Vinasun Faces Challenging Period as Kim Nguu Advisory Plans to Sell All VNS Shares

Vinasun is entering a challenging period as a major shareholder plans to liquidate its entire stake in the company. Kim Nguu Advisory has announced plans to register to sell nearly 8.3 million VNS shares it holds in Vinasun as part of a restructuring of its investment portfolio.

Share sale plan and expected ownership change

The transaction is expected to take place from April 7 to June 5, 2026, through either order matching or negotiated deals. If the sale is completed, Kim Nguu’s ownership in Vinasun would fall from 12.22% to 0%, meaning it would effectively stop being a shareholder.

Previously, Kim Nguu registered to sell 2 million VNS shares from February 25 to March 25, 2026 to reduce its stake. However, by the end of that period, only 215,400 shares were sold via order matching, as the market did not meet expectations.

After the earlier sale, the number of VNS shares Kim Nguu held decreased from more than 8.5 million shares (12.54%) to 8.29 million shares (12.22%).

Related-party ownership and leadership context

Kim Nguu’s authorized capital representative is Dang Tien Sy, who is also a member of Vinasun’s board of directors.

Separately, Vinasun CEO Dang Thanh Duy had registered to buy 1.5 million shares from December 10 to January 9, 2026, but did not proceed due to a change of plan. Mr. Duy still directly holds 3,890,020 shares (5.7%).

Mr. Duy’s parents hold additional shares: Dang Phuoc Thanh owns 16,907,888 shares (24.92%), while Ngo Thuy Van owns 8,080,590 shares (11.91%). Including Mr. Duy, the related-group ownership totals 28,878,020 shares (42.56%).

Company outlook ahead of the annual general meeting

The broad equity-disposal decision by a related party of Vinasun’s leadership comes as the company has published important documents ahead of its annual general meeting.

For 2026, Vinasun projects operating revenue of 903 billion VND, up 2.3%, and net profit after tax of 33 billion VND, down 16%. The projected after-tax profit would be the lowest since 2022, and the lowest in 19 years of recent operations if COVID years are excluded.

Recent performance and dividend proposal

Vinasun previously missed its 2025 targets, with results declining sharply versus 2024. In 2025, revenue from operations was 883 billion VND, down 12%, while after-tax profit was 39 billion VND, down more than half compared with the same period in 2024.

Across 2024 and 2025, the company has posted two consecutive years of declines in both revenue and after-tax profit, with 2024 showing revenue down 18% and after-tax profit down 44% versus 2023.

In the documents, Vinasun will also present a proposal to shareholders to forgo dividends for 2026 in order to preserve capital for ongoing production and business activities.

Fleet expansion plans

On fleet expansion, Vinasun plans to invest about 310 new vehicles in 2026, mainly high-end models including hybrids. By the end of 2026, the fleet is expected to reach 2,327 vehicles, with a total of 2,345 vehicles in operation planned.

Since 2021, Vinasun’s operating fleet has fluctuated around 2,000 vehicles, and at its peak the company reportedly owned more than 6,000 vehicles.