Vinaconex (VCG) Acquires 24.15% Stake in Dong Thap Construction (BDT)

Overview

Vinaconex (VCG), listed on HOSE, has become a major shareholder in Dong Thap Construction (BDT), a UPCoM-listed construction and building materials company. The move follows a purchase of nearly 7.4 million BDT shares on August 12, lifting VCG’s stake to 24.15%. This strategic investment aligns with VCG’s expansion in the Mekong Delta region.

Key Facts

• Vinaconex (VCG) bought nearly 7.4 million BDT shares on August 12, increasing its holding from 1.92 million shares (4.99%) to 9.32 million shares (24.15%).
• The transaction was executed via a negotiated deal valued at VND 75.43 billion, at an average price of VND 10,200 per share.
• BDT shares traded around VND 9,000 at the time of the report; recent close on August 18 was VND 9,300.
• Dong Thap Construction has a charter capital of VND 386 billion, with the Dong Thap Provincial People’s Committee holding 51%.
• In Q2 2026, BDT reported revenue of VND 74.56 billion, up 56% year-on-year, but net profit fell 9.4% to VND 5.7 billion due to a negative other-profit item.
• For H1 2026, BDT’s revenue reached VND 128.75 billion (+62% YoY), with net profit of VND 8.82 billion, reversing a loss of VND 2.5 billion in the prior-year period.
• A previous major shareholder, Mr. Ngô Thành Nguyên, sold his entire 2.9 million BDT shares (7.52%) on July 24.

What Happened

Vinaconex (VCG) reported to the stock exchange that it became a major shareholder of Dong Thap Construction (BDT) after purchasing nearly 7.4 million shares on August 12. The acquisition raised VCG’s ownership from 4.99% to 24.15%, equivalent to 9.32 million shares. The transaction was conducted as a negotiated deal, with a total value of VND 75.43 billion, implying an average price of VND 10,200 per share.

This stake change comes shortly after another large shareholder, Mr. Ngô Thành Nguyên, sold his entire 7.52% stake in BDT on July 24. The provincial government of Đồng Tháp retains a 51% controlling stake in the company. BDT’s recent financial performance shows strong revenue growth, though profitability has been uneven.

Market Context

BDT shares closed at VND 9,300 on August 18, 2026, slightly above the negotiated price of VND 10,200 but below the recent trading range. VCG closed at VND 15,800 on the same day. The investment in BDT is part of VCG’s broader strategy to expand its presence in the construction sector, particularly in the Mekong Delta. The deal also reflects a trend of larger construction firms consolidating regional players.

Strategic Significance

For VCG, acquiring a 24.15% stake in BDT provides a foothold in a provincial construction company with strong revenue growth and potential for infrastructure projects in the Mekong Delta. The investment may facilitate joint ventures or project collaborations, leveraging BDT’s local relationships and VCG’s scale. For BDT, having VCG as a major shareholder could bring financial strength and expertise, potentially improving its competitive position.

What to Watch

• Further stake increases by VCG in BDT, which could signal a full acquisition or strategic partnership.
• BDT’s Q3 2026 earnings report to see if revenue growth translates into improved profitability.
• Any new infrastructure contracts or projects announced by BDT that could benefit from VCG’s involvement.
• Changes in BDT’s board composition or management following VCG’s entry.
• Regulatory approvals or disclosures related to the stake change, if any.