TDP Fined VND 112.5M by SSC Over Late Dividend Share Issuance

Overview

Vietnam’s State Securities Commission Inspectorate fined Thuan Duc Joint Stock Company (TDP, HOSE) VND 112.5 million for issuing additional shares beyond the regulatory deadline, and ordered the company to recall the shares and refund affected investors. In a separate decision, Vilacona was fined VND 85 million for disclosing audited financial statements, governance reports and annual reports more than 15 days late.

Key Facts

• Decision No. 667/QĐ-XPHC, dated 3 November 2026, imposes a VND 112.5 million fine on Thuan Duc (TDP), headquartered in Bằng Ngang village, Lương Bằng commune, Hưng Yên province.
• The violation: TDP issued dividend shares more than 45 days after the SSC’s Document No. 6500/UBCK-QLCB of 14 July 2026 confirmed receipt of the required filing documents.
• TDP completed the issuance of 9.36 million dividend shares for 2025 to 487 shareholders on 18 September 2026, at a 100:10 ratio.
• Charter capital rose from VND 937 billion to approximately VND 1,031 billion after the issuance.
• Remediation requires TDP to recall the issued shares and refund subscribers or depositors plus interest at the demand-deposit rate of the collecting bank, within 15 days of an investor request.
• Investors have up to 60 days from the decision’s effective date to submit refund requests.
• Decision No. 668/QĐ-XPHC fines Vilacona (Viet-Lao Economic Cooperation Investment JSC, Nghệ An) VND 85 million for disclosing 2024 and 2025 audited financial statements, 2024-2026 governance reports, annual reports and AGM minutes at least 15 days late.

What Happened

The State Securities Commission Inspectorate issued Decision No. 667/QĐ-XPHC on 3 November 2026 against Thuan Duc, a HOSE-listed textile and packaging exporter based in Hưng Yên. According to the decision, the company carried out its 2025 dividend share issuance outside the 45-day window that began when the SSC’s Document No. 6500/UBCK-QLCB, dated 14 July 2026, confirmed it had received the complete filing set. TDP ultimately settled the issuance on 18 September 2026, distributing 9.36 million shares to 487 shareholders at a 100:10 ratio and lifting charter capital from VND 937 billion to roughly VND 1,031 billion.

Beyond the cash fine, the inspectorate imposed a remediation order: TDP must recall the issued shares and return subscription or deposit money to investors, plus interest calculated at the demand-deposit rate of the bank holding the proceeds, within 15 days of receiving an investor request. Investors have a maximum of 60 days from the effective date of the decision to file claims. In a parallel decision, No. 668/QĐ-XPHC, Vilacona was fined VND 85 million for publishing audited 2024 and 2025 financial statements, semi-annual and annual governance reports for 2024-2026, annual reports for 2024-2026, and 2024-2026 AGM resolutions and minutes at least 15 days behind schedule. Both penalties stem from inspectorate decisions rather than court proceedings.

Market Context

TDP closed at VND 28,550 on 3 November 2026, the date of the penalty decision. The fine itself is modest against the company’s roughly VND 1,031 billion charter capital and is unlikely to move the share price on its own; the more relevant variable is the forced recall of 9.36 million shares, which touches the shareholder register and the company’s capital base. TDP trades on HOSE, where disclosure and issuance-timeline compliance are enforced by the SSC Inspectorate, and the case sits within a broader Vietnamese regulatory push to tighten timelines around equity issuance and periodic disclosure.

Strategic Significance

The core issue for long-term holders is not the VND 112.5 million cash penalty but the remediation mechanics. A recall of already-issued dividend shares, with investor refunds plus interest, creates administrative complexity around the register and could delay recognition of the enlarged charter capital if the process is contested. For a small-cap exporter, repeated procedural findings can raise the cost of future capital raising and weigh on the valuation multiple relative to better-governed peers. The Vilacona case, while involving a different issuer, reinforces the same theme: the SSC is enforcing disclosure calendars strictly, and companies with thin compliance functions face rising operational risk.

What to Watch

• TDP’s disclosure on how it will execute the share recall and whether it sets a formal refund timetable.
• Any TDP filing revising the 18 September 2026 issuance result or the post-issuance charter capital figure.
• The 60-day investor claim window and whether the recall is completed without dispute.
• Vilacona’s remediation filings, including the outstanding 2024-2026 governance and annual reports.
• Further SSC Inspectorate decisions in the same enforcement cycle, which would indicate a broader compliance sweep.