VGC

The State Bank of Vietnam's Circular 4551 excludes incremental loans for social housing and industrial parks from real estate credit growth limits, effectively channeling capital to these priority sectors. Industrial park developers like KBC, IDI, SZC, BCM, and VGC are direct beneficiaries, with VGC also gaining from its social housing exposure.

Foreign investors unexpectedly net sold VND 1,700 billion (USD 68 million) on all three exchanges, with strong selling pressure on real estate and banking stocks, dragging the VN-Index down 16 points to 1,896.89. The sell-off was concentrated in VIC and VHM, which together accounted for over 13 points of the index decline, signaling a broad de-risking by foreign capital.

GELEX Infrastructure targets 2026 revenue of VND 16,649 billion (+16% YoY) but pre-tax profit falls 43% to VND 1,158 billion due to investment costs. The company will skip dividends for 2025 and 2026 to fund expansion, with subsidiary Viglacera (VGC) as a key growth driver in industrial parks and real estate.

Proprietary trading desks of securities companies net sold VND 649 billion (USD 26 million) on HOSE on Monday, with MBB, CTG, and MWG seeing the heaviest selling. STB was the most bought stock. The selling pressure comes as the VN-Index rose 0.33% to 1,927.94, suggesting institutional profit-taking amid a 8-week rally.

TCB, MWG, and MBB faced heavy selling from proprietary desks on HOSE on May 15, with net sales of VND 870 billion, while foreign investors turned net sellers with VND 817 billion across the market. The selling pressure contributed to a 0.2% decline in the VN-Index.

GEX was the most sold stock by proprietary trading desks on May 13, with net selling of 168 billion VND, followed by VNM and PVT. The overall net selling of 379 billion VND by proprietary desks, combined with foreign net selling of 1,475 billion VND, signals caution among institutional investors amid the VN-Index near its all-time high.

VGC's wholly-owned subsidiary VIGSA was fined 1.13 billion VND and suspended from securities trading for three months for not disclosing a planned purchase of 3.78 million TVA shares. The penalty highlights regulatory enforcement on disclosure compliance, with potential reputational impact on VGC.

VietinBank (CTG) reported Q1/2026 pre-tax profit of VND 11,139 billion, up 63% YoY, leading a mixed earnings season. While MB (MBB) rose 15% and Vinpearl (VPL) surged 987%, Eximbank (EIB) saw a 59% decline. The results highlight divergent performance across banking, real estate, and consumer sectors.

VGC: The Ministry of Construction has postponed its planned 2024-2025 divestment of a 38% stake in Viglacera, citing valuation complexities and market conditions, with a new timeline of 2026-2030. The delay removes near-term overhang but keeps state ownership uncertainty alive.

Vinhomes (VHM) raised its 2026 revenue target by VND 35 trillion to VND 285 trillion and its net profit target by VND 10 trillion to VND 60 trillion, representing 86% and 38% growth respectively versus 2025 results. The guidance revision, announced ahead of the April 21 shareholder meeting, triggered a 6.93% ceiling-price rally for VHM and lifted other Vin-group stocks.

Hanoi People's Committee issued an ultimatum to review and resolve 341 delayed private real estate projects, naming Viglacera (VGC), Geleximco (GEX), Nam Cuong (NCT), and Sudico (SJS) among prominent developers. Mê Linh district leads with 41 stalled projects, accounting for nearly 40% of the total across four top districts. This regulatory action signals increased scrutiny on project execution and land use efficiency for listed developers in the capital.

MSN was the top net buy by securities company proprietary trading desks on April 15, with VND 38 billion in purchases, while foreign investors sold a net VND 3,651 billion across the HoSE. The divergence highlights continued foreign outflow pressure despite domestic institutional support for select blue chips.