According to an official dispatch issued on November 27, the regulatory authority concluded that the 2024 audited financial statements (FS) of ODE, prepared by the Southern Accounting and Auditing Consulting Services Company Limited (AASCS), were “non-compliant.”
This conclusion was reached following a 2025 audit quality review program conducted at AASCS.
In a direct communication to ODE, the Commission stated that the responsible auditor had not fully completed the necessary procedures or gathered sufficient evidence to issue an audit opinion in accordance with professional standards. Consequently, the auditor who signed ODE‘s 2024 FS will be suspended.
Notably, prior to the regulatory intervention, AASCS had issued an unqualified opinion on the 2024 FS, indicating that the report met all requirements at the time of signing.
This was not the first time ODE received an unqualified opinion. From 2020 to 2023, the company engaged Deloitte Vietnam LLC, and all reports during this period were free of exceptions.
The Supervisory Board’s report to shareholders in April 2025 also contained no warnings regarding the quality of the FS.
In light of these developments, ODE‘s Board of Directors decided to re-engage Deloitte for the 2025 audit, as per a mid-November 2025 resolution.
ODE‘s team at an event – Photo: ODE
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From a business performance perspective, 2024 was less than favorable. According to the 2024 FS audited by AASCS, ODE‘s after-tax profit was approximately VND 720 million, an 80% decline year-over-year and the lowest in five years. By the end of 2024, total assets were around VND 151 billion, with equity nearing VND 130 billion.
Between 2020 and 2024, the media company peaked with revenues of approximately VND 122 billion in 2022 and a net profit of around VND 13 billion in 2021.
ODE, originally established as S-Media Service and Communication JSC in 2016, operates in entertainment, media, event management, and content production. The company has executed numerous media campaigns for real estate projects under the Sunshine Group brand.
Its ties to the Sunshine Group ecosystem are evident in its leadership. ODE‘s Chairman, Mr. Đinh Chí Hiếu, also serves as Chairman and CEO of Unicloud, a Sunshine Group subsidiary. Additionally, Mr. Hiếu holds the position of Deputy CEO at Sunshine Group. Another ODE Board member, Mr. Cao Phi Hùng, is also a Deputy CEO at the conglomerate.
– 08:43 02/12/2025
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