Khang Dien House (KDH) Announces New Board Candidates as VinaCapital Exits

Overview

Khang Dien House (KDH) has proposed two new candidates for its Board of Directors and Supervisory Board, replacing representatives from the VinaCapital group who resigned. This leadership transition follows a VND 195 billion block sale of KDH shares by a VinaCapital-related fund. The company also disclosed its 2026 business plan, targeting revenue of VND 4,200 billion and net profit of VND 1,500 billion.

Key Facts

• KDH proposes Mr. Lê Hoàng Khởi (born 1988) as a Board of Directors candidate and Ms. Lê Thị Mai Khanh (born 1983) as a Supervisory Board candidate.
• The candidates replace Ms. Nguyễn Thị Diệu Phương and Ms. Vương Hoàng Thảo Linh, who were VinaCapital representatives and have resigned.
• On March 18, Vietnam Investment Property Limited sold 7.5 million KDH shares in a VND 195 billion block trade, reducing its stake from 0.85% to 0.18% of charter capital.
• For 2026, KDH targets revenue of VND 4,200 billion and net profit of VND 1,500 billion, with a planned dividend ratio of 10%.
• In 2025, KDH achieved revenue of over VND 4,651 billion and net profit of VND 1,045 billion, up 42% and 29% year-on-year, respectively.
• The company continues to develop the Gladia by the Waters project (11.8 ha) in partnership with Singapore’s Keppel Group, with low-rise sections ongoing and high-rise sales expected from Q3/2026.
• KDH is also advancing the Lê Minh Xuân Industrial Park expansion and residential project 11A in Hồ Chí Minh City.

What Happened

According to documents added to its 2026 Annual General Meeting of Shareholders (AGM) materials, Khang Dien House (KDH) has nominated Mr. Lê Hoàng Khởi and Ms. Lê Thị Mai Khanh as new candidates for its Board of Directors and Supervisory Board, respectively. The AGM is scheduled for April 22 in Hồ Chí Minh City. These nominations follow the resignation of Ms. Nguyễn Thị Diệu Phương from the Board and Ms. Vương Hoàng Thảo Linh from the Supervisory Board, both identified as representatives of the VinaCapital group.

The leadership change occurs in the context of share sales by related shareholders. Specifically, on March 18, the fund Vietnam Investment Property Limited sold 7.5 million KDH shares in a block trade worth VND 195 billion, reducing its ownership stake. KDH’s management also outlined its 2026 business plan, targeting significant revenue and profit growth, alongside ongoing project developments including the Gladia by the Waters joint venture with Keppel Group.

Market Context

KDH shares (HOSE: KDH) closed unchanged at VND 26,000 on April 14, 2026, with a trading volume of 3.01 million shares. The stock’s recent stability follows the disclosed block sale and leadership transition. The real estate sector in Vietnam has seen mixed performance, with KDH’s 2025 results showing strong growth, setting a new profit record and surpassing its own targets. The company’s 2026 ambitions, if achieved, would represent further substantial earnings expansion.

Strategic Significance

The replacement of VinaCapital representatives on KDH’s boards signals a shift in major shareholder influence, potentially aligning governance more closely with the founding or controlling group. This comes as KDH pursues aggressive growth targets, leveraging key projects like Gladia by the Waters. The exit of a significant foreign institutional investor like VinaCapital may impact foreign ownership perceptions, but KDH’s solid 2025 performance and detailed project pipeline provide a foundation for its 2026 goals.

What to Watch

• Voting outcomes for the new board candidates at the AGM on April 22, 2026.
• Quarterly earnings reports to track progress toward the 2026 revenue and net profit targets of VND 4,200B and VND 1,500B.
• Sales launches for the high-rise section of Gladia by the Waters, scheduled for Q3 2026.
• Further changes in major shareholder stakes, particularly any additional sales by VinaCapital-related entities.
• Updates on the Lê Minh Xuân Industrial Park expansion and residential project 11A, including construction milestones and regulatory approvals.