Concerns Over C-Holdings and QCG Relationship

Key pointsTHACO AGRI has proposed a herbal planting project in Da Nang, covering approximately 3,800ha, aimed at cultivating Sam Goc Linh and other medicinal herbs. The project is planned to operate for 50 years, with funding sourced from investor contributions and legally raised capital. THACO AGRI is implementing a large-scale production strategy in the agricultural sector, utilizing over 95,000ha of land across Vietnam, Laos, and Cambodia.
Business impactThis project presents agricultural investment opportunities and could offer new business prospects for Japanese companies. Businesses anticipating growth in the herbal market may find it worthwhile to consider collaboration with THACO AGRI.

Key pointsQCG has not disclosed its relationship with C-Holdings in its reports, raising concerns. C-Holdings was founded by QCG's CEO Nguyen Quoc Quan, yet its name is absent from QCG's audit report, questioning transparency in accounting standards. QCG is currently facing legal issues that impact its debt repayment, while C-Holdings is experiencing steady growth.
Business impactThis issue highlights the importance of compliance with accounting standards for Japanese companies. Proper disclosure of information is crucial for maintaining credibility, especially regarding transactions and transparency with affiliated companies.

Key pointsVietnam's tax authority has issued a warning to businesses regarding a new tax policy set to take effect in 2026. This includes essential information that businesses need to be aware of, with expectations for strengthened tax management.
Business impactThe introduction of the new tax policy will have a direct impact on tax management for Japanese companies, necessitating that each company fully understands the new policy and prepares appropriate responses.

Key pointsJapan's Nissha acquired 60% of Vietnamese medical device manufacturer USM Healthcare but decided to sell all shares just three months later due to issues with USM's accounting practices, particularly the discovery of 'transaction circularity.' Nissha stated that the problems emerged after the integration of USM's management, leading to their exit. The founder of USM is set to buy back shares and intends to regain control of the company.
Business impactJapanese companies must conduct thorough due diligence before M&A transactions, particularly ensuring transparency in accounting practices and management policies. This can help mitigate risks and increase the likelihood of investment success.

Key pointsAt a conference held in Hanoi, Deputy Minister of Finance Nguyen Duc Chi emphasized the importance of improving the quality of corporate governance and ensuring transparency in the securities market. He stated that the reliability of corporate financial reporting and information transparency are crucial for enhancing market credibility.
Business impactJapanese companies need to focus on the development of a legal framework aimed at improving transparency and implement appropriate governance to gain investor trust.

Key pointsIn August 2026, the HNX stock market experienced a decline in stock prices, with liquidity decreasing by 31%. The HNX index fell to 282.53 points, a 4.16% decrease from the previous month. Meanwhile, foreign investors were net buyers, particularly with a surge in Vin Group stocks. Overall market trends are influencing investor sentiment.
Business impactJapanese companies need to monitor foreign investor trends and develop strategies responsive to changes in the stock market. Notably, the decrease in liquidity may impact investment decisions.