Vinamilk (VNM): SCIC has been underweighting
SCIC Investment Limited (SIC) – a wholly-owned subsidiary of the sovereign wealth fund SCIC, registered to sell all 1.45 million VNM shares, equivalent to 0.07% interest, effective from 10th December to 8th January. Meanwhile, SCIC still directly holds nearly 752.5 million VNM shares, equivalent to 36% of current shares outstanding, and there has been no divestiture plan disclosed yet. The dairy company reported Q3 revenue of VND16.95 trillion (about USD645 million, up +9.1% YoY) and net income of VND2.53 trillion (about USD96 million, up +5.1% YoY).VNM closed at VND62,500 per share on 9th December 2025, thus 15.0x P/E and 3.8x P/B.
DIC Corp (DIG): Bond redemption
DIC Corp redeemed all corporate bonds, coded DIGH2326002, issued in 2024, with principal worth VND800 billion in total. On the other hand, the real estate developer has been implementing a public offering of 150 million shares to existing shareholders at VND12,000 per share, in which 85.5% of them were already subscribed. DIG closed at VND19,800 per share on 9th December 2025, hence 46.3x P/E and 2.0x P/B.
VIMID (VVS): Available for trading on HOSE since 10th December 2025
Over 21.5 million VVS shares will start trading on HOSE on 10th December 2025 with the first reference price of VND58,000 per share, 5% lower than the last closing price on UPCoM. The first day’s volatility range will be 20% instead of 7% as normal.
VIMID recorded Q3 revenue of VND2.23 trillion (about USD84.8 million, up +168.2% YoY) and net income of VND89 billion (about USD3.4 million, up +110.7% YoY). VVS was last traded at VND61,100 per share on 27th November 2025, suggesting 7.5x P/E and 2.6x P/B.
DHG Pharma (DHG): Changes in top management
Mr. Toshiyuki Ishii will be no longer CEO at DHG Pharma since 1st January 2026 but will still be a Board member afterwards. The firm appointed Mr. Toshifumi Kojima as the acting CEO to replace the predecessor in 6 months, meaning that his tenor will end on 30th June 2026. Meanwhile, Mr. Osamu Fujimori – COO, Mr. Tomoyuki Kawata – DCEO of Production & Technology Transfer, and Ms. Nguyen Ngoc Diep – DCEO of Manufacturing.
DHG Pharma reported Q3 revenue of VND1,146 billion (about USD43.6 million, up +7.9% YoY) and net income of VND210 billion (about USD8 million, up +34.4% YoY). DHG closed at VND102,900 per share on 9th December 2025, meaning 14.7x P/E and 3.4x P/B.
