AsemconnectVietnam - From being a major shareholder owning 79.54% of the charter capital, through 6 private placements raising the capital to VND3,570 billion, Petrovietnam now only owns 9.8% of the capital in Phuoc An Port Investment and Exploitation Joint Stock Company (PAP - UPCoM code), although it still owns 35 million shares.

Phuoc An Port announced its semi-annual financial report for 2026, audited by Ernst & Young Vietnam Co., Ltd.
As of June 30, 2026, Phuoc An Port's charter capital had increased from VND2,320 billion to VND3,570 billion. Notably, the Vietnam National Energy and Industry Corporation (Petrovietnam), while still owning 35 million PAP shares, has seen its ownership stake diluted from 15.1% to 9.8% of the charter capital.
Currently, as of June 30, 2026, Phuoc An Port has two major shareholders: Hoanh Son One-Member Limited Company, owning 11.3% of the charter capital; and Petrovietnam, owning 9.8% of the charter capital; with the remaining 78.9% belonging to other smaller shareholders.
According to our research, Phuoc An Port was established to invest in, build, and operate a large-scale general port in Dong Nai. Upon its establishment, the shareholder structure included Petrovietnam owning 79.54% (35 million shares), the Industrial Park Development Corporation holding 17.05%, and other shareholders accounting for 3.41%.
However, since 2016, Phuoc An Port has continuously issued private placement shares to increase its charter capital, significantly diluting the ownership of state shareholders.
Specifically, in 2016, the company issued 46 million private placement shares to Hoanh Son One-Member Limited Liability Company, increasing its charter capital from VND440 billion to VND900 billion. This was a turning point as Hoanh Son emerged to replace Petrovietnam as the parent company. In 2017, the company issued an additional 20 million shares, raising its charter capital to VND1,100 billion; in 2021, it issued 40 million shares, reaching VND1,500 billion; in 2022, it issued 50 million shares, raising the capital to VND2,000 billion; and in 2024, it continued to issue 32 million private placement shares, bringing the charter capital to VND2,320 billion. and continued to increase capital to VND3,570 billion in the first half of 2026.
Throughout the 6 capital increases, the number of shares held by Petrovietnam remained at 35 million. As a result, the ownership percentage decreased sharply from 79.54% to only 9.8%, meaning a loss of more than 69.74% ownership. From a controlling position, Petrovietnam gradually became a shareholder without decision-making power, having to cede the "hot seat" to the group of outside investors.
Returning to the business situation of Phuoc An Port, in the first half of 2026, Phuoc An Port recorded revenue of VND247.59 billion, an increase of 754.1% compared to the same period; after-tax profit recorded a loss of VND233.04 billion compared to a loss of VND247.73 billion in the same period. Of this, the company operated below cost, recording a gross loss of VND56.97 billion.
With continued losses, as of June 30, 2026, Phuoc An Port's total accumulated losses reached VND769 billion, equivalent to 21.54% of its charter capital.
Furthermore, regarding funding sources, as of June 30, 2026, Phuoc An Port's total short-term and long-term debt continued to increase by 54.5% compared to the beginning of the year, corresponding to an increase of VND3,044 billion, reaching VND8,630.6 billion and equivalent to 252.4% of total equity. Of this, short-term debt was VND1,208.5 billion and long-term debt was VND7,422.1 billion.
Source: VITIC/Bao Tai chinh – Dau tu