The Ho Chi Minh City Stock Exchange (HoSE) has suspended trading of Tân Tạo stock (ITA) from September 26 until further notice due to ongoing delays in submitting mandatory financial reports.

Since HoSE imposed trading restrictions on July 16, Tân Tạo Investment and Industry Corporation has not submitted its audited financial statements or annual reports for 2023 and 2024.

Despite reminders and penalties, the company cites 'force majeure circumstances' and difficulties finding an auditing firm as reasons for the delays.

Tân Tạo explained that four auditors who previously assessed its financial statements had their qualifications suspended, leading to a reluctance among firms to take on the audit.

CEO Nguyễn Thanh Phong said the company anticipates profitability in 2023, despite challenges from bad debt provisions and a terminated land lease for a thermal power project.

Chairwoman Đặng Thị Hoàng Yến said external forces have been trying to destabilise the company since May 2022.

ITA shares have fallen significantly recently, trading below par value at VNĐ2,770 (US$0.11).

Tân Tạo, a Vietnamese industrial estate developer, subdivides land and builds industrial parks and residential areas for sale.

It leases land and warehouses, offers courier and industrial zone services, and provides investment and technology consultancy.

The company also constructs electrical works and provides data transfer, warehousing, remote access, Internet services, and information storage. — VNS