Government: The National Housing Fund is coming
Vietnam’s Ministry of Construction (MOC) has been preparing a draft of regulations for the National Housing Fund, in which the fund could act as a trust fund, owning and renting properties but no house sale. Following the current direction, the provincial authorities may establish and manage sub-funds in their corresponding provinces. This proposal could be a very effective addition to the already announced affordable housing initiative.
Saigon Real Estate (SGR VN): 2nd largest shareholder has been divesting
REE Real Estate – a wholly-owned subsidiary of REE Corporation (REE VN), registered to sell 2 million SGR VN shares, effectively lowering its ownership from 24.8% to 21.9% if successful. Currently REE Real Estate is the 2nd largest owner of Saigon Real Estate, second only to an individual. SGR VN closed at VND30,400 per share on 5th September 2025, thus 12.2x P/E and 1.5x P/B.
Dong Hai Ben Tre (DHC VN): A foreign institution became a major shareholder
Helvetische Bank AG bought over 1.1 million DHC VN shares, thereby increasing its interest from 4.9% to 6.1% and becoming a major shareholder. In August, Ms. Nguyen Thi Thuy, wife of Mr. Le Ba Phuong – Vice Chairman and also CEO, purchased 300,000 shares, hence increasing their collective ownership to 19.1%. In H1 2025, the kraft paper manufacturer generated net revenue of VND1.7 trillion (about USD65.2 million, down -7% YoY) and net income of VND159 billion (about USD6.1 million, up +37% YoY). DHC VN closed at VND33,850 per share on 5th September 2025, meaning 11.5x P/E and 1.6x P/B.
TASCO (HUT VN): Chairman’s related party could purchase 30% interest
VII Holding, founded in 2024 with 65% interest owned by Mr. Vu Dinh Do – Chairman of the Board at TASCO, registered to buy over 320 million HUT VN shares, equivalent to 30% of total current shares outstanding. The Chairman disclosed in 2024 that this vehicle mainly manages his personal assets and assets of other investors. HUT VN closed at VND19,100 per share on 5th September 2025, therefore 127.3x P/E and 2.4x P/B.
An Cuong Wood – Working (ACG VN): Investing over VND1 trillion in the new wood factory
An Cuong established a new subsidiary in Dong Nai province, named ‘Green Board Viet Nhat’, having charter capital of VND270 billion, in which An Cuong is holding 87% interest. Following the plan, the firm will invest up to VND1,044 billion in the future but has disclosed no further detail. ACG VN closed at VND36,500 per share on 5th September 2025, leading to 12.4x P/E and 1.3x P/B.
