Vietnam's property developer Phat Dat aims to nearly double share price
Phat Dat Real Estate Development Corp (HoSE: PDR), a major real estate developer in Ho Chi Minh City, expects its shares to climb to VND30,000 ($1.15) apiece by year-end, with its leadership voicing strong resolve to deliver on the target.
Speaking at the company’s 2025 AGM on Friday, chairman Nguyen Van Dat expressed his confidence that Phat Dat will turn a new page and achieve a breakthrough unmatched by other real estate firms in Ho Chi Minh City.
“In the toughest times, I’m not afraid of losing money - I’m afraid of losing credibility, afraid that shareholders who put their trust in me would lose everything. That’s why I’m fully committed to seeing it through,” Dat said.
On the Ho Chi Minh Stock Exchange (HoSE), PDR shares closed Friday at VND17,650 ($0.68) apiece.

At real estate developer Phat Dat's AGM in HCMC on June 27, 2025. Photo courtesy of the company.
Dat said Vietnam is entering a new cycle - a new era of national ascent - marked by a wave of government resolutions and programs. While some companies are poised to thrive, others may struggle.
As for Phat Dat, the company has built a solid foundation for expansion, with over 100 hectares of land and qualified projects ready for development, the chairman said.
He unveiled that Phat Dat has recently received pilot approval from the People’s Council of Binh Duong province in southern Vietnam to develop two high-rise residential projects in Thu Dau Mot town, covering a total area of more than 45 hectares.
The company’s build-transfer (BT) projects have recently shown positive momentum, he said.
Phat Dat has been assigned to continue the Co Dai BT project, with compensation in the form of land at Ba Sang Islet in Thu Duc town, HCMC, along with several other plots.
The Co Dai BT project is a technical infrastructure project within the Co Dai area, part of a broader Ethnic Culture and History Park in Thu Duc town.
Regarding the Phan Dinh Phung Sports Center BT project in HCMC’s District 3, although the company is fully qualified to proceed with detailed implementation, the city is considering converting the project to a public investment model, and discussions are still underway.
In addition, Phat Dat had previously exited the industrial park segment but is now ramping up its return. The chairman revealed that the company is close to securing approval for an industrial land bank spanning several hundred hectares in the central province of Quang Nam.
H2 pre-tax profit reaches VND117 billion ($4.48 million)
Phat Dat targets revenue of VND3.3 trillion ($126.46 million) and post-tax profit of VND728 billion ($27.9 million) in 2025, 4 times and 4.7 times higher than 2024, respectively.
CEO Bui Quang Anh Vu said the company posted revenue of VND520 billion ($19.93 million) and post-tax profit of VND66 billion ($2.53 million) in Q2/2025.
This brought first-half revenue to over VND950 billion ($36.41 million) and pre-tax profit to VND117 billion ($4.48 million), fulfilling 29% and 16% of the full-year plans, respectively.
This means the bulk of this year’s revenue and profit is expected to land in the second half. According to Vu, earnings in the latter half will be driven by the Bac Ha Thanh urban area project (Quy Nhon Iconic) in Quy Nhon town, the south-central province of Binh Dinh, divestments from subsidiaries, and other service segments.
On strategic direction, Phat Dat’s leadership outlined four key pillars. Accordingly, the company will accelerate sales and generate strong cash flow through major projects.
They include Quy Nhon Iconic, the Thuan An 1 and 2 high-rise residential complexes in the southern province of Binh Duong, and the Con Dao resort complex, the Serenity Phuoc Hai commercial-service complex, and the Ben Thanh-Long Hai tourism area, all in the southern province of Ba Ria-Vung Tau, and the Nhu Nguyet commercial-service complex in the central city of Danang.
At the same time, the company will focus on expanding its land bank and developing apartment projects in the eastern corridor of HCMC, including former Binh Duong province, Dong Nai province, and coastal land in Ba Ria-Vung Tau.
Phat Dat aims to redefine its business model with a human-centric approach, delivering holistic living experiences through integrated multi-functional complexes, enhanced by smart operations and technology connectivity.
It will pursue international collaboration by proactively localizing advanced real estate development models, executing a selective M&A strategy, and expanding strategic partnerships with global players.
Planned cash dividend payout next year
Shareholders had approved a 15% stock dividend for 2023, but the plan was never executed. As a result, the board proposed canceling it at this year’s meeting.
Meanwhile, despite falling short of its 2024 targets, the company will still pay an 8% dividend, equivalent to a total par value issuance of VND725.8 billion ($27.81 million).
In 2026, Phat Dat plans to distribute dividends to shareholders in both cash and shares, drawn from retained post-tax earnings as of December 31, 2025. The payout will equal 17% of charter capital at the time of execution, comprising a 5% cash dividend and a 12% stock dividend. In recent years, the company has primarily issued stock dividends, with the last cash payout made in 2019.
In addition, the board proposed scrapping the 2024 employee stock ownership plan (ESOP) and replacing it with a 2025 program to issue 18 million shares - equal to up to 1.9% of outstanding shares - at an issue price of VND10,000 ($0.38) apiece.
The program aims to recognize the contribution of employees to the company's performance over the past three years and reinforce their long-term commitment. The ESOP shares will be subject to a one-year lock-up period.
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