Hanoi People's Committee divests capital, Thuong Dinh Shoes is about to change owner?

Hanoi People's Committee wants to transfer more than 6.38 million shares at Thuong Dinh Shoes.

Thuong Dinh Shoes was established in 1957 and has been in operation for 68 years - Photo: Thuong Dinh Shoes Fanpage

Hanoi People's Committee divests capital from Thuong Dinh Shoes

Hanoi People's Committee announced information on the transfer of state capital invested in Thuong Dinh Shoe Joint Stock Company (GTD). The number of shares transferred is more than 6.38 million shares, equivalent to the entire 68.67% of the contributed charter capital at the enterprise.

The starting price is 20,500 VND/share. If the transfer is successful, the Hanoi People's Committee can collect at least 130.9 billion VND.

The auction is expected to take place on the morning of December 16, open to investors, economic organizations, social organizations and individuals at home and abroad.

As of August 29, 2025, this company has 3 shareholders holding more than 5% of the share capital, including Hanoi People's Committee (68.87%), Ms. Nguyen Hoang Yen (21.08%) and Ms. Tran Thi Thanh (5.35%).

Thuong Dinh Shoes, formerly X30 Factory, was established in 1957 under the management of the Quartermaster Department - General Department of Logistics, specializing in the production of hard hats and rubber sandals for the army. This factory used to produce basket shoes for export to the former Soviet Union and Eastern Europe, with nearly 1,000 employees.

In 2015, the company sold more than 1.9 million shares in its initial public offering (IPO) at an average price of more than VND48,000 per share. By 2016, the company had transformed into a joint stock company with a charter capital of VND93 billion.

This price was maintained until the UpCOM debut session at the end of 2016, however trading liquidity was almost non-existent.

Business is down

Despite being famous for a time, Thuong Dinh Shoes gradually lost market share. The company's business results also reflected a decline.

CPA Vietnam Auditing Company Limited once emphasized that as of December 31, 2024, the enterprise's short-term debt exceeded short-term assets by more than VND 14 billion, with a loss after tax of nearly VND 13 billion.

The company's ability to continue as a going concern is dependent upon its ability to collect its receivables, extend its loans, pay its payables to commercial banks, suppliers and future performance.

These conditions partly reflect the company's ability to continue as a going concern.

Bao Viet Securities Joint Stock Company assessed that the proportion of Thuong Dinh Shoes' production activities has a clear downward trend, from nearly 80% in 2023 to more than 75% in 2025, reflecting a significant contraction in core production and business activities. In contrast, revenue from service rental activities has grown from nearly 21% to nearly 25%.

Since 2023, the export market has been shrinking, with almost no orders because Thuong Dinh Shoes could not meet the requirements for social responsibility assessment of European export customers (the company's main export market). As a result, the company can only accept small processing orders, bringing in low revenue.

Regarding the domestic market, since the COVID-19 pandemic, the consumption of enterprises' products has been decreasing. The reason is due to price competition between domestic manufacturers and competition from products from China.

Although the company has expanded its online sales channels in addition to the traditional dealer sales, the situation is still not optimistic. Revenue from domestic shoe consumption has also decreased. The company cannot organize more production because it will have more capital backlog.

NGUYEN NGUYEN

Source: https://tuoitre.vn/ubnd-tp-ha-noi-thoai-von-giay-thuong-dinh-sap-doi-chu-20251121210828469.htm