Specifically, the plan is to issue 24.3 million shares as a stock dividend, with a ratio of 10:1 (shareholders owning 10 shares will receive 1 new share) expected to be executed in Q2 2025. Post-completion, VDSC will proceed with the remaining two schemes, consecutively issuing 4.7 million shares under the employee stock ownership plan (ESOP) and privately offering a maximum of 48 million shares.
In total, VDSC aims to increase its share capital by up to 77 million shares, equivalent to VND 770 billion at par value, thereby raising its charter capital from VND 2,430 billion to VND 3,200 billion. According to the plan, the actual proceeds will be allocated to margin lending/pre-lending, proprietary trading/underwriting, and bond market activities.
In addition to the aforementioned schemes, the annual general meeting of shareholders for the 2024 financial year, held on April 3, 2025, also approved a plan to pay a 2025 stock dividend with a scale of VND 272 billion, equivalent to a ratio of 10:1, based on the estimated charter capital at the end of 2025 of VND 2,720 billion (excluding the private offering).
Chairman Nguyen Mien Tuan stated that the company still needs to raise capital to strengthen its financial capacity. Currently, there is room for growth in the securities market, and the entry of financial groups and banks into securities companies and their capital increases have created significant pressure. The brokerage, lending, and investment advisory segments are highly competitive. Many entities have adopted zero-fee policies and offered low-interest rates.
“We anticipated this development, but there are challenges that we cannot keep up with. The company’s philosophy is sustainable development. Hence, our strategy is to focus on niche markets, and our goal is not to compete on fees but to help our clients achieve successful investments,” said Mr. Tuan.
Regarding the search for a strategic partner, Mr. Tuan remarked that, over the past two years, seeking a strategic investor in the general market has not been effective. The strong US dollar has made foreign investors cautious about investing in Vietnamese enterprises. The company also does not want to sell at a price lower than the market value to protect the interests of existing shareholders. Given the market conditions last year, an offering would have required a discount on the offering price, adversely affecting current shareholders. The company will proceed depending on market conditions. The Chairman expects that an upgrade in the market ranking will increase market liquidity and facilitate the issuance process.
Chairman Nguyen Mien Tuan speaking at the annual general meeting on April 3, 2025
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Based on the company’s business orientation and 2025 business plan, to ensure capital for business activities, the general meeting of shareholders also approved the public offering of bonds in 2025. Simultaneously, the non-convertible, non-warrant-attached bonds issued to the public during 2025-2026 (up until the annual general meeting of shareholders for the 2025 financial year) will be listed after the completion of the offerings.
In fact, in February and May, the Board of Directors resolved to conduct two bond offerings totaling VND 1,300 billion to restructure the company’s debt: one offering of VND 500 billion at an interest rate of 8.2% (already offered and announced on HNX’s corporate bond information page) and another offering of VND 800 billion at an interest rate of 8% (issued on May 13).
Both of these bonds target individuals and/or organizations that meet the criteria of professional securities investors, with a term of one year and are of the “3 non” type – non-convertible, non-warrant-attached, and unsecured.
According to data from HNX, VDSC has four lots of privately placed bonds outstanding, with a remaining value of nearly VND 2,980 billion. Of these, three bonds will mature consecutively in May, July, and October 2025.
 Source: HNX, Compiled by the author as of May 15, 2025
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– 15:15, May 15, 2025
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