Despite the overall market volatility, GTD shares of Thuong Dinh Shoe Joint Stock Company (CTCP Giầy Thượng Đình) have maintained a strong upward trend.
Closing the trading session on December 17th, the stock continued its second consecutive ceiling session, reaching VND 82,800 per share. Compared to the price of only VND 11,800 per share recorded on November 18th, GTD has surged over 600% in just one month, setting a new all-time high.
Notably, GTD’s acceleration followed the announcement of Hanoi People’s Committee’s divestment from the company. On December 16th, the Hanoi Stock Exchange reported that 15 individual investors registered to purchase a total of over 39 million shares of Thuong Dinh Shoe Joint Stock Company, while the volume of shares offered by Hanoi People’s Committee was less than 6.4 million units, indicating significant interest in this divestment deal.
Remarkably, the starting price was set at VND 20,500 per share, but by the end of the auction, the winning price reached VND 216,000 per share, more than 10 times the starting price and approximately three times the market price at that time. As a result, the total transaction value reached nearly VND 1,380 billion, far exceeding the initial estimate of around VND 131 billion based on the starting price.
The identities of the two winning investors have not yet been disclosed by Thuong Dinh Shoe. According to regulations, these investors must complete the payment for the shares within one week to finalize the transaction.
Thuong Dinh Shoe originated from Workshop X30 under the Military Supply Department – General Logistics Department, established in 1957 with the mission of producing hard hats and rubber sandals for the military. In the early 1990s, Thuong Dinh became one of the leading brands in Vietnam’s footwear industry, synonymous with the iconic canvas shoes featuring two blue stripes, familiar to generations of consumers.
However, as the domestic market faced increasing pressure from cheap imported goods with diverse designs, Thuong Dinh gradually lost its competitive edge. The company’s slow innovation in design, technology, and market strategy led to a significant decline, resulting in poor business performance for many years.
Over the past decade, Thuong Dinh has recorded profits in only three years. According to the 2024 audited consolidated financial report, the company’s net revenue reached nearly VND 79 billion, a 2% decrease compared to 2023, while the net loss was nearly VND 13 billion, 2.6 times higher than the previous year’s loss. As of December 31, 2024, the company’s accumulated losses exceeded VND 67 billion.
The primary attraction of Thuong Dinh for investors likely lies not in its core business but in the valuable land it manages. Thuong Dinh owns a 3.6-hectare “golden land” plot at 277 Nguyen Trai, a prime location near the Cat Linh – Ha Dong railway station and adjacent to several major projects. This rare inner-city clean land is designated for the relocation of industrial facilities.
Recently, the Hanoi People’s Council approved the plan to develop a commercial housing project combined with offices, services, and a K-12 school on this land, with a total investment of VND 1,600 billion. The company aims to complete the relocation and construction before 2030.
SCIC Launches Another Auction for 98.31% Stake in Mekonimex, Aiming to Raise VND 295 Billion
On December 16th, the Ho Chi Minh City Stock Exchange (HOSE) announced a public auction of shares held by the State Capital Investment Corporation (SCIC) in Can Tho Agricultural and Food Export Joint Stock Company (Mekonimex).
Hanoi Successfully Auctions Thuong Dinh Shoe Company Shares, Raising Over VND 1.379 Trillion
The Hanoi People’s Committee has successfully concluded the auction of nearly 6.4 million shares of Giầy Thượng Đình, achieving an average price of 215,999 VND per share. This transaction is estimated to generate over 1,379 billion VND in revenue.
Two Investors Secure 69% Stake in Giầy Thượng Đình, Paying Ten Times the Starting Price
At this price point, the Hanoi People’s Committee anticipates generating approximately VND 1.379 trillion from divesting its stake in Thuong Dinh Shoe Company.
KIDO Finalizes Ice Cream Business Transfer to Nutifood for VND 2.5 Trillion
The Board of Directors of KIDO Group (stock code: KDC) has approved the transfer of the remaining 36.3 million shares in KIDO Foods to Nutifood, officially completing its divestment from the frozen food sector.
Hanoi City Secures Nearly VND 1.4 Trillion from Capital Withdrawal, Winning Bid 10 Times Higher Than Starting Price for 3.6-Hectare Nguyen Trai Road Land Plot
With this outcome, the Hanoi People’s Committee anticipates generating approximately VND 1,379 billion from the capital divestment. The payment deadline for purchasing shares is set from December 16 to 22, 2025.
