In the first nine months of 2026, TKV Minerals Corporation (Vimico, ticker KSV on HNX) reported consolidated net profit of over VND 3,462 billion, up about 153% year on year and higher than its full-year 2025 result.FireAnt The same week brought two changes at the top. Since October 29, Deputy General Director Ly Xuan Tuyen has served as acting General Director and legal representative, after the board removed Trinh Van Tue from the General Director post. Mr. Tue has just been formally charged with accepting bribes.CafeF
Look at the numbers and the picture splits into two separate strands. The business side has full figures. The governance side is in transition. This post reads each on its own, then ends on the two dates KSV shareholders should note.
What was disclosed on October 29 and 30
In a disclosure to the State Securities Commission and the Hanoi Stock Exchange on October 30, Vimico said it had received a decision from the Investigation Police Agency of the Ministry of Public Security to open a criminal case against Mr. Trinh Van Tue, the removed General Director, for "accepting bribes" under Article 354 of the Criminal Code.Vietnamnet Being charged is the opening step of an investigation, not a finding about conduct.
A day earlier, on October 29, the board passed a resolution removing Mr. Tue as General Director, effective immediately. Mr. Ly Xuan Tuyen, Deputy General Director, was given the acting role and the legal-representative duties until the company fills the post.CafeF The handover was made under Decision No. 1519/QD-VIMICO.Doanh nghiep Hoi nhap It is a temporary assignment, not the formal appointment of a new General Director.
Mr. Tue, born in 1972, has worked at Vimico since 1992 and held the General Director post since March 2018. In April 2025 he was elected to the 2025-2030 board.Vietnamnet
Who is running the company
Mr. Tuyen, born in 1980, previously ran the Sin Quyen Copper Concentrating Company in Lao Cai and has been a Deputy General Director of Vimico since November 2019. He also chairs the boards of Thai Nguyen Non-Ferrous Metals - Vimico (TMG) and Cao Bang Iron and Steel.CafeF In other words, operating authority has passed to someone who worked in the Sin Quyen copper business, which produces Vimico's flagship product.
Where Vimico earns its money
Vimico is a member of Vietnam National Industry - Energy Group (TKV), active in mining, mineral processing and metallurgy. Copper is its largest chain: ore from the Sin Quyen mine is concentrated and smelted into copper cathode in Lao Cai, with gold and silver recovered along the way. The 2026 plan calls for 30,000 tonnes of copper cathode, 940 kg of gold and nearly 3 tonnes of silver.CafeF Its subsidiary TMG adds zinc ingots from Thai Nguyen.
Because the products are metals, Vimico's results track copper, gold and silver prices fairly closely. That explains most of the figures below.
Nine months: profit already above full-year 2025 and above the annual plan
Per the consolidated financial statements, Vimico's net revenue for the first nine months of 2026 was over VND 14,686 billion, up about 35% year on year. Consolidated net profit was over VND 3,462 billion, up about 153%, or roughly 2.5 times the prior-year period.FireAnt Pre-tax profit reached VND 4,340 billion, up 149%.Nguoi Quan Sat
For scale: in full-year 2025, Vimico booked consolidated net revenue of VND 14,554 billion and consolidated net profit of VND 1,908 billion.VOH So after nine months, revenue is slightly above last year's total, and net profit is about VND 1,550 billion higher than the 2025 full-year figure.
Vimico's 2026 plan is consolidated revenue of VND 13,481 billion and profit of VND 2,042 billion.Nguoi Quan Sat Nine-month revenue is already about 9% above the full-year plan. On the profit target, outlets differ: Nguoi Quan Sat treats VND 2,042 billion as pre-tax profit, while a Vietstock article calls the same figure after-tax profit.Vietstock Either way, nine-month profit has passed the full-year target.
On timing, first-half consolidated net profit was VND 2,428 billion on revenue of nearly VND 9,890 billion.CafeF Some outlets cite a standalone third-quarter figure, but adding it to the half-year number overshoots the nine-month total, so this post uses only the six- and nine-month marks.
The driver is selling prices
In its explanatory filing, Vimico said profit rose mainly because average selling prices of its main products over nine months were higher than a year earlier. Average copper cathode price was VND 355.8 million per tonne, up VND 104.5 million, or about 42%. Gold averaged VND 3.696 billion per kg, up VND 1.217 billion, or about 49%. Silver, zinc ingots and magnetite concentrate prices also rose.FireAnt
This cuts two ways. By the company's own explanation, the profit increase came from core operations. At the same time, because earnings follow metal prices, Vimico's profit will move with global copper and gold in coming quarters. The nine-month result reflects a high-price period, not a level to assume for later years.
The November 2 session and the meeting calendar
KSV closed on October 30 at VND 109,500 per share. In the November 2 session, as of about 11:20 a.m., it was down a sharp 8.49% at VND 100,200 on roughly 136,400 shares traded, while the VN-Index fell 0.83% to 1,727.25. The session was still open, so this is a mid-day snapshot. The available data cannot separate how much of the drop reflects the management news, the broader market or short-term flows.
On October 30 the board issued Resolution No. 2990/NQ-VIMICO convening the 2026 extraordinary general meeting. The record date for shareholders to exercise attendance rights is November 20, 2026. The meeting is planned for the company's headquarters at 3 Duong Dinh Nghe, Yen Hoa ward, Hanoi.CafeF CafeF and Nguoi Quan Sat give the planned meeting date as December 15, while FireAnt says December 25. The sources agree on the record date, so this post describes the meeting only as "planned for December."
The record date decides who can attend and vote: anyone on the list fixed on November 20 holds the right, even if they sell afterward. With T+2 settlement, a buyer must have the shares in their account before the record date to appear on the list.
Two strands, two ways to read them
Earnings are the closed strand: nine-month profit above VND 3,462 billion, above full-year 2025 and above the annual plan, driven by higher metal prices. Governance is in transition: operating authority has a holder, the formal General Director post remains unfilled, and the case is in the investigation stage. A strong quarter does not answer questions about the investigation, and the reverse also holds: no official information currently links the case to business operations.
Signals worth watching, in order:
- November 20: the record date fixing the list of shareholders entitled to attend.
- The meeting materials sent to shareholders: they will show what the meeting is asked to decide, whether board personnel is on the agenda, and the formal meeting date.
- Q4 results: they will show how much of the profit holds when copper and gold prices move.