Vietnam construction giant Vinaconex plans to divest 51% stake in northern Vietnam resort developer

Vietnam’s leading construction firm Vinaconex on Monday approved the transfer of its entire 51% stake in Vinaconex ITC, the developer of Cat Ba Amatina urban-tourism project in the northern city of Hai Phong, at a minimum price of VND48,000 per share ($1.84).

The company, listed on the Ho Chi Minh Stock Exchange (HoSE) as VCG, has sent an official notice to the Vietnam Stock Exchange and the HoSE regarding the divestment from its subsidiary. Vinaconex ITC is now registered on the Unlisted Public Companies Market (UPCoM) as VCR.

Under its decision, the number of shares to be transferred is 107.1 million, equivalent to 51% of the total. The sale will be conducted via direct negotiation with interested investors.

With the minimum price of VND48,000 per share, Vinaconex is expected to raise at least VND5.14 trillion ($196.7 million) in proceeds.

The board of directors has authorized the CEO to carry out all relevant procedures to transfer the company's entire stake in Vinaconex ITC according to the approved plan, ensuring compliance with related laws and the company’s regulations.

The Cat Ba Amatina urban-tourism project is located on Cat Ba archipelago in Cat Hai district.

At Vinaconex’s 2025 AGM held on April 21, the leadership announced that infrastructure and legal documentation for the project are still being finalized.

The project is planned to become a green-smart-premium urban resort complex, including 1,300 detached, semi-detached, and terraced villas, mixed-use high-rise buildings, serviced apartments, luxury resort villas, and various hotel types such as mini hotels, five-star hotels, and ultra-luxury hotels.

Additional features include indoor and outdoor entertainment zones, a commercial center, marina, and many other unique amenities.

Vinaconex plans to sell part of the Cat Ba Amatina project to partners within this year to ensure cash flow and profitability. The company stated that negotiations are ongoing, but no official agreements have been signed. It expects to complete a significant partial sale in 2025.

On April 22, 2025, Vinaconex ITC’s board of directors passed a resolution approving a loan of up to VND300 billion ($11.48 million) from Vinaconex, with a term of 12 months from the disbursement date.

The loan will be disbursed in tranches under capital loan agreements, with interest rates aligned with prevailing market rates. It is secured by revenue from the sale of products at the Cat Ba Amatina project. The purpose of this loan is to support the company’s business operations.

In the stock market, in response to the information, VCG closed Tuesday at VND23,050 ($0.88) per share, up 4.54% from the previous session. VCR also surged 6.1% to VND45,200 ($1.73) per share.