The New Direction of Loc Troi Post-Crisis

“LTG’s New Chapter: A Journey Towards Recovery and Transformation”

On May 26th, Loc Troi inaugurated its representative office, marking a pivotal moment in the company’s journey towards restructuring and recovery from a prolonged period of crisis. The new address is 29-31, Street No. 6, Him Lam Urban Area, Tan Hung Ward, District 7, Ho Chi Minh City.

At the opening ceremony, Mr. Huynh Van Thon, Chairman of the LTG Board of Directors, referred to this event as “a new milestone for the Group”. He called for a renewed spirit of “starting afresh with innovative thinking, a creative mindset, and unwavering faith in authentic values.” Mr. Thon expressed his belief that “with unity and, most importantly, solidarity and shared aspirations, we will not only restore but also surpass our past achievements.”

Loc Troi Inaugurates Ho Chi Minh City Representative Office – Photo: LTG

In parallel, LTG also announced its plans to hold the Annual General Meeting of Shareholders for 2025. The record date for this meeting is June 2nd, and the meeting is expected to take place between June 27th and 30th. The time, venue, agenda, and program will be communicated to shareholders through invitation letters.

These two events signify the latest efforts of the leadership to steer the company through one of its most challenging periods since its inception. LTG has been facing significant financial challenges, resulting in delayed quarterly, semi-annual, and annual financial statement disclosures for 2024. On the UPCoM exchange, LTG shares have been restricted from trading since May 23rd (initially applied from October 24, 2024), with trading allowed only on Fridays. The company’s share price currently hovers around VND 6,500 per share, reflecting a 71% decline over the past year, with an average daily trading volume of over 282,000 shares.

According to the self-prepared Q1 2024 financial statements, Loc Troi incurred a loss of over VND 96 billion, with a negative cash flow from operating activities of VND 434 billion. The company witnessed a significant increase in overdue loans from 6 months to under 2 years, surging from VND 54 billion to nearly VND 488 billion. Loc Troi has repeatedly requested extensions for financial statement disclosures due to unforeseen events severely impacting their capital flow.

The crisis at Loc Troi extends beyond finances, with governance issues also coming to the forefront. Mr. Nguyen Duy Thuan, the former CEO, was dismissed in July 2024 following a series of scandals and allegations of asset misappropriation. Mr. Huynh Van Thon acknowledged mistakes in the selection of the company’s leadership, likening the situation to “a battle where internal betrayal led us into an ambush.”

Subsequently, the company appointed Mr. Nguyen Tan Hoang, the former Chief Accountant, as the new CEO, effective October 16, 2024. Two new Vice Presidents, Mr. Pham Thanh Tho and Mr. Tran Thanh Hien, were also inducted into the management team. Several other personnel changes occurred, with members stepping down from the Supervisory Board and the Board of Directors, including Ms. Nguyen Thi Thuy, Mr. Johan Sven Richard Boden, and Mr. Tieu Phuoc Thanh.

Previously, plans to hold an Extraordinary General Meeting of Shareholders in late 2024 to restructure the leadership were postponed due to incomplete nomination dossiers.

The Manh

– 15:33 05/27/2025

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