PC1 Group: 48 Prosecuted in 500kV Circuit 3 Transmission Line Case

Overview

Vietnam’s Ministry of Public Security (C01) has prosecuted 48 suspects in connection with violations at the 500kV circuit 3 transmission line project, naming PC1 Group (HOSE: PC1) and Dong Anh Electrical Equipment Corporation among 13 entities under investigation. The case spans five charges including bid-rigging, accounting violations, bribery and asset embezzlement, and authorities have frozen securities accounts valued at approximately VND 1,756 billion. The disclosure places a listed infrastructure and energy contractor at the center of one of Vietnam’s highest-profile public-investment probes.

Key Facts

• 48 suspects prosecuted across five charges: violations of bidding regulations, accounting violations, receiving bribes, giving bribes, and asset embezzlement.
• The project is the 500kV circuit 3 transmission line, owned by National Power Transmission Corporation (EVNNPT).
• 13 entities are named in the case, including PC1 Group, Dong Anh Electrical Equipment Corporation, Dong Anh Steel Pole Manufacturing, Tan Phat Minerals, and Song Da 11.
• Authorities seized more than VND 45.8 billion and USD 1.05 million (equivalent to about VND 26 billion).
• Securities accounts belonging to the suspects were suspended or frozen, with a total value of approximately VND 1,756 billion.
• Dang Phan Tuong, born 1965 in Ha Noi, a board member of Dong Anh Electrical Equipment Corporation since November 2024 and former chairman of EVNNPT, was prosecuted.
• PC1 shares closed at VND 20,200 on 1 October 2026.

What Happened

At a press briefing on the third-quarter 2026 public security work, a representative of C01 said the investigation had determined that multiple violations occurred during the execution of the 500kV circuit 3 project, which is owned by National Power Transmission Corporation. To date, 48 suspects have been prosecuted under five charges, and the investigation is focused on clarifying the full scope of the case and recovering assets for the state budget.

On 13 September, Dong Anh Electrical Equipment Corporation - Joint Stock Company (EEMC) issued an unusual-information disclosure regarding Dang Phan Tuong, stating he had been prosecuted by C01 during the investigation into the criminal case at EVNNPT, PC1 Group and related companies. Tuong has served as a board member of Dong Anh Electrical Equipment since November 2024 and previously spent many years as chairman of EVNNPT. In July 2026, Major General Le Van Tan, deputy chief of office at C01, had already provided an update on the case, which involves 13 units including EVNNPT, the Northern and Central power project management boards, PC1 Group, Dong Anh Steel Pole Manufacturing, Tan Phat Minerals, Song Da 11, several power construction consultancies and other related enterprises.

Market Context

PC1 Group is listed on the Ho Chi Minh City Stock Exchange (HOSE) and operates in construction and materials, with exposure to power transmission and renewable energy infrastructure. The stock closed at VND 20,200 on 1 October 2026. The case sits within a broader Vietnamese market environment where regulatory scrutiny of large public-infrastructure programmes has intensified, and where the 500kV circuit 3 line has been a flagship national project. The disclosure of frozen securities accounts and named corporate entities introduces headline risk for a contractor whose order book is tied to state-backed power infrastructure.

Strategic Significance

For long-term investors, the key question is not the headline itself but the scope of PC1’s legal exposure and whether the investigation reaches current management or contracts. The case names PC1 Group alongside EVNNPT and several subcontractors, which raises the possibility of contract reviews, delayed payments or disqualification from future state tenders. The 500kV circuit 3 line is central to Vietnam’s north-south power transmission strategy, so any disruption to procurement or project timelines could affect the pipeline of transmission and substation work that underpins PC1’s construction segment. The frozen accounts, while tied to individual suspects, also signal that asset-recovery efforts are being pursued aggressively.

What to Watch

• Any PC1 Group disclosure to HOSE clarifying the status of the company and its executives in the investigation.
• C01 updates on whether additional suspects or entities are prosecuted, and whether charges extend to current PC1 management.
• EVNNPT statements on contract continuity and payment schedules for the 500kV circuit 3 project.
• PC1’s next quarterly earnings release for signs of order-book or margin impact.
• Foreign-ownership and block-trade filings on PC1 for institutional positioning changes.