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Phat Dat (HOSE: PDR) outlined a new strategy at its 2026 annual General Meeting, signaling a shift toward expanding urban-infrastructure activities through Build-Transfer (BT) mega-projects. With a high likelihood that the Phan Đình Phùng stadium project will be wound down, the company plans to spearhead two other BT projects in Ho Chi Minh City with a combined scale of 24 trillion dong.
Chairman Nguyen Van Dat said the company is pursuing infrastructure development under the BT model and is targeting key locations in Ho Chi Minh City. Phat Dat has completed proposals for two large-scale projects: an elevated road with an investment of about 15 trillion dong, and a 1,000-bed oncology hospital with an investment of 9 trillion dong.
Mr. Dat said the move is consistent with the government’s general policy, including efforts to accelerate public investment and relocate major universities (such as Ho Chi Minh City University of Technology) away from the inner-city core. He also referenced the current planning approach in Ho Chi Minh City, adding that the company aims to align with directives from the central government to local authorities.
To implement BT projects totaling an estimated 24 trillion dong, the company must meet a legal requirement to demonstrate at least 15% financial capability. Phat Dat’s leadership discussed a multi-tier funding plan, emphasizing flexible divestment of projects to generate cash.
A key funding source is planned project divestment. The company cited an exit deal for Thuận An 1 with Mitsubishi Corporation of Japan. To date, Phat Dat has received about 1.9 trillion dong in the first tranche. The company said it will continue to receive subsequent payments as agreed to complete the transfer of 80% of shares. It also noted that the Japanese partner has shown interest in Thuận An 2.
In 2026, Phat Dat said it intends to continue divesting several other projects in the Dong Nai area and Ho Chi Minh City. The stated goal is to generate new cash flows and maintain flexibility under different market scenarios.
In addition to M&A-related funding, Phat Dat plans to raise nearly 2 trillion dong from existing shareholders by issuing nearly 200 million shares. The company will pay dividends in stock at a 10% rate, aiming to retain about 1.2 trillion dong of profit to support infrastructure reinvestment.
While preparing for new BT mega-projects, Phat Dat is starting the year’s infrastructure strategy by winding down the Phan Đình Phùng Stadium project located on a four-faced central land plot in Ho Chi Minh City.
Phat Dat described the core advantage of BT projects as the “land-for-infrastructure” exchange, where investors build the facility and the State pays with clean land. It said the abandonment of the stadium project highlights key issues in BT deals, including determining the true value of the infrastructure, the land reserve, and public assets to be exchanged.
The company said it did not lose nearly 2,000 billion dong because the figure reflected only the estimated investment total; the State had not allocated land and PDR had not begun constructing the core works. However, Phat Dat faces costs related to investment preparation. A 2025 report cited ongoing construction value at about 77 billion dong.
When the project shifted to public investment, Phat Dat said it is working with state agencies to agree on recovering the investment value. It noted that disbursement from the state budget could be challenging and may take 1 to 3 years. The company emphasized that, in real estate, cash flow is critical, and freezing more than 77 billion in administrative procedures creates an opportunity cost.
Phat Dat said the experience is a lesson that having financial resources and execution capability is not sufficient on its own. It argued that BT project success depends on the speed of removing bottlenecks and the transparency of land valuation by state authorities.
At the AGM, the leadership remained cautious about BT project progress. Mr. Dat said PDR has the capacity and the right to propose investments, but final decisions depend entirely on assessment and approval processes by relevant authorities.
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