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DatVietVAC Group Holdings is undergoing a comprehensive restructuring ahead of its planned IPO. The holding company, DatViet VAC Digital Venture, will own the VieON platform and the VieBoard joint venture, established in 2024 with NTT Docomo.
A key element of the restructuring is the planned spin-off of the traditional outdoor advertising business. From 2027, this business will no longer contribute to segment revenue.
DatVietVAC’s shareholding is highly concentrated. Founders, employees, and related parties hold up to 86.6% of shares. The two co-founders own 36%, led by Chairman Đinh Bá Thành with 22% and Vice Chairman and CEO Đào Văn Kính with 14%.
Foreign investors hold 13.4%, including MET VM Holding Pte. Ltd. (part of UOB Group) at 12.2% and YF Capital via TC D-Media at 1.2%.
In 2025, the group reported revenue of 3,196 billion VND and NPAT-MI of 366 billion VND.
Segment performance shows a shift in economics between Communications Services and the company’s newer core business, Content Hub:
Content Hub is described as spanning the full value chain—from production to distribution and monetization. The company is also pivoting toward a direct-to-consumer model.
Within Content Hub, revenue contributions in 2025 were:
In 2025, DatVietVAC organized eight concerts, including licensing rights for Anh Trai Say Hi in Las Vegas, where 13,000 tickets were sold. The company employs about 140 production staff and retains rights to formats, which it frames as a competitive advantage.
The group’s profitability is reported to outperform domestic peers. In 2025, it posted EBIT of 445 billion VND, representing an EBIT margin of 13.9%, and ROE of 40.8%.
For comparison, Yeah1 Group reported an EBIT margin of around 0.5% and ROE of 4.2% in the same year. The article also states that DatVietVAC’s profitability exceeds the regional M&E peers’ average.
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