Vinaconex shares surge despite legal probe into senior executives

Shares of Vinaconex rose sharply this week with record transaction values, bucking the broader market decline even after authorities had launched legal proceedings against two senior executives.

The stock, traded under ticker VCG, climbed for a fourth consecutive session on Friday, gaining 3.3% and extending a rally that has seen the shares rise 26.5% since Tuesday.

The surge came as the benchmark VN-Index continued to fall, dropping 13.35 points, or 0.78%, on Friday and extending losses for a second straight session.

If calculated from the first trading session of the week (Monday, March 9), the VN-Index has lost a total of more than 5.5%. The broader market has been under pressure amid volatility in global energy prices and geopolitical tensions in the Middle East.

In an extraordinary disclosure sent on March 7 to the Vietnam Exchange and the Ho Chi Minh Stock Exchange, the group (HoSE: VCG) said it had received a notice from the Ministry of Public Security's investigative agency regarding the arrests.

Those detained include Nguyen Huu Toi, a board member, deputy CEO and former chairman of the board, and Duong Van Mau, a board member and deputy CEO.

Investigators accused the two executives of violating bidding regulations, causing “particularly serious consequences.” According to the notice, Toi is suspected of giving money to project owners to win bids.

Earlier, on February 13, Vinaconex replaced its top leadership position when the board dismissed Toi as chairman and appointed Tran Dinh Tuan to the role.

Typically, legal issues involving senior executives trigger heavy selling pressure on company shares. In fact, VCG plunged to the daily limit on Monday when the information first emerged, reflecting investor panic. However, the stock quickly reversed course in the following sessions and continued to rally through the end of the week.

Infrastructure optimism fuels investor interest

Market analysts said the surge may partly reflect strong investor interest in construction and infrastructure stocks.

Several peers in the sector also gained on Friday, including CII (+2,78%) and Cienco4 (+8,54%). Deo Ca Infrastructure Investment (HHV, +6,84%) and Fecon (FCN, +6.69%) hit their upper limit, indicating that money is flowing into this group.

Over the trading week from March 9-13, construction and infrastructure stocks broadly advanced, with VCG leading the gains.

Analysts said expectations of increased public investment in large-scale infrastructure projects have supported sentiment toward construction firms.

According to the latest data from the Ministry of Finance, Vietnam’s public investment plan for 2026 totals more than VND1,000 trillion ($38.03 billion). Public investment disbursement reached VND55.74 trillion ($2.12 billion) in the first two months of the year, equivalent to 5.6% of the year's plan assigned by Prime Minister Pham Minh Chinh.

Of that total, central government funds accounted for VND10.18 trillion, or 2.9% of the plan, while local government funds reached VND45.56 trillion, equivalent to 7%.

Although the disbursement rate remains relatively low early in the year due to procedural requirements and land clearance issues, authorities have stepped up measures to accelerate capital deployment, viewing public investment as a key driver of economic growth.

Founded in 1988 and equitized in 2006, Vinaconex is one of Vietnam’s major construction contractors, focusing on civil and industrial construction, transport infrastructure, and irrigation works.

Between 2014 and 2026, the company participated in 147 bidding packages and won 97 of them, with a total value nearly VND140.78 trillion ($5.35 billion).

Vinaconex has also been involved in several packages of the Long Thanh International Airport project, a major infrastructure development with a total investment exceeding VND109 trillion ($4.15 billion).

Investor sentiment was further boosted by developments at Viwaseen, a Vinaconex subsidiary, where shareholders recently elected a new board for the 2026-2031 term. The board subsequently appointed To Dung as chairman.

Following the leadership changes, Viwaseen shares have risen for eight consecutive sessions - six of which hit the daily limit - reaching a record high of VND35,600 ($1.35).

Vinaconex had previously approved the purchase of nearly 57 million shares of Viwaseen, equivalent to 98.16% of the company’s charter capital, completing the acquisition on December 30, 2025 and making Viwaseen its subsidiary.