Q4 & FY2025 preliminary results (dated 14th January 2026):
Viglacera (VGC): The firm reported its profit before tax of VND2.14 trillion (about USD81.4 million, up +31% YoY), surpassing this year profit target by 23%. 2025 also observed new industrial parks under construction, which are Song Cong II IP (Thai Nguyen), Doc Da Trang IP (Khanh Hoa), Tran Yen IP (Lao Cai), and No.01 IP (Hung Yen), resulting 17 industrial parks with over 5,000 hectares of land in total.
For 2026, Viglacera expects consolidated revenue of VND15.3 trillion (about USD582 million) and profit before tax of VND1.82 trillion (about USD69.2 million). VGC closed at VND48,600 per share, thus 15.7x P/E and 2.4x P/B.
Vinalines or VIMC (MVN): Expecting a lower state ownership
VIMC has been inviting advisors for the upcoming state divestiture, potentially including both public offering and private placement to strategic investors in order to decrease state ownership (via Ministry of Finance) from 99.5% to 65% and to be listed afterwards. Following the current number of shares outstanding, the deal size will be ranging from 414 million shares (if secondary sales) to 636 million shares (if fully additional shares and the MOF does not subscribe any share). MVN was last traded at price ceiling of VND64,200 per share on 14th January 2026, suggesting 44.6x P/E and 5.7x P/B.
Intresco (ITC): Acquiring Phuoc Hoi Sea Pearl Apartment project
The Board of Intresco passed a resolution on spending VND100 billion for 90.6% interest in Nam A Housing JSC – the owner of Phuoc Hoi Sea Pearl Apartment project, and the latter will become the 4th subsidiary of Intresco as a result. ITC closed at VND13,750 per share on 14th January 2026, leading to 24.3x P/E and 0.6x P/B.
BIDV (BID): Upcoming VND9 trillion worth of callable bond issues
The bank announced its plan to offer 90 million bonds (face value of VND100,000 each) to public investors via three issues in order to increase tier-2 capital. The 1st/2nd/3rd issue will have 40/30/20 million bonds (equivalent to VND4/3/2 trillion or USD152/114/76 million) with 7/8/10-year tenor, floating coupon rate (i.e. base rate + 1.6%/1.65%/1.65% spread) paid semi-annually.
If BIDV does not exercise the call option embedded, bondholders will receive larger coupon payments in 2/3/5 final years with higher floating rates (i.e. base rate + 4.1%/3.32%/2.65% spread). BID closed limit up at VND54,500/s on January 14 2026, thus 14.5x P/E & 2.3x P/B.
