Dat Xanh Group (DXG) Restructures Brand, Targets 2026 Revenue of VND 5,000 Billion

Overview

Dat Xanh Group (DXG) announced a comprehensive brand restructuring at its 2026 Annual General Meeting on April 17, shifting from a traditional real estate developer to a closed ecosystem with four pillars. The company set a 2026 revenue target of VND 5,000 billion, representing 16% growth from 2025, and approved a ~14% stock dividend plan. The restructuring is led by newly appointed Chairman Bui Ngoc Duc and aims to improve capital access and long-term valuation.

Key Facts

• DXG targets 2026 consolidated revenue of VND 5,000 billion and after-tax profit attributable to parent company of VND 268 billion, implying ~16% growth.
• 2025 actual results: consolidated revenue VND 4,192 billion, after-tax profit VND 231 billion.
• The company approved a stock dividend plan of approximately 14%, raising charter capital to over VND 12,600 billion.
• New Chairman Bui Ngoc Duc was appointed on April 16, 2026, and is expected to lead the restructuring.
• New CEO Nguyen Truong Son is an internal appointee with senior leadership experience.
• Key project The Privé (Phase 1) is 50% complete in rough construction, with handover expected in Q2 2027; revenue recognition from 2027.
• Gem Sky World project has completed infrastructure investment and is awaiting optimal launch timing.
• DXG has land parcels in Ho Chi Minh City included in the pilot list under Resolution 171, providing development potential.

What Happened

At its 2026 Annual General Meeting on April 17, Dat Xanh Group (DXG) unveiled a strategic brand restructuring, moving away from a traditional real estate developer model to a closed ecosystem comprising four pillars: investment and capital cooperation, real estate development, asset management and operations, and real estate services. The company stated that the new brand identity is designed to facilitate international cooperation, attract capital, and enhance long-term valuation. The existing Dat Xanh brand will be retained and developed within the real estate services segment.

On the same day, DXG announced the appointment of Bui Ngoc Duc as Chairman of the Board of Directors, effective April 16, 2026. He is expected to serve as the “architect” of the restructuring. The new CEO, Nguyen Truong Son, is a long-term internal executive who has held various senior positions within the group. The company also approved a stock dividend plan of approximately 14% and completed previous issuances, raising charter capital to over VND 12,600 billion.

Market Context

DXG shares closed at VND 15 on April 15, 2026, down 0.33% with volume of 18.3 million shares, reflecting subdued investor sentiment amid a broader real estate sector recovery. The stock trades on HOSE. The restructuring announcement comes as Vietnam’s real estate market shows signs of stabilization, with policy support from Resolution 171 and improving liquidity. DXG’s focus on a closed ecosystem and asset management aligns with industry trends toward recurring income streams.

Strategic Significance

The brand restructuring positions DXG to reduce reliance on project sales and build long-term cash flows through asset management and operations, including shopping malls, serviced apartments, offices, and urban complexes. By strengthening capital cooperation with domestic and international financial institutions, DXG aims to lower capital pressure and improve governance standards. The move could enhance the company’s valuation multiple if it successfully transitions to a more diversified, fee-based business model. The appointment of a new chairman with a restructuring mandate signals a commitment to execution.

What to Watch

• Progress on The Privé project: Phase 1 handover in Q2 2027 and subsequent revenue recognition.
• Timing of Gem Sky World project launch and its contribution to cash flow.
• Execution of the stock dividend plan and impact on share liquidity.
• Further M&A activity, particularly land acquisitions under Resolution 171 pilot.
• Q2 2026 earnings release to assess early revenue and profit trends.