Vingroup (VIC): Completed a bond offering in Europe
The conglomerate successfully offered USD-denominated unsecured corporate bonds with total principal value of USD325 million, 5-year tenor, embedded with options to receive VPL shares (Vinpearl) owned by Vingroup. These corporate bonds will be listed on Vienna Stock Exchange after that.
VIC closed at VND169,800 per share on 24th December 2025, hence 147.5x P/E and 9.0x P/B. Meanwhile, VPL closed at VND102,000 per share on the same date, hence 5.1x P/B while TTM EPS was still negative due to significant loss in Q4 2024.
Viconship (VSC): Amended its purchase plan of HAH shares
From initially 14 million HAH shares, Viconship adjusted its own registered shares to be bought to 8 million, leaving the rest of 6 million shares to be owned by its subsidiaries. With this revision, Viconship will still hold the same voting power in Hai An but at the cost of lower economic interest. VSC closed at VND20,800 per share on 24th December 2025, thus 17.5x P/E and 1.5x P/B. HAH closed at VND61,000 per share on the same date, hence 8.7x P/E and 2.5x P/B.
Cuong Thuan IDICO (CTI): 2026 plan
Despite no 2025 preliminary results updated, the firm still sets its 2026 consolidated revenue target of VND1,215 billion (about USD46.2 million) and after-tax profit of VND114 billion (about USD4.3 million).
Cuong Thuan also budgets VND750 billion (USD28.5 million) for investing activities, in which a third of them will be used for the residential project in Phuoc Tan commune, 40% for infrastructure of Tan An industrial cluster project, and the rest for other potential projects. CTI closed at VND22,700 per share on 24th December 2025, leading to 12.0x P/E and 0.9x P/B.
SCIC: Wants to divest of an activated carbon producer
SCIC announced the public auction of 4.1 million shares (equivalent to 45.7% interest) of Tra Bac Corporation (Trabaco, unlisted) at VND287 billion (about USD10.9 million) for the whole lot. Trabaco has produced 6,000 – 7,000 tonnes of activated carbon products annually, which was exported to over 30 countries and territories. In 2025, SCIC has shortlisted 71 equity investments for sale, in which the most expected were publicly traded companies such as FPT Corporation (FPT), DOMESCO (DMC), Tien Phong Plastic (NTP), Seaprodex (SEA), etc.
