DatVietVAC (DVV) Approved for HoSE Listing, Setting Up Rivalry With Yeah1 (YEG)

Overview

HoSE signed a decision on 20 October approving the listing of more than 111.4 million DVV shares of DatVietVAC Group Holdings, the media and entertainment producer behind formats such as Anh Trai “Say Hi”, Rap Việt and The Masked Singer. The listing introduces a second listed pure-play entertainment group alongside Yeah1 (YEG) on HOSE and, at the planned reference price, would make DatVietVAC more than three times the market value of its listed peer.

Key Facts

• HoSE approved the listing of over 111.4 million DVV shares, with the decision signed on 20 October.
• Reference price is set at VND 54,800 per share, equal to the IPO offer price.
• Implied market capitalisation exceeds VND 6,100 billion, or roughly USD 234 million.
• The IPO was 106.6% subscribed against the offered volume, according to the article.
• DatVietVAC targets 2025 revenue of VND 3,382 billion and after-tax profit of VND 420 billion, growth of about 6% and 11% respectively year on year.
• For comparison, Yeah1 (YEG) carried a market capitalisation of nearly VND 1,700 billion at the close on 22 October.
• The first trading date has not been officially announced; management plans for early November.

What Happened

HoSE issued the listing approval for DatVietVAC Group Holdings on 20 October, clearing the way for the company’s shares to trade under the DVV ticker. The exchange has not published an official first trading date, but company leadership has indicated the shares will debut in early November. The reference price of VND 54,800 matches the price used in the company’s initial public offering.

The IPO closed with registered demand equal to 106.6% of the offered volume. Chairman Đinh Bá Thành has said that some artists managed by the company are already shareholders of DVV. DatVietVAC, active since 1994 and restructured as a holding company in 2019, operates through units including Vie Channel, Đông Tây Promotion, Dat Viet Media and TKL, spanning content production and media services. Its 2025 plan rests on commercialising core intellectual property, expanding live performances and concerts tied to flagship IP — including the Tinh Hà “Say Hi” concert series — and two additional shows in Las Vegas with partners.

Market Context

Yeah1 (YEG), listed on HOSE, closed at VND 8,150 on 22 October, giving it a market capitalisation of nearly VND 1,700 billion — about 28% of DatVietVAC’s implied value at the reference price. The comparison frames DVV’s debut as a direct test of how investors price Vietnamese content IP versus a smaller, more diversified media platform. The listing also adds supply to a thin entertainment segment of the HOSE board, where few pure media names trade and where liquidity is typically concentrated in a handful of sessions around corporate events.

Strategic Significance

DatVietVAC’s thesis is that owning hit formats — Anh Trai “Say Hi”, Em Xinh “Say Hi”, Rap Việt, The Masked Singer and 2 Ngày 1 Đêm — creates reusable IP that can be monetised through advertising, sponsorship, concerts and artist management rather than one-off programme sales. The planned Las Vegas shows and the concert chain around “Say Hi” are the first evidence of whether that model can travel beyond the domestic market. For YEG holders, the arrival of a larger, better-capitalised competitor on the same exchange creates a relative-value benchmark and could pull advertising and talent economics toward the larger platform. The modest 6% revenue growth target suggests management is prioritising margin and IP yield over volume, a mix investors will need to verify against reported results.

What to Watch

• Official announcement of the first trading date on HoSE, expected in early November.
• Opening-session price performance against the VND 54,800 reference price and any subsequent band limits.
• First post-listing disclosure of the shareholder register, including artist shareholders referenced by the chairman.
• Revenue recognition from the “Say Hi” concert series and the two Las Vegas shows in the second-half results.
• Relative valuation and liquidity comparison with Yeah1 (YEG) on HOSE as the sector gains a second listed comparable.