What happened to Toyo Venture Capital? Vietnam's electricity contract is rumored to have been terminated

When the market closed today, although Toyo Venture Capital recovered some of its lost ground, the decline was still not small.

According to foreign media reports, the Vietnamese government terminated the Song Hau 2 power project because the subsidiary of Toyo Venture Capital failed to comply with the key terms of the build-operate-transfer (BOT) contract.

Vietnam's Ministry of Industry and Trade issued a notice on April 1 this year that the above power project violates the developer's regulations and therefore plans to terminate the relevant contract.

As the 90-day period of the document expired and Toyo Venture Capital had yet to resolve the financial arrangements for the project, the relevant contract was terminated.

However, Toyo Venture Capital has yet to make any announcements on this matter.

On March 1 of last year, Toyo Venture Capital officially received the relevant contract and was responsible for implementing the power project in Vietnam. At that time, the contract value reached US$2.42 billion (approximately RM9.84 billion).