TET Halts 69-Year Garment Production at 79 Lac Trung for Pristie Hanoi Project

Overview

TET, listed on the Hanoi Stock Exchange (HNX) and renamed Pristie Real Estate JSC in July 2026, has approved the termination of garment manufacturing at 79 Lac Trung Street, Vinh Tuy Ward, Hanoi. The site will instead host the Pristie Lac Trung premium commercial housing complex. The decision closes a 69-year manufacturing history and converts the company’s core industrial land bank into a residential development pipeline.

Key Facts

• TET approved halting garment production at 79 Lac Trung Street, Vinh Tuy Ward, Hanoi, per a board resolution tied to the 2025 extraordinary general meeting.
• The company renamed itself from Công ty CP Vải sợi May mặc Miền Bắc (Textaco) to Công ty CP Bất động sản Pristie, effective 16 July 2026, its 18th business registration amendment.
• TET completed a private placement of 56.5 million shares at VND 20,000 each on 2 July 2026, raising VND 1,130 billion (about USD 45.2 million).
• Charter capital rose from just over VND 57 billion to VND 622 billion after the placement.
• The board approved parking the full VND 1,130 billion in term bank deposits of 1 to 12 months while project permits are pending.
• VND 522 billion is earmarked as counterpart funding for construction of the Pristie Lac Trung project.
• TET was founded in May 1957, equitised in July 2005, and has been listed on HNX since April 2010.

What Happened

According to the company’s board resolution, TET will cease garment processing at its long-standing Lac Trung Street facility to make way for the Pristie Lac Trung premium commercial housing complex. The move implements a resolution passed at the 2025 extraordinary general meeting and comes roughly two months after the company formally changed its name from Textaco to Pristie Real Estate JSC. As of 30 June 2026, TET still reported garment processing, warehouse and office leasing, and real estate among its business lines, meaning the production halt marks the formal end of its manufacturing identity.

The pivot was funded ahead of the announcement. On 2 July 2026, TET completed a private placement of all 56.5 million offered shares at VND 20,000 per share, collecting VND 1,130 billion. Because the two real estate projects are still going through investment and construction licensing procedures, the board resolved on 30 June 2026 to place the entire proceeds in term bank deposits of one to twelve months, with VND 522 billion designated as counterpart capital for the Lac Trung development. The company has not disclosed a construction start date or the project’s total investment value.

Market Context

TET closed at VND 50,000 on 8 September 2026 on HNX, a level far above the VND 20,000 private placement price, reflecting the market’s re-rating of the company as a property play rather than a textile manufacturer. The stock sits in the small-cap segment of a Hanoi market that has seen sustained investor interest in land-conversion stories, where legacy industrial sites in inner Hanoi are repriced on residential development potential. The textile sector, by contrast, has faced thinner margins and competitive pressure, giving the company a clear rationale for exiting manufacturing.

Strategic Significance

The investment case now rests entirely on execution of the Lac Trung land conversion. TET’s 69-year-old factory site sits in Vinh Tuy Ward, an inner-Hanoi location where premium residential supply remains scarce, and the VND 1,130 billion raised gives the company equity funding without immediate debt. The deposit strategy preserves that capital while permits are processed, but it also means earnings will depend on interest income until construction begins. For long-term holders, the key question is whether a former garment enterprise can manage a premium housing project, and whether the licensing timeline holds. The gap between the VND 20,000 placement price and the VND 50,000 market price implies investors are already pricing in substantial project value.

What to Watch

• Disclosure of the investment and construction permits for the Pristie Lac Trung project.
• A construction start date and total project investment value, neither of which has been announced.
• The 30 June 2026 deposit resolution in practice, including any drawdown of the VND 522 billion counterpart allocation.
• Q3 2026 financial statements, which should show whether garment revenue has fully ceased and how deposit interest income is booked.
• Any further land or project acquisitions funded by the remaining placement proceeds.