Portfolio reports for the end of 2025 from major financial institutions show a strong presence of foreign funds in Vingroup , most notably the move by Dragon Capital.
Dragon Capital and ETFs increased their purchases, acquiring tens of millions of VIC shares.
According to a report by Vietnam Enterprise Investments (VEIL), as of the end of November, VIC was the fund's largest investment, accounting for 8.3% of its total NAV (the fund's total net assets reached approximately US$1.9 billion). NAV (Net Asset Value) is the net asset value, representing the true value of an investment fund or portfolio.
Thus, the market value of the investment in VIC alone reached nearly $158 million, equivalent to approximately VND 3,967 billion. VEIL's holdings amount to approximately 15.2 million VIC shares, making it the investment fund currently holding the largest number of shares.
In addition, VEIL also owns a large stake in Vinhomes' VHM shares, representing 8% of NAV, equivalent to a value of $152 million (approximately over 37 million VHM shares).
Another large fund under Dragon Capital, the DC Dynamic Securities Investment Fund (DCDS), also ranks VIC at the top of its portfolio with a weighting of 12% of NAV, equivalent to a value of VND 658 billion (currently holding 2.5 million VIC shares). Vinhomes' VHM ranks second with a weighting of 6.4% of NAV.
Additionally, in the investment portfolio of the KIM Vietnam Growth Fund (UCITS), VIC stock ranks first with a weighting of 8.6% of NAV, equivalent to a value of $4.06 million.
Larger funds in the same group, such as KITMC Worldwide Vietnam RSP Balanced Fund and KIM Vietnam Growth Fund - Korea, also recorded VIC as the top stock in their portfolios at the end of September.
Among passive ETF funds, the VanEck Vietnam ETF holds the largest amount of VIC shares, with over 8.6 million shares. A report from the end of November showed VIC accounting for the largest proportion, 15.49% of NAV, equivalent to $88.8 million.
In the Fubon FTSE Vietnam ETF portfolio, VIC accounts for 12.61% and Vinhomes ranks second with 9.7%, with investment values of approximately VND 1,886 billion (7.24 million VIC shares) and VND 1,451 billion (14.1 million VHM shares) respectively.
Vingroup's VIC stock has surged over the past year (Photo: VNDStock).
The controlling stake remains in the hands of billionaire Pham Nhat Vuong.
Although the tens of millions of shares held by funds give the impression of extensive foreign involvement, in reality, this proportion represents a very small fraction of Vingroup's total market capitalization.
After completing a 100% bonus share issuance in early December, the group's total outstanding shares reached 7.7 billion units. Therefore, even VEIL's largest investment accounts for less than 0.2% of the company's total charter capital.
Vingroup's current ownership structure remains highly concentrated among shareholders associated with Chairman Pham Nhat Vuong.
Currently, Mr. Vuong and related entities such as GSM, VinEnergo, and VinSpeed control approximately 58% of the charter capital. In addition, family members such as his wife, Ms. Pham Thu Huong, and his son, Mr. Pham Nhat Quan Anh, also hold significant amounts of shares.
Another notable development is the sharp decline in the number of small individual investors. As of October 30th, the company had 31,273 shareholders, a decrease of nearly 25,600 compared to the beginning of the year.
This phenomenon reflects a strong market consolidation process, as retail capital gradually withdraws, giving way to the stability of institutional shareholders and large ownership groups. This also means that, regardless of market liquidity fluctuations, control and strategic direction at Vingroup remain firmly in the hands of the founding shareholders.
Source: https://dantri.com.vn/kinh-doanh/ai-dang-thuc-su-nam-co-phan-vingroup-20251229080851762.htm
Comment (0)