KIDO's 8-12 Le Duan Plot Set for Masterise Transfer in Can Gio Bridge BT Deal

Overview

Ho Chi Minh City’s People’s Council has approved an adjusted investment plan for the Can Gio Bridge project that would use two central public land plots, including 8-12 Le Duan, to partially settle the build-transfer (BT) contract. The 8-12 Le Duan site, valued at approximately VND 3,422 billion, is the same plot in which KIDO (HOSE: KDC) invested more than VND 1,069 billion for a 50% stake in Lavenue. If the plan proceeds unchanged, the site would transfer to Masterise, the developer behind the Can Gio Bridge, crystallising a long-running loss for KIDO.

Key Facts

• The 8-12 Le Duan plot spans more than 4,800 square metres and is valued at about VND 3,422 billion.
• Two public plots, 2-4-6 Hai Ba Trung and 8-12 Le Duane, carry a combined value of roughly VND 7,533 billion for partial BT settlement.
• KIDO invested over VND 1,069 billion for a 50% equity stake in Lavenue, the project company for the Lavenue Crown hotel and retail development.
• The Can Gio Bridge is nearly 7 km long and is invested by Masterise Ha Tang Can Gio, a Masterise member company.
• The bridge is scheduled for completion and operation in 2029, replacing the Binh Khanh ferry as the sole link between central HCMC and Can Gio.
• KIDO’s consolidated interim financial statements state that Lavenue’s project investment has been under comprehensive inspection by authorities since 2018.
• HCMC People’s Court issued first-instance judgment No. 400/2020/HS-ST on 20 September 2020, with an appellate judgment No. 452/2021/HSPT on 2 December 2021.

What Happened

According to the adjusted investment policy for the Can Gio Bridge project passed by the HCMC People’s Council, the city intends to use two central public land plots to pay part of the BT contract. The remaining contract value will be settled from the budget once the bridge is completed. The 8-12 Le Duan site sits on three frontages, Le Duan, Nguyen Van Chiem and Hai Ba Trung, adjacent to Notre-Dame Cathedral Basilica of Saigon and the Saigon Central Post Office.

The plot’s history has been unsettled. Originally state-owned and managed by HCMC Housing Business Management One Member LLC, it was leased to four Ministry of Industry and Trade units. HCMC later agreed to establish Lavenue to build a five-star hotel and retail project, Lavenue Crown. In 2010, the four founding shareholders transferred their capital contributions to KIDO, which recorded a 50% stake worth more than VND 1,069 billion. After the investment, a series of HCMC officials were arrested over the land allocation without auction, the Lavenue Crown plan could not proceed, and part of the site became a parking lot. KIDO’s interim consolidated financial statements note that since 2018 the project has been subject to comprehensive inspection, and cite the 2020 and 2021 court judgments concerning violations in the management and use of state assets.

Market Context

KIDO trades on the Ho Chi Minh Stock Exchange under ticker KDC, with a close of VND 51,000 on 23 September 2026. The company is classified in Food & Beverage, and the Le Duan plot is a non-core real estate asset rather than part of its consumer staples operations. The proposed transfer sits within a broader HCMC trend of using public land banks to settle BT infrastructure obligations, a mechanism that has drawn regulatory scrutiny since the 2018-2021 inspections and prosecutions. For KDC, the news revives a legacy balance-sheet item that has been largely written down in practice but not yet resolved through a formal transaction.

Strategic Significance

For long-term KIDO holders, the key question is whether the transfer to Masterise produces any recovery on the VND 1,069 billion Lavenue investment or confirms it as a sunk cost. The company has already flagged the asset as impaired in substance, and the city’s plan does not indicate compensation to KIDO or Lavenue. The strategic read is that KIDO’s core food and beverage platform, including its Tho Phat bakery subsidiary, remains the operating thesis, while the Le Duan plot is a legacy legal overhang. A clean transfer could remove an unresolved item from the books and eliminate a recurring source of disclosure risk, even if it does not restore the invested capital.

What to Watch

• Formal HCMC People’s Council resolution and any published land-transfer valuation for 8-12 Le Duane.
• KIDO’s next consolidated financial statements for any change to the Lavenue carrying value or impairment language.
• Any disclosure from KIDO or Lavenue on compensation, settlement, or legal claims tied to the 2010 capital transfer.
• Masterise Ha Tang Can Gio progress milestones on the nearly 7 km Can Gio Bridge, targeted for 2029 operation.
• Further court or inspection developments referenced in judgments No. 400/2020/HS-ST and No. 452/2021/HSPT.