Vietnam's galvanized steel major Ton Dong A seeks HCMC bourse listing after 2 years of missing out
Profits of Ton Dong A Corporation, a major manufacturer of galvanized steel sheets in Vietnam, have been affected by the declines in overseas market demand due to stricter trade policies.

Products of Ton Dong A Corporation. Photo courtesy of the company.
The company (trading code:GDA) will hold its 2024 AGM on June 12 where its board of directors plans to seek approvals for listing shares on the Ho Chi Minh Stock Exchange (HoSE) and distributing large bonuses for 2024.
HoSE listing and capital hike
In a document prepared for the AGM, the board of directors said that given the goals of enhancing its position, reputation and brand in the market and increasing the interests of shareholders, it will submit a plan on transferring GDA shares from the unlisted public companies market (UPCoM) to the HoSE.
Ton Dong A conducted an IPO in 2021-2022. The initial goal is to IPO to list on the HoSE. That period was a favorable time for listing as the stock market was developing favorably, while the company's revenue and profit peaked in 2021, reaching more than VND25,000 billion ($963.24 million) and VND1,200 billion ($46.24 million), respectively.
However, before the company could complete the listing process, the steel industry reversed, while the company lost more than VND276 billion ($10.63 million) after tax in 2022, failing to meet the listing conditions. It had to withdraw its HoSE listing application.
In September 2023, the company registered its shares on the UPCoM. After two years, it has now restarted the goal of HoSE listing. The company will begin implementing the plan upon AGM approval.
Another important issue to be presented by the board of directors is a change in the dividend payment plan.
According to the original plan, the company will pay dividends in 2023 and 2024 at a rate of 10% in cash and 20% in shares. For the 2023 dividend, the company has only paid cash dividends, while shares have not been paid. The board will propose canceling it.
Instead, the 2024 dividend will be raised to a maximum of 40% of par value, including 10% in cash and 30% in shares. This, according to the leaders of Ton Dong A, is to "optimize the process of completing documents and the implementation time".
Cash dividends will be provisionally paid on June 12 with the record date of May 13. Stock dividends will be implemented in 2025-2026, with 34.4 million shares expected to be issued and charter capital rising from VND1,147 billion to VND1,491 billion ($57.45 million).
In addition to the plan on capital hike through dividend payment, Ton Dong A plans to issue ESOP (employment stock ownership plan) shares at a maximum rate of 3% of outstanding shares. The issuance price is not lower than the par value and ESOP shares are restricted from transfer for two years.
The company also plans to raise VND500 billion ($19.26 million) from ordinary or convertible bonds, either privately or publicly offered, as determined by the board.
At the AGM, the board will report to shareholders regarding the convertible bonds worth nearly VND56 billion ($2.16 million) already issued to Posco Vietnam Co., Ltd. The bonds have a term of 12 years and will mature on April 28, 2026.
The number of shares expected to be converted from the bonds is 2.55 million units, equivalent to a price of more than VND21,900 ($0.84) per share. Shares converted from the bonds will be restricted from transfer for two years.
The board of directors will ask shareholders to authorize it to make decision on the plan and time for converting the bonds or buying back the issued bonds.
Export faces difficulties, profit drops
The board of directors plans to propose a target revenue of VND18,000 billion ($693.53 million) for 2025, a profit after tax of VND300 billion ($11.56 million), and a dividend of 20%. Compared to 2024, the target revenue is a 6% decline, and the target profit is a 12.3% drop.
Board chairman Nguyen Thanh Trung assessed 2025 will see many big opportunities mixed with significant challenges.
The Vietnamese steel industry is expected to grow by 10% thanks to the recovery of the real estate market and rising public investment, with major infrastructure projects such as the North-South Expressway, Long Thanh International Airport, and many investment projects to expand production.
To stay ahead of the trend, the company will continue to implement strategic projects, aiming to continue expanding production scale and enhancing global competitiveness.
Notable projects include its fourth factory project in the Phu My Specialized Industrial Park with a total annual capacity of 1.2 million tons, of which phase 1 has a capacity of 300,000 tons which is expected to be put into operation from 2026.
In 2025, Ton Dong A will also promote international investment projects to expand the distribution network and build the Ton Dong A brand in the global market, towards long-term sustainable development.
In the first quarter, the company reported revenue equivalent to the same period last year, at VND3,977 billion ($153.23 million). However, gross profit margin decreased from 8.45% to 7%.
Ton Dong A significantly reduced costs in the quarter, but after-tax profit only reached VND62.7 billion ($2.42 million), down 34% year-on-year.
Total output in Q1 reached 197,287 tons, down 3% compared to the same period, while the average price also decreased by 3%.
The output structure has a clear shift between the domestic and export markets. The domestic market contributed 59% of total output with 117,130 tons, up 86% year-on-year.
The main drivers of growth included public investment in transport infrastructure and industrial projects; inventory re-stocking activities by distributors and customers to prepare for the peak consumption cycle of the year; and the demand for construction, civil construction and repair, and development of factories.
In contrast, exports reached 31,283 tons, accounting for 41% and down 43% over the same period due to the big pressure from international trade defense measures.
The company noted that the domestic market will maintain moderate growth in the short term, depending significantly on the speed of disbursement of public investment projects and the recovery of the real estate market.
In contrast, exports continue to face short-term pressure due to stricter trade policies, but opportunities may expand in other emerging markets with less barriers such as the Middle East, Latin America, and Africa.
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