National Assembly: Passed the resolution on restructuring administrative units
Following the resolution, 52 current provincial-level administrative units (i.e. 4 municipalities and 48 provinces) will be re-arranged into 23 new provincial-level administrative units. Next step, the number of administrative levels could be officially decreased from 4 to 3 in the near future, following the proposed reform.
Vinhomes (VHM VN): Dragon Capital increased ownership
Two funds managed by Dragon Capital collectively bought nearly 5.4 million VHM VN shares in the last few weeks, making Vinhomes the largest investment by market value in one of the fund’s managed by Dragon Capital and the 3rd largest investment in another fund.
Vinhomes reported bullish Q1 results with revenue of VND15.7 trillion (about USD603 million, up +91% YoY) and net income of VND2.7 trillion (about USD103 million, up +204% YoY). VHM VN closed at VND70,000 per share on 12th June 2025, thus 8.6x P/E and 1.4x P/B.
Viglacera (VGC VN): New CEO appointed
Mr. Tran Manh Huu – former Head of Supervisory Board, was appointed as new CEO at Viglacera, replacing Mr. Nguyen Van Tuan – currently CEO at GELEX Group (GEX VN) following his planned resignation. Recently, Viglacera completed the partial acquisition of Vietnam Float Glass Co., Ltd. from Nippon Sheet Glass (5202 T), owning 64.7% of the target. In 2025, Viglacera expects revenue of VND14.4 trillion (about USD553 million, up +20.9% YoY) and pre-tax income of VND1.7 trillion (about USD65.3 million, up +4.3% YoY). VGC VN closed at VND44,800 per share on 12th June 2025, hence 16.5x P/E and 2.3x P/B.
Vietnam Airlines (HVN VN): Signed an MOU with ING for a possible USD1.5 billion in credit
The state-backed airline rekindled its partnership with ING Bank (ING), in which ING could fund up to USD1.5 billion for developing strategic projects. In 2015, ING had arranged an USD570 million loan for Vietnam Airlines to purchase 4 wide-body aircraft and during Covid-19 pandemic harsh times, ING also had supported the airline with debt restructuring with total value of USD80 million.
HVN VN closed at VND40,300 per share on 12th June 2025, meaning 13.5x P/E but P/B was still negative. HVN VN shares have been labeled “Restricted”, meaning they are only tradable in afternoon, and following the new KRX trading system, HVN VN shares have several consecutively 15-minute auctions instead of normal trading rules.
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