In an October 30 disclosure sent to the State Securities Commission and the Hanoi Stock Exchange, Vinacomin-Minerals Holding Corporation (Vimico or TKV, HNX: KSV) said it had received a decision from the Ministry of Public Security’s investigative agency to initiate criminal proceedings against Trinh Van Tue on suspicion of bribery under Article 354 of the Penal Code.

On the personnel front, Vimico’s board of directors passed a resolution on October 29 approving Tue’s removal as general director. Deputy general director Ly Xuan Tuyen was appointed acting general director effective the same day, pending the appointment of a permanent successor. Tuyen was also designated as the corporation’s legal representative.

Also on October 30, Vimico’s board approved a resolution to convene an extraordinary general meeting of shareholders in 2026. November 20 was set as the record date for determining shareholders eligible to attend, while the meeting is tentatively scheduled for December 25.

The meeting is expected to be held at the corporation’s headquarters at No. 3 Duong Dinh Nghe street, Yen Hoa ward, Hanoi. Under the resolution, shareholders will consider matters falling within the authority of the general meeting as stipulated in the Law on Enterprises and the corporation’s charter. However, the document did not specify which issues would be submitted for their consideration.

How did Vimico perform under its former general diretor?

Born in 1972, Tue holds an engineering degree in electrification and power supply. He began working at Vimico in 1992 and previously served as director of the Lao Cai Copper Smelting Company and deputy general director of Vimico before taking the top executive position. He was appointed general director on March 16, 2018, reappointed in 2023 and dismissed on October 29, 2026, bringing his more than eight-year tenure at the company to an end.

Between the 2018 and 2025 financial years, Vimico's consolidated net revenue rose from nearly VND5.69 trillion ($220.66 million) to more than VND14.55 trillion ($564.6 million), an increase of more than 2.5 times.

Net profit climbed from VND174 billion ($6.75 million) to nearly VND1.91 trillion ($74.02 million), nearly 11 times higher. However, earnings fluctuated significantly over the period. The company posted a loss of more than VND43 billion ($1.67 million) in 2019 before recovering to record a profit of over VND1.08 trillion ($42.05 million) in 2021.

In 2022 and 2023, despite revenue remaining at around VND12 trillion ($465.5 million) annually, net profit fell to approximately VND194 billion ($7.53 million) and VND190 billion, respectively. Earnings rebounded to more than VND1.22 trillion in 2024 before reaching nearly VND1.91 trillion ($74.02 million) in 2025, the highest level during the period.

In the first nine months of 2026, Vimico's net revenue hit nearly VND14.69 trillion ($569.74 million), up approximately 35% from a year earlier. Consolidated net profit reached more than VND3.46 trillion ($134.35 million), an increase of around 153%, while profit attributable to shareholders of the parent company exceeded VND3.39 trillion.

In an explanation of its business performance, Vimico said the increase in profit was mainly driven by higher average selling prices for its key products during the first nine months compared with the same period last year.

Specifically, the average selling price of copper cathodes reached VND355.8 million (13,800) per ton, up VND104.5 million per ton. Gold prices stood at nearly VND3.7 billion ($143,410) per kilogram, an increase of nearly VND1.22 billion per kilogram. Selling prices for silver, zinc ingots and magnetite concentrate also increased from the same period a year earlier.