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Vinaconex (ticker VCG) has decided to continue a large-scale sale of Viwaseen (VIW) shares after previously distributing only a small portion of the planned volume. The company’s filing indicates it will sell more than 42 million VIW shares, with the transaction expected to run from April 23 to May 22, 2026.
Vinaconex will sell over 42 million VIW shares as part of a portfolio restructuring. The company currently holds more than 56.5 million VIW shares, equivalent to 97.5% of Viwaseen’s charter capital.
If the sale is completed as planned, Vinaconex’s ownership in Viwaseen is expected to drop to 25%, equivalent to more than 14.5 million shares.
Earlier, from March 20 to April 17, 2026, Vinaconex planned to sell more than 10.5 million VIW shares. However, due to unfavorable market conditions, by the end of the trading period the company distributed only 381,000 shares.
After a period of gains that peaked at 61,000 dong per share on March 20, VIW’s price has entered a deep correction. At the close on April 17, VIW traded at 32,400 dong per share, bringing the company’s market capitalization to about 1,880 billion dong.
At this price level, Vinaconex is estimated to receive about 1,363 billion dong from the divestment.
Vinaconex’s pace of stake reduction has been relatively rapid since it took over Viwaseen a little over four months ago. On December 30, 2025, Vinaconex agreed to pay well above the market to acquire 56.95 million VIW shares, raising its holding to 98.16% of Viwaseen’s charter capital.
With such a concentrated stake, Viwaseen currently does not meet the criteria to remain a public company under the Securities Law.
Vinaconex’s decision to continue large-scale divestment comes as the company sets a 2026 business target that is significantly lower than its 2025 results. Net profit after tax in 2026 is expected to reach 1,037 billion dong, down more than 70% year-on-year.
In contrast, revenue from financial activities is expected to jump to nearly 3,600 billion dong, more than 10 times the prior year’s level, contributing to a record after-tax profit of 4,129 billion dong in 2025.
Vinaconex’s 2025 audited financial statements show borrowings and finance leases at the end of 2025 of more than 7,419 billion dong, including short-term borrowings exceeding 5,527 billion dong, up over 1,100 billion dong from the previous year.
Because of increased lending, cash flow from investing activities remained negative by more than 2,710 billion dong. Short-term receivables exceeded 12,293 billion dong, more than double the year-ago period. Of this amount, more than 6,139 billion dong are short-term loans Vinaconex extended, about 9.7 times higher than the previous year.
These short-term loan receivables began to accumulate in Q3 2025. Previously, Vinaconex had only around 645 billion dong in loans with VPS Securities or Hai Phat Investment.
The large loans include 2,400 billion dong to Bien Dong Investment and Management Consulting Co. (Bien Dong), 2,060 billion dong to Phu Thinh Phat Investment (Phu Thinh Phat), and 1,000 billion dong to Duc Mai Import-Export General Investment Co. (Duc Mai). All of these loans carry interest rates of 9.6%–12.5% per year with short-term tenors of about one year, due in the last two quarters of 2026, and collateral consisting of shares of a listed bank held by a third party.
On governance and legal matters, in March 2026, former Chairman Nguyen Huu Toi and Deputy General Director Duong Van Mau were indicted and detained in relation to bidding irregularities. The company is undergoing restructuring, including leadership changes and divestment from several subsidiaries.
As for Viwaseen, its predecessor was a state-owned enterprise established in 1975, operating in construction, water supply and real estate investment. While annual revenue has typically run in the trillions, profit margins are thin, with after-tax profits usually only in the tens of billions.
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