Vingroup (VIC VN): Ground-breaking ceremony of VinEnergo LNG power plants
VinEnergo – the subsidiary of Vingroup, has been developing the LNG Hai Phong complex with two subprojects: (1) LNG Hai Phong 1 has designed capacity of 1,600 MW and could come into operation in 2025 - 2030 period; and (2) LNG Hai Phong 2 has designed capacity of 3,200 MW and could come into operation in 2031 – 2035.
The projects may require up to VND178 trillion (about USD$6.74 billion) to build up, and when running with full capacity, they may clean energy electricity equivalent to 8% of Vietnam’s total supply in 2025. VIC VN closed at VND174,900 per share on 30th September 2025, resulting 49.8x P/E and 4.7x P/B.
Son La Sugar (SLS): Keeping high cash dividend
Shareholders approved cash dividend of VND15,000 per share for fiscal year (ending on 30th June 2025) despite pressure from world price volatility and informal imports. In the fiscal year 2024-2025, the company made revenue of VND1,166 billion (about USD$44.2 million, down -17%, YoY) and net income of VND364 billion (about USD$13.8 million, down -31%, YoY). SLS VN closed at VND192,400 per share on 30th September 2025, thus 5.0x P/E and 1.8x P/B.
REE Corporation (REE VN): Two new wind power projects
REE was approved to invest and develop two new nearshore wind farms: (1) V1-3 project with design capacity of 48 MW and capital outlay of VND2.3 trillion (about USD$85.5 million); and (2) V1-5 and V1-6 project with total design capacity of 80MW and capital outlay of VND3.9 trillion (about USD$146.4 million). Currently REE Corporation has been owner-operator of over 1,000 MW of renewable energy (i.e. wind, solar, and hydropower). REE VN closed at VND65,600 per share on 30th September 2025, hence 14.8x P/E and 1.8x P/B.
Vietnam Airlines (HVN VN): The new shareholder structure was revealed
Following filings to the SSC, Vietnam Airlines successfully offered 897 million additional shares, equivalent to 99.7% of the offering (the residual dismissed). Post offering, SCIC has become the largest shareholder with 47.1% interest, followed by the Ministry of Finance with 39.3% and the Japan-based investor, ANA Holdings with 5.6%.
The airline also recorded totally 25,280 shareholders, in which there were 45 foreign institutional investors (8.9%) and 37 domestic non-state institutional investors (1.25%). HVN VN closed at VND35,000 per share on 30th September, leading to 12.6x P/E.
