Hanoi Successfully Auctions Thuong Dinh Shoe Company Shares, Raising Over VND 1.379 Trillion

The Hanoi Stock Exchange (HNX) has announced the results of the auction for shares of Thuong Dinh Shoe Joint Stock Company (Stock Code: GTD, UPCoM) owned by the Hanoi People’s Committee.

Specifically, the total number of shares auctioned was nearly 6.4 million units, equivalent to 68.67% of Thuong Dinh Shoe’s charter capital, with a starting price of VND 20,500 per share.

Fifteen individual investors participated in the auction, with valid bids totaling nearly 39.3 million shares. The highest bid reached VND 216,000 per share, while the lowest was VND 25,000 per share.

At the close of the auction on December 16, 2025, two investors successfully won the bid for the shares. The highest successful bid was VND 216,000 per share, the lowest was VND 134,000 per share, with an average successful bid of VND 215,999 per share.

With these results, it is estimated that the Hanoi People’s Committee earned over VND 1,379 billion from this divestment from Thuong Dinh Shoe. The payment period for the shares is from December 16, 2025, to December 22, 2025.

Thuong Dinh Shoe originated as Workshop X30 under the Military Supply Department of the General Logistics Department, established in 1957, specializing in producing hard hats and rubber sandals for the military.

The company was transformed into a Joint Stock Company on July 19, 2016. Subsequently, on December 16, 2016, 9.3 million shares of Thuong Dinh Shoe began trading on the UPCoM with the stock code GTD.

The company’s headquarters are located at 277 Nguyen Trai Street, Thanh Xuan Ward, Thanh Xuan District, Hanoi (now 277 Nguyen Trai Street, Thanh Xuan Ward, Hanoi).

As of December 31, 2024, Thuong Dinh Shoe’s charter capital stands at VND 93 billion. The state holds nearly VND 63.9 billion (68.7%), Thai Binh Trade and Investment Joint Stock Company holds VND 9.3 billion (10%), and other shareholders hold over VND 19.8 billion (21.3%).

According to the latest business registration update on June 26, 2025, Mr. Nguyen Van Khiem (born 1972) is the Chairman and Legal Representative of Thuong Dinh Shoe.

In the audited consolidated financial report for 2024, Thuong Dinh Shoe recorded net revenue of nearly VND 78.8 billion, a slight decrease of 1.7% compared to the previous year. After deducting the cost of goods sold, gross profit reached nearly VND 10.3 billion, down 36.8%.

During the period, the company recorded financial expenses of nearly VND 1.6 billion, a 3.1% decrease year-on-year. Conversely, selling expenses rose slightly to VND 487.8 million, and management expenses increased by 8.9% to nearly VND 20 billion.

As a result, after deducting taxes and fees, Thuong Dinh Shoe reported a net loss of nearly VND 13 billion, 2.6 times higher than the VND 5 billion loss in 2023.

As of December 31, 2024, the company’s total assets decreased by 5.2% from the beginning of the year to VND 120.3 billion. Tangible fixed assets account for 42.8% of total assets, while inventory stands at VND 37.9 billion, or 31.5% of total assets.

On the liabilities side, total debt is VND 94 billion, up 7.3% from the beginning of the year.

In Thuong Dinh Shoe’s debt structure, loans and finance leases total nearly VND 29 billion, or 30.9% of total debt. This includes a loan of over VND 22 billion from Vietcombank – Thanh Cong Branch, VND 6.8 billion from Thai Binh Trade and Investment Joint Stock Company, and a long-term loan of VND 135 million from BIDV.

Additionally, taxes and payable amounts to the state total over VND 13.8 billion, or 14.7% of total debt, and short-term payables to suppliers amount to over VND 21.7 billion, or 23.15% of total debt.

In the 2024 audit report, the auditor expressed a qualified opinion due to outstanding receivables valued at over VND 14.6 billion as of December 31, 2024. With the provided documentation, the auditor could not obtain sufficient appropriate audit evidence regarding the existence and recoverability of these receivables. Therefore, it is uncertain whether adjustments to these figures are necessary.

Furthermore, the auditor emphasized that Thuong Dinh Shoe’s short-term debt as of December 31, 2024, exceeded its current assets by nearly VND 14.2 billion.

For the fiscal year ending on the same date, the company reported a post-tax loss of nearly VND 13 billion. The company’s ability to continue operating depends on the recovery of receivables, the extension of loans and payables from commercial banks and suppliers, and the effectiveness of future business operations.

These conditions indicate the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.