TBD Board Member Dang Phan Tuong Prosecuted in EVNNPT-PC1 Case

Overview

Dang Phan Tuong, a member of the board of directors of Dong Anh Electrical Equipment Corporation (TBD), has been prosecuted by the Ministry of Public Security’s investigative police agency (C01) in the ongoing criminal case at National Power Transmission Corporation (EVNNPT), PC1 Group and related entities. TBD disclosed the development in an unusual information announcement on September 12, alongside details of Tuong’s first-half 2026 remuneration. The news places a sitting board member of the UPCOM-listed electrical equipment maker at the center of one of Vietnam’s largest ongoing corruption probes.

Key Facts

• Dang Phan Tuong was prosecuted as a defendant by C01 in the EVNNPT-PC1 case; the notice did not specify the charge or any preventive measure.
• TBD disclosed the information on September 12 in an unusual information announcement.
• Tuong received VND 94.8 million in remuneration from TBD in H1 2026, equivalent to about VND 15.8 million per month.
• In full-year 2025, he received VND 224.6 million, or nearly VND 19 million per month.
• Tuong previously served as Chairman of EVNNPT’s Members’ Council for nine years, from September 1, 2011 to September 1, 2020, before taking early retirement.
• The Ministry of Public Security has prosecuted 47 defendants across five charge groups: bid violations causing serious consequences, accounting violations causing serious consequences, asset embezzlement, giving bribes and receiving bribes.
• TBD reported H1 2026 net revenue of VND 1,111 billion, gross profit of nearly VND 171 billion (down VND 15 billion) and after-tax profit of over VND 66 billion, down 25% year-on-year.

What Happened

According to TBD’s filing, the company received a notice from C01 stating that during the investigation of the criminal case at EVNNPT, PC1 Group and related companies, the agency had initiated prosecution against Dang Phan Tuong. The document did not state the specific offense or any restrictive measure applied to him. TBD is listed on UPCOM under the ticker TBD and operates in the electrical equipment sector.

The disclosure also included Tuong’s compensation figures drawn from the company’s reviewed H1 2026 financial statements. He earned VND 94.8 million from TBD in the first six months of 2026, down from an average of nearly VND 19 million per month in 2025. Tuong’s background includes nine years as Chairman of EVNNPT’s Members’ Council, a period that overlaps with the transactions now under investigation. The Ministry of Public Security has said the case remains under expanded investigation.

Market Context

TBD shares closed at VND 97,600 on July 28, 2026, on the UPCOM exchange. The stock trades on the unlisted public company market, which typically has thinner liquidity and wider disclosure gaps than HOSE or HNX. The prosecution adds governance risk to a company already facing margin pressure: H1 2026 gross profit narrowed by VND 15 billion as cost of goods sold rose faster than revenue, and after-tax profit fell 25% year-on-year. The broader EVNNPT-PC1 case has swept up 47 defendants and touches multiple listed and unlisted entities in Vietnam’s power transmission and construction supply chain.

Strategic Significance

For long-term investors, the key issue is not the remuneration figure but the governance and counterparty risk embedded in TBD’s board. A director whose prior nine-year tenure at EVNNPT overlaps with the period under investigation creates potential reputational and legal overhang for the company, even if TBD itself is not accused. The case also signals that Vietnam’s anti-corruption drive continues to reach into the power infrastructure sector, which could slow approvals, delay projects and raise compliance costs across the electrical equipment supply chain. Investors should assess whether TBD’s order book and customer relationships depend on entities or individuals now under scrutiny.

What to Watch

• Any C01 notice specifying the charge against Dang Phan Tuong or a preventive measure.
• TBD board resolution on Tuong’s status as a director, or any suspension or resignation.
• Q3 2026 financial statements for further margin deterioration and any provisions.
• Expansion of the EVNNPT-PC1 case to additional listed entities or TBD counterparties.
• UPCOM trading volume and price reaction in TBD shares following the disclosure.