State divestment from Viglacera to be delayed

The Ministry of Construction will postpone plans to divest state capital from Viglacera (HoSE: VGC) - Vietnam's leading construction material producer and industrial real estate developer, citing valuation challenges and the need to safeguard state assets, a senior official said.

Speaking at the company’s 2026 annual general meeting on Saturday, Deputy Minister Nguyen Van Sinh said the divestment will not proceed in the near term and will instead be reconsidered during the 2026-2030 period.

Viglacera’s rapid growth and expanding asset base have led to significant fluctuations in its valuation, complicating the appraisal process required for divestment, Sinh said.

The company is also involved in industrial park and manufacturing projects in Cuba, where economic volatility has made it harder to determine the value of overseas investments.

Viglacera has sought guidance from the Ministry of Finance on valuation methods, but no clear framework has yet been issued, further delaying the process.

Under a plan approved by the Prime Minister, the state had aimed to reduce its stake in Viglacera during 2024-2025. The state currently holds about 38% of the company.

“Divestment involves public assets and must be conducted cautiously to avoid losses,” Sinh said, adding that maintaining stability and growth at the company is a near-term priority.

The ministry has reported to the government and proposed deferring the plan until conditions are more favourable, while allowing Viglacera to continue playing a strategic role domestically and internationally.

Shareholders approve growth targets, dividend

At the meeting, shareholders approved a 2026 target of VND15.3 trillion ($580.43 million) in consolidated revenue, up about 15% from 2025, and pre-tax profit of VND1.82 trillion ($69.04 million).

They also approved a 22% cash dividend for 2025, equivalent to more than VND986 billion ($37.41 million), along with allocations of nearly VND200 billion to a development fund and over VND51 billion ($1.93 million) to bonus and welfare funds.

The AGM accepted the resignation of board member Nguyen Trong Hien and elected Dinh Van Hiep as a new board member for the 2024-2029 term.

Hiep, born in 1978, holds a degree in civil engineering. From 2007 to 2024, he served as deputy general director of Turner Vietnam Co., Ltd. Since 2024, he has been deputy general director of MIK Group Vietnam JSC. Since February 2026, he has been general sirector of Long Son Petroleum Industrial Park Investment JSC.

On the Ho Chi Minh Stock Exchange (HoSE), VGC shares closed Friday at VND43,850 ($1.66) apiece.