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VIW shares of Vietnam Water and Environment Investment Joint Stock Company (Viwaseen) hit the daily upper limit for the second consecutive session on April 23, 2026, rising to 39,200 dong per share with no sellers. The move comes as Vinaconex continues plans to divest a large stake and Xuân Cầu Holdings unexpectedly registered to buy a position equivalent to about 24% of Viwaseen’s charter capital.
According to the latest trading disclosure, Vinaconex is registered to sell more than 42.06 million VIW shares between April 23, 2026 and May 22, 2026, as part of an investment restructuring. If completed, Vinaconex’s ownership is expected to decline to about 25% of Viwaseen’s charter capital.
Vinaconex previously paid about 1,231 billion dong in December 2025 to acquire 98.16% of Viwaseen’s shares from SCIC, making it the parent company. However, by April 2026, Vinaconex reported it had sold only 380,800 VIW shares out of more than 10.5 million registered to sell, citing unfavorable market conditions. After that round, Vinaconex’s ownership eased to 97.5% of charter capital, and it later continued to register additional sales as described above.
In parallel, Xuân Cầu Holdings JSC announced it has registered to buy 13,924,464 VIW shares, equivalent to about 24% of Viwaseen’s charter capital. The transaction is expected to be executed through both negotiation and on-exchange matching between April 23, 2026 and May 22, 2026.
Before the deal, neither Xuân Cầu Holdings nor Mr. To Dung—Chairman of Xuân Cầu Holdings and also Chairman of Viwaseen—held any VIW shares. If the purchase is completed, Xuân Cầu Holdings would become a major shareholder with an ownership stake of about 24% of Viwaseen’s charter capital.
The simultaneous moves—Xuân Cầu Holdings’ planned purchase and Vinaconex’s continued sale—suggest Viwaseen’s shareholder structure could change significantly in the near term. The fact that Mr. To Dung currently serves as Chairman of the Board at both Xuân Cầu Holdings and Viwaseen also points to close governance alignment among related parties.
Viwaseen was established in 1975 and originated as a state-owned enterprise. The company operates primarily in construction, water supply and drainage, and real estate investment. While annual revenue remains in the trillions of dong, its profit margin has generally been thin.
The company’s land bank includes several plots in prime locations in Hanoi, such as a 10,270.5 m2 plot in Ngoc Hoi commune (Thanh Tri), an 8,209 m2 plot at 48 To Huu (Dai Mo ward), and a 12,555.7 m2 plot at 56-58 Alley 85 Ha Dinh (Khương Đình ward), as well as a 1,282 m2 plot at 52 Quoc Tu Giam, Dong Da district. In Haiphong, Viwaseen manages the Vong Hai residential area spanning over 1.9 hectares and industrial land plots in the Dinh Vu area.
Viwaseen’s 2026 annual general meeting took place in Hanoi on April 23, 2026, coinciding with the ongoing share trading activity.
Vinaconex is also described as reorienting its portfolio by withdrawing from Viwaseen and directing funds to healthcare and Thượng Đình Shoes.
Viwaseen’s 2026 outlook referenced in the article includes consolidated revenue of 846 billion dong, down 13.8% from 2025, and pretax profit of 52.4 billion dong, up 37.5%. The company also projects 2026 production value of 886.8 billion dong, down 22.7% versus 2025, and development investment of 152.3 billion dong, up 15.9 times year-on-year.
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