Vinaconex (VCG) to Acquire 24.03% Stake in Giay Thuong Dinh (GTD)

Overview

Vinaconex (VCG) has approved a plan to purchase a 24.03% stake in footwear manufacturer CTCP Giay Thuong Dinh (GTD). The move, involving 2.23 million shares, follows significant recent shareholding changes at GTD and represents VCG’s continued diversification of its investment portfolio beyond construction.

Key Facts

• Vinaconex (VCG) approved a plan to purchase 2.23 million shares of Giay Thuong Dinh (GTD), equivalent to 24.03% of GTD’s charter capital.
• GTD’s total outstanding shares as of April 2, 2026, were 9.3 million shares held by 97 shareholders.
• Prior to this, GTD’s largest shareholder, Mai Huyen Trang, sold nearly 2.98 million GTD shares on April 7-8, 2026, reducing her stake to 22.13%.
• CTCP An Quy Hung Holding purchased a total of 1.8 million GTD shares on April 3 and 7, 2026, increasing its stake to 24%.
• An Quy Hung Holding was established in October 2025 with VND 500 billion in charter capital and is 79.2% owned by Nguyen Xuan Dong, who is also the General Director of Vinaconex.
• An Quy Hung Holding owns 99.99% of An Quy Hung Company Limited, which co-founded CTCP Dau tu Pacific Holdings, the largest shareholder of Vinaconex.
• Vinaconex did not disclose the identity of the transfer partner or the transaction value for the GTD stake purchase.

What Happened

According to a company filing, Vinaconex (VCG) has approved a plan to purchase 2.23 million shares of CTCP Giay Thuong Dinh (GTD), representing a 24.03% stake. VCG did not disclose the counterparty or transaction value. This approval follows recent volatility in GTD’s shareholder structure, where its largest individual shareholder, Mai Huyen Trang, sold significant stakes in early April 2026, reducing her ownership from 68.66% to 22.13%.

Concurrently, CTCP An Quy Hung Holding emerged as a major GTD shareholder, acquiring a 24% stake through purchases on April 3 and 7, 2026. An Quy Hung Holding is a real estate consulting and brokerage firm established in October 2025 with VND 500 billion in charter capital. Notably, its majority owner (79.2%) is Nguyen Xuan Dong, who serves as the General Director of Vinaconex. The holding company is also linked through ownership chains to Pacific Holdings, the largest shareholder of Vinaconex.

Market Context

Vinaconex (VCG) trades on the Ho Chi Minh Stock Exchange (HOSE). The stock closed at VND 22 on April 15, 2026, down 1.53% on volume of nearly 11 million shares. The announcement comes as VCG has been actively restructuring its investments in other enterprises, part of a broader trend among Vietnamese conglomerates diversifying beyond core sectors. The construction sector has faced headwinds, prompting strategic shifts.

Strategic Significance

The GTD stake acquisition aligns with Vinaconex’s strategy to diversify its investment portfolio beyond construction and import-export. The indirect involvement of VCG’s CEO through An Quy Hung Holding suggests a coordinated approach to gaining influence in GTD, a footwear manufacturer, which represents a non-core but potentially stable consumer sector. This move could provide VCG with exposure to a different economic segment while leveraging management’s network for strategic investments.

What to Watch

• Disclosure of the transaction value and counterparty for the GTD share purchase.
• Vinaconex’s Q2 2026 earnings report for details on funding and impact of this investment.
• Further changes in GTD’s shareholder structure, particularly any additional purchases by Vinaconex or related entities.
• Regulatory filings regarding any change in public company status for GTD, which currently does not meet the minimum shareholder dispersion requirement.
• Performance metrics from GTD’s footwear operations to assess the investment’s rationale.