A&C Auditing and Consulting Co., Ltd. declined to issue a conclusion on HVA Investment Joint Stock Company's (HVA Group) semi-annual financial report for 2026. The auditor noted the existence of a material uncertainty that could cast significant doubt on the company's ability to continue as a going concern.

One reason is a legal event concerning the ONUS crypto exchange. On 24/3, the Investigation Security Agency of the Ministry of Public Security initiated a criminal case related to the exchange's operations. The auditor stated that the investigative agency seized HVA's accounting records from the beginning of the year until 24/3. This prevented the auditor from gathering sufficient documentation to assess the existence, completeness, accuracy, classification, and proper period of transactions during this time, and also affected balances as of 30/6.

Additionally, as of the end of June, HVA recorded 125.14 billion dong in investments held to maturity, primarily arising from business cooperation contracts. This includes an investment of 35 billion dong in HanaGold, 25 billion dong in Onuschain, and 15 billion dong in BTC Blockchain Technology Company. All these entities belong to the ecosystem of Vuong Le Vinh Nhan (Eric Vuong), the founder of HVA.

According to the auditor, HVA had not received balance confirmations from relevant parties, could not contact partners, and failed to provide other appropriate evidence to demonstrate the recoverability of these investments. The total value of investments and receivables for which recoverability could not be sufficiently determined exceeded 147 billion dong. This amount is equivalent to 82.5% of HVA's total assets at the end of June.

The auditor warned that if these items prove unrecoverable, HVA's financial statements and financial position could be significantly affected. Specifically, the company's total assets could decrease by approximately 83%, leaving only 30.7 billion dong; shareholders' equity could fall by about 98%, to 3.4 billion dong.

HVA application interface on a phone, with the ONUS crypto exchange logo in the background. Photo: Tat Dat

Regarding business results, HVA reported an after-tax loss of nearly 3.6 billion dong in the first six months of the year, reversing from a profit of over 3.3 billion dong in the same period last year. The company attributed this primarily to a decrease in revenue from information technology solution provision, while the cost of goods sold accounted for a high proportion. Revenue declined from over 40.8 billion dong to about 23 billion dong, and gross profit reached only nearly 155 million dong, significantly lower than the nearly 4 billion dong recorded in the prior year's same period.

HVA Group was originally a construction company established in Hanoi in 2010, then shifted to agriculture before pivoting to financial and technology investment. The company moved its headquarters to Can Tho in 2019 and trades shares on UPCoM under the ticker HVA. Eric Vuong's group became involved in the 2017-2018 period, guiding the company to develop by investing in technology and financial projects.

ONUS launched in 3/2020, initially developing from VNDC, a cryptocurrency introduced with a value pegged to the Vietnamese dong. In late 2021, the platform repositioned as a financial and crypto investment application, offering digital asset trading services. According to information released by the platform in late 2025, ONUS had over 7 million global users.

The connection between HVA and ONUS is evident in both personnel and business operations. Eric Vuong is the founder of ONUS and previously served as Chairman of the Board of Directors of HVA. HVA is identified as a strategic investor in the exchange, having invested in ONUSChain, the blockchain platform within the ONUS ecosystem, and also providing infrastructure and technology solutions for the exchange's units.

On the evening of 20/3, when ONUS experienced an incident preventing users from logging in, HVA's investment application also temporarily suspended deposit and withdrawal functions. By 24/3, the investigative agency initiated a criminal case related to ONUS's operations, and Eric Vuong was temporarily detained two days later for investigation into alleged property appropriation.

Following these events, HVA shares have been largely frozen on the stock market. The ticker currently stands at 4,000 dong, a decrease of approximately 84% from 24,800 dong in 10/2025. Market capitalization is now nearly 55 billion dong. HVA shares are currently subject to trading restrictions, only permitted for buying and selling on Fridays.