SPC Fined VND 125M for Misstated Profit; PSH Penalized VND 92.5M

Overview

Vietnam’s State Securities Inspector imposed a VND 125 million fine on Saigon Plant Protection JSC (HNX: SPC) for misstated after-tax profit disclosures and a VND 92.5 million fine on Nam Song Hau Petroleum Investment Trading JSC (UPCoM: PSH) for late filing of multiple documents. The penalties, issued on 02/10 and 06/10 respectively, put disclosure quality and filing discipline at two listed names in the chemicals and energy sectors back in focus.

Key Facts

• SPC fined VND 125 million for disclosing after-tax profit figures that differed from its audited consolidated and separate 2025 financial statements.
• SPC was also ordered to correct the disclosed information under prevailing regulations.
• PSH fined VND 92.5 million for late disclosure, defined as 15 days or more past deadline, on the HNX disclosure system.
• PSH’s late documents include reviewed H1 2026 separate and consolidated financial statements and audited 2025 separate and consolidated financial statements.
• PSH also filed late bond-related reports: use of proceeds, interest and principal payments, and issuer commitment reports for 2025 and H1 2026.
• A third company, An Phat Technology Trading JSC, was fined VND 92.5 million for failing to submit required disclosures to HNX.
• The fines were announced by the State Securities Inspector on 02/10 and 06/10.

What Happened

The State Securities Inspector issued a decision on 02/10 fining Saigon Plant Protection JSC VND 125 million for disclosure violations. According to the decision, the company published after-tax corporate income tax profit figures in its Q4 2025 consolidated financial statements that diverged from its audited full-year 2025 consolidated statements, with the same discrepancy appearing between its Q4 2025 separate statements and audited full-year 2025 separate statements. Alongside the cash penalty, SPC was required to correct the information.

Separately, on 06/10, the inspector fined Nam Song Hau Petroleum Investment Trading JSC VND 92.5 million for filing a series of documents at least 15 days late on HNX’s disclosure system. The late items span reviewed H1 2026 and audited 2025 separate and consolidated financial statements, plus bond-related reports covering use of proceeds, interest and principal payments, and issuer commitments to bondholders for 2025 and H1 2026. A third firm, An Phat Technology Trading JSC, received the same VND 92.5 million penalty for failing to submit required documents to HNX.

Market Context

SPC trades on HNX and last closed at 9,000 VND. The fine is small in absolute terms, roughly USD 5,000, but it touches the credibility of reported earnings at a low-priced chemicals name where the audited-versus-unaudited gap is the core issue. PSH’s penalty sits on UPCoM, the exchange for unlisted public companies, where disclosure timeliness is often weaker and bond-related reporting has been a recurring regulatory focus. The actions are consistent with the State Securities Commission’s broader push on filing discipline and bond-market transparency rather than company-specific distress.

Strategic Significance

For SPC, the material point is not the VND 125 million but the fact that preliminary quarterly profit figures did not match audited annual numbers. Investors relying on quarterly releases for earnings momentum now have a documented reason to wait for audited statements before repricing the stock. For PSH, the pattern of late bond reports, use-of-proceeds filings and commitment reports matters more than the fine itself: it signals thin reporting capacity and raises the diligence burden on anyone holding the company’s bonds or equity. Both cases reinforce that in Vietnam’s smaller-cap universe, disclosure compliance is a usable proxy for governance quality.

What to Watch

• SPC’s corrected disclosure filing and any restated Q4 2025 figures on the HNX disclosure system.
• SPC’s next audited financial statements for confirmation that quarterly and annual figures reconcile.
• PSH’s subsequent bond reports, particularly use-of-proceeds and interest and principal payment filings, for on-time submission.
• Any further State Securities Inspector actions against An Phat Technology Trading JSC or related issuers.
• Whether HNX or the State Securities Commission escalates from fines to trading restrictions for repeat late filers.