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Viglacera’s planned state divestment has been proposed for a pause due to difficulties in the appraisal and valuation process, with a review scheduled for the 2026–2030 period and implementation at an appropriate time. The proposal was discussed at Viglacera Joint Stock Corporation’s (VGC) 2026 annual general meeting, where more than 35 shareholders representing about 400 million shares attended, equivalent to 89.24% of voting rights.
Deputy Minister of Construction Nguyen Van Sinh said the government’s divestment schedule, approved by the Prime Minister, originally expected divestment in 2024–2025. However, this has not been possible because the state still holds about 38% of Viglacera’s charter capital.
The deputy minister attributed the delay to the company’s rapid growth in recent years, including expansion in scale, business lines, and total assets, as well as broader investment into multiple areas, including international projects. These factors increase complexity in determining the enterprise value for divestment.
He added that Viglacera has sought guidance from relevant ministries, particularly the Ministry of Finance, on how to determine the value of contributed capital. Despite these efforts, the valuation process has faced difficulties, while requirements emphasize rigor to prevent losses of state capital and assets.
“In February 2026, the Ministry of Construction reported to the Prime Minister on the entire process and the obstacles. Based on that, the ministry proposes pausing the divestment, switching to a review in 2026–2030, and implementing at an appropriate time,” Mr. Sinh said.
On results, Viglacera reported that in 2025 consolidated pretax profit reached VND 2,202 billion, up 26% versus the plan. The parent company’s pretax profit reached VND 1,535 billion, up 8% versus the plan.
For 2026, the company plans record-high revenue but expects profit to decline. Consolidated revenue is expected to reach VND 15,300 billion, up about 15% from 2025, which would be the highest on record. Consolidated pretax profit is expected to reach VND 1,820 billion, down 17%.
CEO Nguyen Anh Tuan said the 2026 business environment includes unusual factors compared with when the plan was prepared. He noted that geopolitical tensions have driven fuel prices higher. Fuel costs account for 20–40% of the cost of kiln-fired building materials.
He also pointed to credit tightening in real estate and high interest rates, which have slowed project progress and reduced demand for building materials relative to the plan.
At the AGM, Viglacera reconstituted its Board of Directors by dismissing Nguyen Trong Hien and proposing to appoint an independent director. Din Van Hiep was the sole candidate.
Mr. Hiep has many years of experience in engineering and construction. In February 2026, he was appointed CEO of Long Son Oil and Gas Industrial Park Investment JSC (PXL), a subsidiary of the Gelex Group.
On the market, VGC shares have been in a short-term correction, down about 5.29% over the week. The stock has traded between VND 39,100 and VND 69,000 per share, with market capitalization around VND 19.66 trillion.
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