National Assembly: A major change in the Law on Enterprises
On 17th June 2025, the National Assembly approved the amendment to the Law on Enterprises, in which the gist is about the requirement for corporate bond issuers in case of private placement. Following the new regulations, corporate bond issuers must have the total liabilities (incl. expected value of the private placements) to total equity ratio (D/E) no higher than 5. Additionally, the amendment also coined a new term “ultimate beneficial owner of the enterprise” (UBO), defined as ownership (direct and indirect) and domination (voting power and appointing power), the same as stipulated in the Law on Anti Money Laundering.
Nam Tan Uyen Industrial Park (NTC VN): Submitted filings for listing to HOSE
HOSE announced that it had received filings from Nam Tan Uyen IP (NTC VN). The plan was actually outlined the first time in 2022 then discussed in shareholders’ meetings yearly from that point, and will be finalized in the upcoming AGM on 26th June 2025. The company reported bullish Q1 results with revenue of VND134 billion (about USD5.1 million, up +136.5% YoY) and net income of VND69 billion (about USD2.7 million, up +5.8% YoY). NTC VN was last traded at VND153,300 per share on 17th June 2025, thus, 12.4x P/E and 3.1x P/B.
Hoang Huy Investment Financial Services (TCH VN): Preparing filings for the FPO
TCH plans to offer over 200 million additional shares to existing shareholders pro-rata at VND10,000 per share. The public offering will be implemented right after SSC approval, and it could be done in 2025. All proceeds will be used for 2 key projects:
(1) Hoang Huy Green River (a residential project providing 780 shop-houses and 447 affordable houses); and (2) Hoang Huy Commerce – H2 Building with 36 stories. Both projects have been under construction. In Q1 2025, the real estate developer reported VND859 billion (about USD33 million, down -47% YoY) and net income of VND188 billion (about USD7.2 million, down -40% YoY). TCH VN closed at VND19,700 per share on 17th June 2025, thus 15.4x P/E and 1.4x P/B.
FPT Retail (FRT VN): Dragon Capital funds decreased its ownership
Funds managed by Dragon Capital sold 410,200 FRT VN shares, decreasing its ownership from 8.3% down to roundly 8%. Year end 2024, Dragon Capital held 14% of FRT VN shares outstanding. In Q1 2025, FRT generated revenue of VND11.7 trillion (about USD448 million, up +29.1% YoY) and net income of VND168 billion (about USD6.5 million, up +333.3% YoY). FRT VN closed at VND177,400 per share on 17th June 2025, hence 54.1x P/E and 11.6x P/B.
Investor can see the full Newsletter below:
