On November 25, Vingroup (VIC) announced its partnership and support for Pomina Steel Corporation (POM), along with executive changes at two major steel enterprises.

According to the announcement, Do Tien Si will resume his leadership role at Pomina, where he will guide the company’s recovery and growth strategy during its next phase.

The role of VinMetal CEO has been officially transferred to Pham Nhat Quan Anh to ensure continuity in Vingroup’s long-term metallurgy strategy.

Pham Nhat Quan Anh currently serves on the Board of Directors of VinFast (VFS). Prior to this role, he held several key management positions at VinFast, playing a pivotal role in the company’s journey from domestic production to its global expansion efforts.

VinMetal was established by Vingroup on October 6 to enter the metallurgical industry. Initially, the company had a charter capital of 10 trillion VND (approximately USD 410 million), with Vingroup contributing 98%, and Pham Nhat Vuong’s two sons each contributing 1%. By November 13, the company’s capital had increased to 15 trillion VND (around USD 615 million).

VinMetal focuses on various steel product lines including construction-grade steel, hot-rolled steel, high-strength steel, and special alloy steel designed for electric vehicles and high-speed transport infrastructure.

According to Vingroup, the formation of VinMetal is intended to meet material demands across real estate, electric vehicle manufacturing, and infrastructure projects including the North-South high-speed railway, the Ho Chi Minh City – Can Gio route, and the Hanoi – Quang Ninh line.

In early November 2025, VinMetal had appointed Do Tien Si as CEO and legal representative, replacing Nguyen Viet Quang, Vingroup’s current CEO. Do Tien Si brings 30 years of experience in the steel industry, having previously served as CEO and Vice Chairman of Pomina. He is also the younger brother of Do Duy Thai, Chairman of Pomina.

Vingroup offers Pomina a zero-interest loan

A key highlight from Vingroup’s statement is the group’s commitment to providing Pomina with working capital loans at 0% interest for up to two years. Pomina will also become a preferred supplier within the Vingroup ecosystem.

This preferential funding is expected to help Pomina improve its cash flow, restore its supply chains, stabilize production operations, and gradually recover its business and financial performance.

In addition to the financial support, Vingroup will prioritize Pomina’s steel products for use by its subsidiaries, including VinFast, Vinhomes, and VinSpeed. This preferential sourcing aligns with Vingroup’s broader strategy to increase the localization rate of materials in its key projects.

Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, stated that the group hopes to help Pomina regain momentum, strengthen its position in the domestic market, and continue contributing to national development.

Pomina was once a leading player in Vietnam’s steel sector and a major rival to Hoa Phat Group (HPG), led by billionaire Tran Dinh Long.

Founded in 1999, Pomina operates three steelmaking and rolling mills with an annual capacity of 1.1 million tons of construction steel and 1.5 million tons of billets. The company was once one of Vietnam’s largest construction steel producers, holding a market share close to 30%. However, that share has diminished significantly due to Hoa Phat's rapid growth.

Pomina previously posted robust earnings, with profits ranging from USD 16 million to USD 28 million. However, in recent years, the company has incurred heavy losses. In the first nine months of 2025 alone, Pomina posted a loss exceeding USD 20.5 million, pushing cumulative losses to over USD 123 million and resulting in negative equity.

Due to serious disclosure violations, Pomina was delisted from the Ho Chi Minh Stock Exchange (HoSE) in May 2024, and its shares (POM) are now traded on the UPCoM platform.

Pomina has made several unsuccessful attempts to restructure and attract strategic partners. In 2024, the company failed to close a strategic deal with Japan’s Nansei Steel Group, which would have involved selling a 51% stake, due to foreign ownership limits under Vietnamese law. Attempts to partner with domestic firms like Thaco Industries also fell through.

Recently, Pomina’s Board of Directors announced plans to convene an extraordinary shareholders meeting in December to approve its Q3 2025 financial statements and discuss a new restructuring plan. The specific contents of that plan have not been disclosed.

Pomina’s stock (POM) is currently subject to restricted trading, with transactions allowed only on Fridays. It hit its ceiling price in two recent sessions, on November 14 and 21, reaching VND 2,900 per share (approximately USD 0.12).

Manh Ha