Say Hi space brand files IPO application, targeting 780 billion VND in profit by 2030

DatVietVAC Group Holdings (DatViet VAC) said it is filing for an initial public offering (IPO) with the State Securities Commission and the Ho Chi Minh City Stock Exchange. Strategy and Development Director Phan Dang Hung noted that the listing venue and issue price will be determined by the regulator’s decision, and that full, compliant information will be disclosed after the license is received.

IPO purpose and funding plan

The company’s IPO objective is to access financial markets to optimize long-term fundraising channels. DatVietVAC’s business model is based on IP assets, with few fixed assets pledged to banks.

According to the company, IPO proceeds will be used to develop a B2C platform, reach hundreds of millions of users, and invest in talent. The listing is also expected to help employees understand the company’s value, supporting long-term retention.

Business model and strategic shift

DatVietVAC positions itself as an IP-driven media entertainment technology ecosystem. It builds value around IP assets while operating within an integrated ecosystem that links content, technology, and commerce.

Hung said the company’s revenue and profit scale are larger than many entertainment-media peers in the market, attributed to its IP ownership model. The company has long-standing strengths in producing programs with international copyrights. From 2024, it shifted strategy to create original Vietnamese programs, described as “100% Original Vietnam.”

Financial performance and dividend policy

In 2025, DatVietVAC reported revenue of about 3,200 billion VND and profit of 380 billion VND, with a dividend totaling 200 billion VND. The IP exploitation model via the Say Hi brand generated revenue exceeding 1,000 billion VND. The company also reported that revenue from night concerts rose sharply and merchandise sales increased tenfold.

Over the past six years, DatVietVAC paid about 1,000 billion VND in dividends. The company reported equity of about 1,028 billion VND and profit of 380 billion VND, corresponding to ROE of around 40%. It said the IP-driven model generates strong cash flow and that it sees no material change in risk, making regular dividend payments feasible.

For 2026, DatVietVAC expects revenue of 3,400 billion VND and profit of 420 billion VND (12% growth), with a minimum dividend payout of 15%. The company expects to continue paying at least 150 billion VND in dividends in 2026.

Growth targets

Hung stated that the company’s growth target is 15% per year. By 2030, DatVietVAC aims for revenue of 5,000 billion VND and profit of 780 billion VND.

Content, artist network, and distribution scale

DatVietVAC General Director Dao Van Kinh said the company’s advantage lies in owning a network with 95% of Vietnamese artists and exclusive rights to 100 artists. He added that the company’s major content distribution system reaches 270 million followers and produces 11,000 hours of content annually.

The company also described itself as having the largest advertising company in the market, supported by a professional production team and extensive experience.

Next phase: audience expansion and fandom monetization

The company said its next phase will focus on expanding the audience base and optimizing revenue from fans through fandom monetization, aiming to increase the share of direct-to-audience revenue. By establishing direct connections with users via fandom platforms, DatVietVAC said it can expand revenue sources through artist commerce.

Creative and Content Production Director Bao Thai said that, under this model, direct-to-consumer revenue (B2C) currently accounts for about 45% of total revenue. In 2026, the company plans to expand into international markets including Las Vegas, Canada, Europe, and Australia, and to grow revenue based on the fandom exploitation model.