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A business that was once in the leading group of Vietnam's steel industry now has hundreds of billions of dong in negative capital and is at risk of losing its status as a public company. In your opinion, is this just a temporary difficulty or a sign that the "steel empire" is coming to an end?
The stock market on June 15, 2026 witnessed notable information when Pomina Steel Joint Stock Company announced that it no longer met the conditions of a public company under the Securities Law 2019. The reason was that the company's equity had turned negative, putting POM shares at risk of having to leave the stock exchange if it did not soon improve its financial situation.
What a serious problem Pomina is having
According to the 2025 audited financial report
Value Indicator
Individual equity negative more than 590 billion VND
Negative consolidated equity is nearly 631 billion VND
Minimum conditions according to law From 30 billion VND or more
Current risk: Loss of public company status
Negative equity means the total assets of the business are no longer enough to compensate cDebt obligations payable. This is one of the most serious financial signs for listed businesses.
From the "steel king" to the battle for survival
Pomina used to be one of the largest construction steel brands in Vietnam with a modern production system and significant market share in the southern region.
However, from 2022, a series of difficulties will appear
✓ Blast furnace project extended after the COVID-19 pandemic
✓ Investment costs increased sharply
✓ Real estate market decline
✓ Demand for construction steel decreased sharply
✓ The factory must stop production from September 2022
As a result, the business continuously suffered losses for many consecutive years.
Business results continue to disappoint
In the first quarter of 2026
Indicators for Quarter 1/2026 Compared to the same period
Revenue Nearly 466 billion VND Decrease 54.7%
Profit after tax Negative nearly 179 billion VND Loss increased
Equity About 801 billion VND Still under great pressure
What is worrying is that revenue has decreased by more than half but the business continues to suffer heavy losses.
Rare positive signal from Vinmetal
A rare bright spot appeared when Pomina announced that it had completed negotiations and signed a cooperation agreement with Vinmetal in the fourth quarter of 2025.
Production activities have begun to be restored since early 2026.
Investors expect cooperationThis may help Pomina
* Restart the factory
* Improve cash flow
* Increase consumption
* Debt restructuring support
* Equity recovery
However, this process is estimated to take many years instead of several quarters.
Audits continue to warn
One detail that worries many investors is that in all three consolidated financial statements for 2023, 2024 and 2025, the auditor emphasized material uncertainties related to Pomina's ability to continue operating.
This is a very rare warning that rarely appears for many years in a row for listed businesses.
What would happen if Pomina lost its status as a public company
If the negative equity situation cannot be overcome
Consequences Impact
Cancellation of public company status. Loss of right to maintain listing
POM shares left the exchange Liquidity decreased sharply
Investors find it difficult to trade. Risks increase
The ability to mobilize capital declines. It is more difficult to restructure
This is the spiral that many struggling listed businesses often face.
Market perspective
Pomina is not an isolated case. During the period when the steel industry faced pressure from real estate decline and fierce competition, many steel enterprises also recorded a sharp decline in profits.
TuHowever, negative capital of more than 631 billion VND shows that Pomina is in a difficult situation significantly deeper than the general level of the steel industry.
The biggest question now is no longer when Pomina will return to profitability, but whether the business can recover quickly enough to retain its public company status before legal regulations are applied.
If Pomina really leaves the stock exchange, do you think this will be one of the most unfortunate collapses of the Vietnamese steel industry in the past decade?
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