Vingroup plans to double charter capital via $2.9 bln share issue

Vietnam’s leading private conglomerate Vingroup (HoSE: VIC) plans to issue 3.85 billion new shares at a 1-for-1 ratio, doubling its charter capital to more than VND77 trillion ($2.93 billion), according to documents submitted for shareholder approval.

If VIC shares hold above VND200,000 ($7.6) each before the ex-rights date, their post-issuance adjustment would bring the stock price to around VND100,000, while the number of outstanding shares would double.

VIC shares have surged fivefold since the start of 2025, hitting record highs. The planned issue is expected to make the stock more affordable to retail investors and boost market liquidity.

After the issuance, Vingroup would surpass steelmaker Hoa Phat Group (HoSE: HPG) to become Vietnam’s largest non-financial listed company by charter capital, behind only Vietcombank, MBBank, and VPBank among all listed firms.

The company said the capital expansion underscores its long-term ambitions and will strengthen its financial capacity for future investments.

According to Vingroup’s Q3 consolidated financial report, total assets exceeded VND1 quadrillion ($38 billion), making it the first private non-bank enterprise in Vietnam to reach that milestone.

The capital hike comes as the group accelerates investment across its core and emerging businesses. Vingroup deployed VND144.5 trillion ($5.49 billion) in the first nine months of 2025, including VND104.4 trillion ($3.97 billion) in capital injections to subsidiaries and VND68.8 trillion ($2.62 billion) for purchases and construction of fixed assets.

Electric vehicle maker VinFast remains the group’s main investment focus, with VND17.7 trillion ($673 million) in construction-in-progress. VinFast aims to sell 200,000 vehicles across 50 markets in 2025, twice last year’s volume, as it launched a plant in the central province of Ha Tinh and has been expanding production overseas.

Vingroup’s real estate arm continues to serve as its key profit engine, pushing ahead with major developments, including the $10-11 billion Vinhomes Can Gio project, Vinhomes Royal Island in Hai Phong city, Vinhomes Phuoc Vinh Tay in Long An province, and seven Happy Home social housing projects nationwide.

The group is also venturing into new industries, establishing subsidiaries such as VinMetal, VinSpeed, VinEnergo, Vin New Horizon, V-Film, and VinSpace.