FLC Raises Charter Capital to VND 12.9 Trillion, Over 50% Increase

Overview

FLC Group (FLC) has increased its charter capital from VND 8.6 trillion to VND 12.926 trillion, a rise of over 50%, according to a business registration change filed on August 28. The company also established an aircraft leasing subsidiary with a charter capital of VND 6 trillion. This capital expansion comes as FLC continues its restructuring efforts following its delisting from the UPCoM exchange.

Key Facts

• FLC’s charter capital increased from VND 8.6 trillion to VND 12.926 trillion, a rise of over 50%.
• The capital increase was registered on August 28 with the Hanoi Business Registration Office.
• All charter capital is private domestic capital; no state or foreign ownership.
• The company established FLC Aircraft Investment and Leasing Joint Stock Company in February 2026, with FLC holding 99.8%.
• The aircraft leasing subsidiary’s charter capital was raised to VND 6 trillion in March 2026.
• FLC’s share count after the issuance is more than 1.8 times the level when it was trading on the exchange.
• The State Securities Commission revoked FLC’s public company status in late 2025, and Hanoi Stock Exchange canceled trading of nearly 710 million FLC shares from December 31, 2025.

What Happened

FLC Group, led by founder Trịnh Văn Quyết, has significantly boosted its charter capital to VND 12.926 trillion, according to a filing with the Hanoi Business Registration Office on August 28. The increase from VND 8.6 trillion represents a 50% jump and follows a previous capital hike of VND 1.5 trillion in late 2025, bringing the total increase to VND 5.826 trillion over eight months, an 82% rise.

The company also established an aircraft leasing subsidiary, FLC Aircraft Investment and Leasing JSC, in February 2026, with FLC holding 99.8% and an initial charter capital of VND 1.5 trillion, later raised to VND 6 trillion in March. The subsidiary focuses on buying, selling, and leasing aircraft and spare parts storage.

At an extraordinary shareholder meeting in May 2026, shareholders authorized the board of directors to handle restructuring matters, including capital adjustments. The new board for 2026-2031 includes Vũ Anh Tuân as chairman, along with Nguyễn Thanh Tùng, Trịnh Văn Nam, Đỗ Thị Hải Yến, and Phùng Thị Thu Thảo. Trịnh Văn Quyết, the founder, attended but did not join the new board.

Market Context

FLC was delisted from UPCoM on December 31, 2025, after the State Securities Commission revoked its public company status. The last trading day was December 30, 2025. The stock last traded at VND 4,000 with zero volume. The capital increase is part of a broader restructuring as FLC transitions to a private company, with the aircraft leasing venture representing a new business direction.

Strategic Significance

This capital raise signals FLC’s ambition to rebuild its financial base and diversify into aviation leasing, a capital-intensive sector. The move may be aimed at leveraging the founder’s connections and the group’s existing assets. For long-term investors, the key is whether FLC can generate sustainable revenue from the new venture and manage its debt, given its history of regulatory issues and delisting. The lack of disclosure on shareholder structure post-increase adds uncertainty.

What to Watch

• Further disclosures on the shareholder structure and use of proceeds from the capital increase.
• Operational milestones for the aircraft leasing subsidiary, including first lease agreements.
• Any regulatory approvals or compliance updates related to FLC’s private company status.
• Financial statements for 2026, particularly revenue and profit from the new subsidiary.
• Potential re-listing plans or strategic partnerships in the aviation sector.