Tasco (HUT VN): Plans to open more Geely showrooms
The company passed a resolution on spending VND385 billion (about USD15 million), via Tasco Auto, to develop 52 new car showrooms nationwide, selling Geely’s car with 3 brands (i.e. Lynk & Co, Zeekr, and Volvo). Fundings will be sourced from the proceeds of the upcoming public offering, which could be nearly VND1.8 trillion.
Following the 2024 annual report, Tasco Auto with 106 on-going car showrooms, sold over 40,000 cars last year, up +10.7% and suggesting a higher market share of 13.7%. HUT VN closed at VND12,800 per share on 22nd May 2025, hence 82.2x P/E and 0.9x P/B.
F88 (OTC: F88 VN): Borrowed USD30 million from a private creditor
The pawnshop chain signed an agreement in which it would receive a 3-year term loan of USD30 million from Lendable. Before that, the latter funded F88 several times in the past, and with this new borrowing, the total funding value has been nearly USD70 million by now. Other international financial institutions (i.e. Lending Ark, GreenArc Capital) are also the funding partners of F88 with total value surpassed USD170 million.
Furthermore, FiinRatings – a local credit rating agency, revised its opinion on the company’s outlook from “Stable” to “Positive”, following the improvements in asset quality and flexibility in funding sources. In Q1 2025, F88 disbursed VND3,284 billion (about USD 126.5 million, up +25% YoY), resulting revenue of VND820 billion (about USD31.6 million, up +21.5% YoY) and net income of VND132 billion (about USD5.1 million, up +204.2% YoY). F88 VN shares could be available for trading on UPCoM in July 2025, following the management’s disclosure.
VNG Corporation (VNZ VN): New CEO appointed
Following the latest update, the Board of Directors (with Mr. Le Hong Minh is the current Chairman) appointed a Canadian-born manager, Mr. Kelly Yin Hon Wong as the CEO of VNG Corporation for the 2025 – 2030 period. Before that, he had been DCEO of VNG Corporation and CEO of VNG Games since 2019 until his promotion.
The firm announced its Q1 results with net sales of VND2,232 billion (about USD86 million, down -1.2% YoY) and net loss of VND-5 billion (about USD-193,000, bearish compared to Q1 2024).V NZ VN was last traded at VND346,000 per share on 22nd May 2025, suggesting 9.1x P/B while P/E was still negative.
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