Vinaconex (VCG) to Raise Stake in Giay Thuong Dinh (GTD) to 48%

Overview

Vinaconex (VCG), a major Vietnamese construction and real estate firm, has registered to purchase 2.2 million shares of Giay Thuong Dinh (GTD), a footwear manufacturer listed on HOSE. If completed, Vinaconex and its related party An Quy Hung Holdings will collectively own 48.03% of GTD’s charter capital. The transaction is scheduled from May 15 to June 12, 2026, and follows shareholder approval for the stake transfer without a mandatory tender offer.

Key Facts

• Vinaconex registered to buy 2,200,000 GTD shares via order matching and/or negotiated deals.
• The transaction period runs from May 15 to June 12, 2026.
• After the purchase, Vinaconex will hold 24.03% of GTD; together with An Quy Hung Holdings (24%), total ownership reaches 48.03%.
• An Quy Hung Holdings was established in October 2025 with charter capital of VND 500 billion; Vinaconex Chairman Nguyen Xuan Dong holds 79.2% of its capital.
• GTD shareholders approved the transfer at the annual general meeting on May 6, 2026, exempting Vinaconex from a public offer.
• GTD plans to relocate its factory from 277 Nguyen Trai, Hanoi to Dong Van Industrial Park, Ninh Binh, and develop a mixed-use project on the 3.6-hectare site.
• The project has a total investment of VND 9,907 billion, with VND 1,981 billion from equity and VND 7,925 billion from loans.

What Happened

Vinaconex (VCG) announced its registration to acquire 2.2 million shares of Giay Thuong Dinh (GTD) for investment purposes. The purchase will be executed through order matching and/or negotiated transactions between May 15 and June 12, 2026. Upon completion, Vinaconex will directly own 24.03% of GTD’s charter capital. Combined with the 24% stake held by related party An Quy Hung Holdings, the Vinaconex group will control 48.03% of the footwear company.

The move was enabled by a resolution at GTD’s annual general meeting on May 6, 2026, which approved the transfer of shares from existing shareholders to Vinaconex without requiring a public tender offer. The proposal was submitted by shareholder Mai Huyen Trang, who represents a group holding 24.03% of GTD. An Quy Hung Holdings, newly established in October 2025, is majority-owned by Vinaconex Chairman Nguyen Xuan Dong (79.2%) and his wife Do Thi Thanh (19.2%).

Market Context

VCG shares closed at VND 22,000 on May 12, 2026, up 0.92% with volume of 3.4 million shares. The stock trades on HOSE in the Construction & Materials sector. GTD, also listed on HOSE, operates in the footwear industry. The transaction comes amid Vinaconex’s broader strategy to expand its real estate development footprint, leveraging GTD’s prime land in Hanoi for a large-scale mixed-use project.

Strategic Significance

This stake increase positions Vinaconex to control nearly half of GTD, giving it significant influence over the company’s strategic direction, particularly the redevelopment of GTD’s 3.6-hectare site at 277 Nguyen Trai, Hanoi. The planned VND 9,907 billion mixed-use project—including residential, office, commercial, and school components—aligns with Vinaconex’s core competencies in construction and real estate. By consolidating control, Vinaconex can integrate the project into its development pipeline, potentially unlocking substantial value from the land asset. The transaction also reflects a trend of construction firms diversifying into property development to capture urban redevelopment opportunities.

What to Watch

• Completion of the share purchase by June 12, 2026, and any adjustments to the stake.
• GTD’s progress on factory relocation to Dong Van Industrial Park and timeline for the new project.
• Financing details for the VND 9,907 billion project, including loan arrangements and potential capital raises.
• Regulatory approvals for the mixed-use project, including land-use conversion and construction permits.
• Vinaconex’s future plans for GTD, including potential board representation or operational integration.