VGC

VGC appoints Mr. Nguyen The Chinh as Deputy General Director effective July 16, and completes the transfer of its 65% stake in Phu My Float Glass (PFG) to Vietnam Float Glass (VFG) for VND 575.9B book value, aligning with its restructuring plan to make VFG the core glass unit.

VGC sets a record date of July 29, 2026, for a 22% cash dividend (2,200 VND/share), with total payout of 986.37 billion VND from 2025 retained earnings. The dividend underscores Viglacera's solid cash flow amid ongoing restructuring of its glass subsidiary VFG.

Viglacera (VGC) will pay a 22% cash dividend for 2025, distributing nearly 986 billion VND on August 28, 2026. The payout is supported by 2025 revenue of 13,315 billion VND (+11.8%) and pre-tax profit of 2,201 billion VND (+35%). However, VGC guides a lower 10% dividend for 2026 on a projected 17% profit decline.

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.