VVN

Tổng Công ty Cổ phần Xây dựng Công nghiệp Việt Nam

VietnamConstructionXây dựng và Vật liệuUPCOMCT

3.300

VND · Last close

No valuation yet

There is not enough data yet to estimate an intrinsic value for VVN.

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	2,664	2,703	2,397	2,293	2,393	2,682	2,516	2,680	2,855	3,002	3,135	3,254	3,450
Cash and cash equivalents (Bn. VND)	·	220	186	158	198	234	259	273	286	425	629	796	598	466
Short-term investments (Bn. VND)	·	28	11	10	10	23	45	3	28	128	111	13	0.8	12
Accounts receivable (Bn. VND)	·	1,426	1,429	1,321	1,164	1,271	1,394	1,328	1,397	1,434	1,362	1,329	1,119	1,425
Prepayments to suppliers (Bn. VND)	·	319	227	182	129	174	185	139	184	199	175	200	177	195
Net Inventories	·	972	1,046	848	859	844	949	880	933	817	881	974	1,415	1,428
Inventories, Net (Bn. VND)	·	984	1,058	861	871	844	949	881	934	820	884	977	1,418	1,431
Other current assets	·	18	31	60	62	21	34	33	35	51	19	23	122	119
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	71	81
LONG-TERM ASSETS (Bn. VND)	·	1,841	2,031	2,238	2,540	2,742	2,896	3,140	3,372	3,434	3,551	3,640	4,062	4,283
Long-term trade receivables (Bn. VND)	·	10	10	9	10	8	5	5	7	9	10	5	0	0.9
Other long-term receivables (Bn. VND)	·	10	10	9	10	8	5	5	7	9	10	5	0	0.9
Fixed assets (Bn. VND)	·	1,575	1,761	1,961	2,175	2,385	2,547	2,742	2,951	2,971	3,118	3,307	3,484	3,563
Tangible fixed assets	·	1,554	1,749	1,945	2,160	2,369	2,534	2,728	2,936	2,956	3,107	3,290	3,463	3,526
Leased assets	·	12	2	6	5	6	4	4	5	5	0.4	3	4	3
Intagible fixed assets	·	10	10	9	10	10	10	10	10	10	11	14	17	17
Investment in properties	·	1	1	1	1	1	1	1	1	1	1	0	0	0
Long-term investments (Bn. VND)	·	102	102	103	189	186	199	233	236	235	236	111	135	136
Investments in associate companies	·	74	74	75	155	152	164	194	197	195	194	79	100	100
Other long-term assets (Bn. VND)	·	40	40	40	40	40	40	45	45	43	45	36	37	38
Less: Provision for diminuation in value of long term investments	·	−12	−12	−12	−6	−6	−6	−6	−6	−4	−3	−3	−2	−2
Other non-current assets	·	142	148	152	139	133	114	119	143	137	146	183	421	582
Long-term prepayments (Bn. VND)	·	142	148	152	138	133	112	118	143	137	146	183	412	575
TOTAL ASSETS (Bn. VND)	·	4,505	4,734	4,636	4,833	5,135	5,578	5,656	6,051	6,288	6,552	6,774	7,316	7,733
LIABILITIES (Bn. VND)	·	7,257	6,839	6,252	5,985	5,940	6,298	6,161	6,444	6,328	6,458	7,122	7,337	7,561
Current liabilities (Bn. VND)	·	3,179	3,092	2,627	2,464	2,472	2,709	2,637	2,822	2,749	2,704	2,896	3,114	3,346
Short-term borrowings (Bn. VND)	·	835	882	670	725	633	636	658	627	505	512	400	404	542
Advances from customers (Bn. VND)	·	478	327	266	220	190	287	224	384	300	283	421	622	643
Long-term liabilities (Bn. VND)	·	4,078	3,747	3,625	3,521	3,468	3,590	3,523	3,623	3,579	3,755	4,227	4,223	4,214
Long-term borrowings (Bn. VND)	·	3,917	3,599	3,482	3,411	3,374	3,476	3,437	3,563	3,489	3,585	4,087	4,055	4,088
OWNER'S EQUITY(Bn.VND)	·	−2,752	−2,105	−1,616	−1,152	−805	−720	−505	−393	−39	94	−348	−21	−19
Capital and reserves (Bn. VND)	·	−2,752	−2,105	−1,616	−1,152	−805	−720	−505	−393	−39	94	−348	−21	−19
Paid-in capital (Bn. VND)	·	550	550	550	550	550	550	550	550	550	550	550	550	550
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	2	2	0
Difference upon Assets Revaluation	·	0	0	0	0	0	0	0	0	0	−13	−16	0	0
Foreign Currency Difference reserve	·	−0.10	−0.02	−0.1	−0.9	−0.5	0.4	0.05	−0.06	−0.00	−0.00	0	0.00	0.00
Investment and development funds (Bn. VND)	·	72	69	67	66	64	57	57	55	44	32	31	24	24
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	6	0
Undistributed earnings (Bn. VND)	·	−3,598	−2,945	−2,454	−1,986	−1,660	−1,573	−1,354	−1,224	−872	−697	−1,139	−811	−599
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	191
TOTAL RESOURCES (Bn. VND)	·	4,505	4,734	4,636	4,833	5,135	5,578	5,656	6,051	6,288	6,552	6,774	7,316	7,733
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	3	3	3	3	3	3	0	0
Common shares (Bn. VND)	·	550	550	550	550	550	550	550	550	550	550	550	550	550
MINORITY INTERESTS	·	225	222	221	219	242	245	242	226	238	222	224	208	0

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −3.01 · 14th pctile vs VN companies

YoY ▼ −0.35

Conservative vs VN peersUnusual accounting movement

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

1.096

GMI

0.981

AQI

1.036

SGI

0.910

DEPI

0.912

SGAI

1.167

TATA

−0.099

LVGI

1.114

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 7.3%75th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 6.54×Statutory test met
Consecutive years of net lossProfit after tax of the parent: 9Statutory test met
Owner's equityWithout the non-controlling interest: NegativeStatutory test met

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them. The company trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

3/9

Weak

Z-Score

−0.82

Distress Zone

Sharpe

−0.47

Negative

Composite

Below 30

Piotroski F-Score Breakdown

✗Net Income > 0

✗Operating CF > 0

✗ROA Rising

✓OCF > Net Income

✗Lower Leverage

✗Better Liquidity

✓No Dilution

✓Margin Up

✗Turnover Up

DuPont Decomposition

Tax Burden1.02×Interest Burden0.97×Op. Margin−0.16×Turnover0.89×Leverage−1.64=ROE22.6%

Price Risk

Momentum

−57.4%

Volatility

119.5%

Max Drawdown

−70.0%

Key Ratios

Fiscal year 2025

—P/E

P/B: —
P/S: 0.05
ROE: 24.2%
ROA: −13.9%
EPS: −11.666
BVPS: −54.121
Gross Margin: 1.8%
Net Margin: −15.5%
D/E: —
Current Ratio: 0.84
Rev Growth: −9.0%
Profit Growth: −31.0%
EV/EBITDA: 115.52
Div Yield: —

Company Overview

Shares outstanding: 55.0M
Charter Capital: 550B VND
Sector (ICB L2): Xây dựng và Vật liệu
Industry (ICB L3): Xây dựng và Vật liệu
Sub-industry: Xây dựng
Company Type: CT

Ownership network

Common ownership links for VVN. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước

State

82.8%

45.5M

2026-06-30

Trần Thị Minh

Indiv

0.2%

118,800

2026-06-30

Tạ Đăng Tính

Indiv

0.1%

64,400

2021-06-30

Nguyễn Thế Thành

Indiv

0.1%

62,800

2021-06-30

Board & Management

Trần Thị Minh0.2%

Deputy General Director

Vương Khả Hải

Member of Management Board/Deputy General Director

Nguyễn Thị Thu Nga

Head of Supervisors Board

Nguyễn Ngọc Cường

Member of Supervisors Board

Nguyễn Thế Phương

Member of Management Board/Deputy General Director

Top connections

SJG99.8%MIE99.6%TVN93.9%VGV87.3%VNP82.8%DVN82.8%SEA82.8%QTC82.8%VGT82.8%CAG82.8%BMI82.8%VXB82.8%

Director-deal registrations · 12 months

Sale registrations: None
Purchase registrations: 1 by 1 trader; 1 without a stated volume

Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước - Công ty TNHH
Purchase · Institution
—
2026-01-08

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

Ownership network

Director-deal registrations · 12 months