PC1, GEX and EEMC Drawn Into EVNNPT Corruption Case as 47 Indicted

Overview

Vietnam’s Ministry of Public Security has indicted 47 suspects in a corruption case centred on state transmission monopoly EVNNPT, HOSE-listed PC1 Group and 13 related units, with roughly VND 1.756 trillion of securities accounts frozen and more than USD 1 million seized. The case touches the 500kV circuit-3 transmission line programme and names former EVNNPT chairman Dang Phan Tuong, who currently sits on the board of EEMC. For investors in PC1, GEX and EEMC, the immediate question is how much of the alleged misconduct sits inside listed entities versus state counterparties.

Key Facts

• 47 suspects indicted on five charges: bid-rule violations, accounting violations, embezzlement, giving bribes and receiving bribes.
• 13 entities named, including EVNNPT, PC1 Group, Dong Anh Steel Pole Manufacturing, Song Da 11, Power Construction Consulting 1-4 and Duc Hai Trading.
• Assets frozen or seized: about VND 1.756 trillion in securities accounts, over VND 45.8 billion in cash and more than USD 1 million.
• Alleged violations span the 500kV circuit-3 line, from cost estimation and bidding documents through tender, acceptance and final settlement.
• Dang Phan Tuong, EVNNPT chairman from 1 September 2011 to 1 September 2020, has been indicted; he joined the EEMC board in November 2024.
• The announcement was made by Major General Le Van Tan of C01 at a press conference on 2 July 2026.
• EVNNPT is wholly owned by EVN and operates the national transmission grid.

What Happened

According to C01’s statement at the 2 July 2026 press conference, investigators have opened proceedings against 47 individuals across five criminal charges linked to procurement and settlement work at EVNNPT, PC1 Group and 13 named units. The alleged violations occurred during implementation of the 500kV circuit-3 transmission line, covering cost estimation, bidding documentation, tender organisation, acceptance testing and final settlement, with additional contractor irregularities identified during the probe.

In a separate disclosure, EEMC said it received notice from C01 that Dang Phan Tuong had been indicted. Tuong served as chairman of EVNNPT’s member council from September 2011 until September 2020 and was also party secretary of the company. Since leaving EVNNPT he has held governance roles across the electrical equipment ecosystem, including GELEX Electric, CADIVI, THIBIDI and EEMC, where he was elected to the board in November 2024. The filings do not specify which charges apply to which individual, and no transaction value tied to PC1 or EEMC has been disclosed.

Market Context

PC1 closed at VND 20,250 on 14 September 2026 on HOSE, while GEX closed at VND 22,300. Both sit in the construction, industrial and electrical-equipment complex that supplies and services EVN’s transmission build-out, a segment that has traded on the back of the 500kV circuit-3 and broader grid capex cycle. EEMC, the Dong Anh electrical equipment producer, is the most directly exposed to the personnel development because the indicted individual sits on its board. The case lands against a Vietnamese market backdrop where governance and related-party scrutiny of state-linked infrastructure contractors has become a recurring theme for foreign and domestic institutional investors.

Strategic Significance

The core issue for long-term holders is not the headline fine but the procurement channel. EVNNPT is the sole buyer for much of Vietnam’s transmission equipment and construction work, and PC1, GEX-linked entities and EEMC all derive revenue from that ecosystem. If investigators conclude that tender and settlement processes on the 500kV circuit-3 line were compromised, the practical consequences are slower award cycles, tighter documentation requirements and possible re-tendering of packages, which affects revenue timing more than terminal demand. Power transmission capex itself remains policy-critical for Vietnam’s grid, so the strategic thesis survives; what changes is the compliance discount investors should apply to contractors with concentrated exposure to a single state counterparty.

What to Watch

• Formal charges and any asset-freezing orders specifically naming PC1 Group, GEX or EEMC, as opposed to individuals.
• PC1’s next disclosure on backlog, tender participation and any suspension from EVN or EVNNPT supplier lists.
• EEMC board response, including whether Dang Phan Tuong remains a director and any extraordinary shareholder meeting.
• C01 updates on the 500kV circuit-3 packages and whether contracts are re-tendered or renegotiated.
• Q3 2026 earnings and any auditor or legal-provision commentary from the affected listed companies.