TET (Pristie Real Estate): 69-Year Textile Firm Exits Garment Production for Hanoi Property

Overview

CTCP Vải sợi May mặc Miền Bắc, listed on HNX under ticker TET, has completed a full pivot from textiles to real estate. The company raised VND 1,130B in a private placement, renamed itself CTCP Bất động sản Pristie, and approved the termination of garment production at 79 Lạc Trung, Hà Nội. F1 Housing now holds 84.15% of the company, making TET a controlled property developer rather than an apparel manufacturer.

Key Facts

• Private placement of 56.5 million shares at VND 20,000 per share, raising VND 1,130B, completed in early July 2026.
• Charter capital rose from just over VND 57B to VND 622B, an increase of roughly 11 times.
• F1 Housing bought more than 52.3 million shares, equal to 84.15% of post-issuance charter capital, becoming the controlling shareholder.
• The five domestic investors in the placement hold a combined 91.94% of post-issuance capital; the other participants are Finra Capital JSC and individuals Hà Hải Định, Phạm Hoàng Long and Nguyễn Thị Diệu Thùy.
• The company renamed itself CTCP Bất động sản Pristie on 16 July 2026.
• Garment production at 79 Lạc Trung, Vĩnh Tuy ward, Hà Nội will stop, with employee entitlements paid through 30 September 2026.
• Two Hanoi residential projects are planned with combined value of more than VND 5,600B, anchored by the Pristie Lạc Trung high-end commercial housing complex.

What Happened

According to a board resolution dated 22 September, Pristie Real Estate (TET) approved the termination of sewing operations at its 79 Lạc Trung facility to make way for the Pristie Lạc Trung high-end commercial housing complex. The board instructed the general director to settle all employee entitlements through 30 September 2026 and to liquidate purchase, supply and service contracts tied to garment manufacturing. Machinery and equipment at the workshop will be inventoried, sealed, relocated or disposed of under a suitable plan.

The decision follows a sequence of capital and ownership changes. In early July 2026 the company completed a private placement of 56.5 million shares at VND 20,000 each, raising VND 1,130B and lifting charter capital from just over VND 57B to VND 622B. All 56.5 million shares went to five domestic investors, who together hold 91.94% of post-issuance capital. F1 Housing, a property company established only in August 2025 with initial charter capital of VND 400B, subscribed for more than 52.3 million shares, or 84.15%, becoming the controlling shareholder. F1 Housing had held no TET shares before the placement. It raised its own charter capital to VND 3,300B in April 2026 and is owned equally by Bùi Xuân Nhạc and Nguyễn Vĩnh Phúc, the latter born in 1993 and serving as chairman and legal representative. On 16 July 2026 the company changed its name from CTCP Vải sợi May mặc Miền Bắc to CTCP Bất động sản Pristie.

Market Context

TET trades on HNX, where it last closed at VND 50,000 on 8 September 2026, well above the VND 20,000 placement price. The stock therefore sits at a premium to the level at which the new controlling shareholder and four other investors entered, a gap that reflects the market’s re-rating of the company as a property play rather than a textile producer. The pivot lands in a Hanoi residential market that has seen sustained price growth in the high-end segment, while the domestic textile sector continues to face margin pressure from input costs and export competition. The transaction also fits a broader pattern on Vietnamese exchanges of small-cap manufacturers being repurposed as real estate vehicles through private placements and controlling-stake sales.

Strategic Significance

The investment case for TET now rests entirely on execution at Pristie Lạc Trung and the second Hanoi project, not on any residual textile earnings. F1 Housing’s 84.15% stake concentrates decision-making in a newly formed, thinly documented entity, so governance and related-party discipline become central to the thesis. The VND 1,130B raised is meaningful against a VND 622B charter capital base but small relative to the stated VND 5,600B combined project value, implying that development will depend on project-level debt, presales or further capital raises. For long-term holders, the key question is whether the Lạc Trung land bank, an inner-city industrial site in Vĩnh Tuy ward, can be converted into licensed, sellable high-end housing at a cost that justifies the current share price premium to the placement level.

What to Watch

• Disclosure of the second Hanoi project’s location, licensing status and total investment breakdown.
• Progress on land-use right conversion and construction permits for Pristie Lạc Trung.
• Any additional capital raising, project-level borrowing or share issuance needed to fund the VND 5,600B pipeline.
• Related-party transactions between TET and F1 Housing, including contractor appointments or land transfers.
• Q3 and Q4 2026 financial statements showing the cost of winding down garment operations and the timing of employee settlements.