On November 25, Vingroup Corporation (VIC) announced information on cooperation and support for Pomina Steel JSC (POM) and personnel changes at two large-scale steel enterprises.

Accordingly, Vingroup said that Mr. Do Tien Si will return to manage Pomina Steel, leading the business's recovery and development strategy in the new period.

The position of General Director of VinMetal was transferred to Mr. Pham Nhat Quan Anh, son of billionaire Pham Nhat Vuong, to ensure continuity in Vingroup's metallurgy development strategy.

Mr. Pham Nhat Quan Anh is currently a member of the Board of Directors of VinFast (VFS). Previously, Mr. Pham Nhat Quan Anh held many key management positions at VinFast, making important contributions to the development of VinFast, from the initial localization stage to the global expansion strategy.

VinMetal is a company established by Vingroup on October 6 to enter the metallurgical industry. Initially, VinMetal had a charter capital of VND10,000 billion. Vingroup contributed 98%, and the two sons of billionaire Pham Nhat Vuong each contributed 1%. By November 13, VinMetal increased its capital to VND15,000 billion. VinMetal focuses on civil steel lines in construction, hot-rolled steel, high-strength steel and special alloy steel for electric vehicle production and high-speed traffic infrastructure.

According to Vingroup, the establishment of VinMetal aims to supply material needs for the real estate sector, electric vehicle production and industrial, energy and transportation projects such as the North-South high-speed railway, the Ho Chi Minh City - Can Gio and Hanoi - Quang Ninh routes.

In early November 2025, VinMetal appointed Mr. Do Tien Si as General Director and legal representative to replace Mr. Nguyen Viet Quang - General Director of Vingroup. Mr. Si has 30 years of experience in the steel industry, holding the position of General Director and Vice Chairman of Pomina. Mr. Si is the younger brother of Mr. Do Duy Thai - Chairman of Pomina.

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Mr. Pham Nhat Quan Anh has held many key management positions at VinFast. Photo: VFS

Vingroup lends capital to Pomina with 0% interest rate

Another notable content in Vingroup's announcement is that the group will lend Pomina working capital with a maximum interest rate of 0% for 2 years, and choose Pomina as a priority supplier for the entire business ecosystem.

Accordingly, preferential capital from Vingroup will help Pomina improve cash flow, restore the supply chain, ensure stable production activities and gradually recover financial and business indicators.

In addition to providing capital, the group will also prioritize Pomina as a steel supplier for its member companies VinFast, Vinhomes, and VinSpeed. The company said that prioritizing Pomina steel is also part of its plan to increase the localization rate of materials in large projects.

Mr. Nguyen Viet Quang, Vice Chairman of the Board of Directors and General Director of Vingroup Corporation, said that Vingroup expects Pomina to have the opportunity to regain growth momentum, consolidate its position in the domestic market, and thereby continue to create value and contribute to the country.

Pomina used to be a steel "giant" and a rival of Hoa Phat Group (HPG) of billionaire Tran Dinh Long.

Pomina, established in 1999, has three chains of billet and construction steel rolling factories with a total annual capacity of 1.1 million tons of construction steel and 1.5 million tons of billet. This enterprise used to be one of the largest construction steel manufacturers in Vietnam with a market share of nearly 30%. However, Pomina's market share has gradually narrowed due to the strong rise of HPG.

Pomina Steel once had a very prosperous business period with profits ranging from 400-700 billion VND. However, in recent years, Pomina Steel has suffered heavy losses. In the first 9 months of 2025, this enterprise continued to lose more than 500 billion VND, pushing accumulated losses to more than 3,000 billion VND and negative equity. Pomina was forced to delist from HoSE from May 2024 due to serious violations of information disclosure obligations, POM shares are currently traded on UPCoM.

Pomina has tried to restructure and find strategic partners but failed. In 2024, due to legal regulations on foreign ownership limits, Pomina was unable to execute a strategic cooperation contract with Nansei Steel Corporation (Japan) through the sale of 51% of shares. After that, Pomina also sought domestic partners such as Thaco Industries but failed.

Recently, the Board of Directors of Pomina decided to convene an extraordinary meeting scheduled for December. The purpose is to approve the financial report for the first 9 months of 2025 and the restructuring plan of Pomina. The detailed content of the restructuring plan has not been announced yet.

Pomina Steel shares (code POM) are currently restricted from trading, only traded on Fridays. POM hit the ceiling in the last two sessions, on November 14 and November 21, to VND2,900/share.

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Source: https://vietnamnet.vn/con-trai-ty-phu-pham-nhat-vuong-lam-ceo-vinmetal-ong-do-tien-si-tro-lai-pomina-2466504.html