Dong Tay Land (DTR) Gets HNX Nod for UPCoM Listing, 2025 Profit Surges 12x

Overview

Dong Tay Land (DTR), a Ho Chi Minh City-based real estate brokerage chaired by Nguyen Thai Binh, has received approval from the Hanoi Stock Exchange (HNX) to list 80 million shares on the UPCoM market. The company reported a 12-fold increase in 2025 net profit, but its auditor flagged unconfirmed receivables, adding a note of caution ahead of the debut.

Key Facts

• HNX approved the registration of 80 million DTR shares for trading on UPCoM on August 28, 2025, with a par value of VND 10,000 per share, totaling VND 800 billion.
• The State Securities Commission confirmed Dong Tay Land as a public company in February 2026, a prerequisite for the listing.
• 2025 consolidated net revenue reached nearly VND 559 billion, up 43% year-on-year.
• 2025 net profit exceeded VND 33 billion, roughly 12 times the 2024 figure.
• Brokerage service revenue hit nearly VND 480 billion, up 60% from the prior year.
• Total assets at end-2025 stood at nearly VND 1,378 billion, up 14% from the start of the year.
• Cash and equivalents surged to VND 251 billion, about 28 times the beginning-of-year level, with VND 248 billion held in bank deposits.
• Chairman Nguyen Thai Binh holds 73.5% of the company, contributing over VND 588 billion of the VND 800 billion charter capital.

What Happened

Dong Tay Land, founded in 2013 and headquartered in Ho Chi Minh City, specializes in real estate consulting, brokerage, and auction services. The company has grown its charter capital from VND 20 billion in 2017 to VND 800 billion by November 2022, a level maintained through end-2025.

Ahead of the UPCoM listing, the company underwent significant leadership changes. Nguyen Thai Binh resigned as General Director on October 17, 2025, to become Chairman of the Board. Nghiem Vu Hai took over as General Director on April 13, 2026. The chief accountant position changed from Tran Van Hiep to Vuong Thi Quoc Huong in mid-October 2025, and Nguyen Hoang Bao replaced Ngan Quoc Phong as Head of the Supervisory Board on May 26, 2026.

The auditor’s report for 2025 noted that certain receivables and payables could not be fully confirmed with sufficient evidence, a point of concern for investors reviewing the financials.

Market Context

DTR will trade on UPCoM, the unlisted public company market operated by HNX. The real estate brokerage sector in Vietnam has been recovering as the property market rebounds, with brokerage revenue driving the company’s growth. The stock’s debut price is not yet set, but the strong profit growth and asset base provide a reference. The company’s cash position has improved dramatically, which may support its operations and expansion plans.

Strategic Significance

The listing on UPCoM is a strategic step for Dong Tay Land to access the formal capital market, potentially improving transparency and liquidity for its shares. The company’s focus on brokerage services, which saw 60% revenue growth, positions it to benefit from the ongoing recovery in Vietnam’s real estate sector. However, the auditor’s note on unconfirmed receivables and the recent management reshuffle highlight governance and financial reporting risks that investors should weigh. The founder’s 73.5% stake means high ownership concentration, which could affect minority shareholder influence.

What to Watch

• First day of trading on UPCoM and the reference price set by HNX.
• Quarterly earnings reports for 2026 to see if the 2025 profit growth momentum continues.
• Any updates on the auditor’s concerns regarding receivables and payables.
• Further management changes or board restructuring.
• Potential plans to move to a main board (HOSE or HNX) in the future.