 Semi-Annual Report on the Fulfillment of Commitments to Bondholders; and Disclosure regarding the completion of early bond repurchase for the NLPLH2032001 series (12 tranches).
Phan Lam 2 Solar Power Plant. Source: BB Group
On the same day, December 30, 2025, the State Securities Inspectorate issued Decision No. 556/QĐ-XPHC regarding administrative penalties against Sunrise Power Đăk Psi Single-Member Limited Liability Company.
This company was also fined 92.5 million VND for failing to disclose information as required by law.
Specifically, Sunrise Power Đăk Psi did not submit periodic reports to HNX for the following documents: Audited Reports on the Use of Bond Proceeds for 2022; 2022 Annual Financial Report; 2022 Bond Principal and Interest Payment Status; and 2022 Report on the Fulfillment of Commitments to Bondholders. Additionally, the company failed to submit timely reports to HNX for the 2022 Semi-Annual Financial Report.
Phan Lam Energy was established in May 2017 and is known as the investor of the Phan Lam 2 Solar Power Plant, covering an area of approximately 58.8 hectares with a capacity of 49MWp. The plant is located in Phan Lam Commune, Bac Binh District, Binh Thuan Province (now part of Lam Dong Province).
The total investment for the project exceeded 1.2 trillion VND. The plant began commercial operation in late 2020, with an average annual electricity output of 84 million kWh.
Sunrise Power Đăk Psi was established in January 2019. In October 2020, the company acquired 87.42% of the shares in Millennium Energy Corporation, the investor of the Hong Phong Solar Power Plant in Binh Thuan Province (now part of Hoa Thang Commune, Lam Dong Province).
The total installed DC capacity is 48MWp, equivalent to an AC capacity of 40.25 MW. The plant commenced commercial operation on December 29, 2020.
Both Phan Lam Energy and Sunrise Power Đăk Psi are subsidiaries of BB Group, led by entrepreneur Vu Quang Bao, specializing in renewable energy.
In the energy sector, BB Group owns several other solar power plants, including My Son 1, My Son 2, Dam Tra O, Gio Thanh 1, Gio Thanh 2, as well as hydroelectric plants such as Song Lo 2, Dak Psi 3, Dak Psi 4, and Dak Mi 1; and wind farms like BB Power Gia Lai and Hanbaram.
BB Group is a diversified ecosystem with subsidiaries operating in various sectors, including BB Power Holdings (energy), BB Land Holdings (real estate), Bach Dang Construction (industrial construction), BB CIM Holdings (mining), BB Gas (gas industry), and Vitasco (mineral water).
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