PECC2 (TV2) Chairman Arrested, H1 Profit Surges 210%

Overview

PECC2 (TV2), listed on HOSE, disclosed that its Chairman and Chief Accountant have been prosecuted and detained by the Ministry of Public Security, leading to immediate leadership changes. The company also reported robust H1 2026 financial results, with revenue up 32% and profit up 210%, despite the ongoing investigation.

Key Facts

• Nguyễn Chơn Hùng, Chairman of the Board, was prosecuted and detained in May 2026; he was dismissed on June 30, 2026.
• Bùi Thị Ngọc Lý, Chief Accountant, was also prosecuted and detained; she was dismissed from her role at the end of May 2026.
• Phạm Liên Hải was appointed as new Chairman of the Board effective June 30, 2026.
• Nguyễn Trung Khang was appointed as Head of the Supervisory Board on the same date, replacing Nguyễn Hồng Khanh.
• H1 2026 net revenue reached VND 682 billion, up 32% year-on-year.
• H1 2026 after-tax profit reached VND 102 billion, up 210% from VND 33 billion in H1 2025.
• Total assets as of June 30, 2026, stood at VND 4,630 billion, up 55% from VND 2,980 billion at the start of the year.

What Happened

In May 2026, the Investigation Police Department of the Ministry of Public Security initiated prosecution and detained Nguyễn Chơn Hùng, Chairman of the Board, and Bùi Thị Ngọc Lý, Chief Accountant of PECC2. The company stated that the case is under investigation and no official conclusions have been made by competent state authorities. PECC2 emphasized that its business, governance, and operations continue normally as of the reporting date.

Following the incident, PECC2 announced leadership changes: Nguyễn Chơn Hùng was dismissed from June 30, 2026, and Phạm Liên Hải was appointed as the new Chairman of the Board. Nguyễn Trung Khang took over as Head of the Supervisory Board, and Bùi Thị Ngọc Lý was removed from her position as Chief Accountant. The company also released its reviewed semi-annual financial statements for 2026, with the auditor UHY highlighting the legal proceedings as an emphasis of matter.

Market Context

TV2 closed at VND 26,850 on September 2, 2026. The stock has been under pressure amid governance concerns, but the strong H1 results may provide some support. PECC2 operates in the engineering and construction consultancy sector for power projects, a segment tied to Vietnam’s energy transition and infrastructure spending. The broader market has shown resilience, but governance issues often weigh on investor sentiment for individual names.

Strategic Significance

The leadership change at PECC2 is a critical governance event that could affect investor confidence and future contract wins. However, the company’s robust financial performance, with a 210% profit surge and a strong cash position (VND 2,223 billion in cash and deposits, representing 48% of total assets), suggests operational momentum remains intact. The company’s ability to maintain business continuity and secure new projects will be key to sustaining growth. The investigation’s outcome could have long-term implications for management credibility and corporate governance standards.

What to Watch

• Official conclusions from the investigation and any potential charges against the detained executives.
• Q3 2026 financial results to see if the profit momentum continues.
• Updates on new contract wins, especially in the power and energy infrastructure segment.
• Any further leadership changes or board restructuring.
• Market reaction to the investigation’s progress and its impact on TV2’s stock price and foreign ownership.