Anyone holding HDC who watches the price board from October 2 will not see the 500,000 shares that Hodeco's CEO has just registered to sell stacked up on the ask side. The reason is the method: the block is registered as a negotiated (put-through) sale, so it bypasses the matching order book entirely.
According to a disclosure reported by CafeF on September 29, Le Viet Lien, board member and CEO of Ba Ria - Vung Tau House Development JSC (Hodeco, ticker HDC on HoSE), registered to sell 500,000 shares between October 2 and October 31, 2026, citing financial restructuring as the purpose.CafeF By the numbers, this is a small transaction. What deserves more attention is Hodeco's own business picture: first-half profit covers only about a fifth of the annual target, and the VND 1,050 billion sale of the Seavillage project still has no named buyer.
Deal size: 0.22% of charter capital
Before registering the sale, Mr. Lien held more than 8.7 million HDC shares, or 3.8% of the company. If he sells the full amount, his stake falls to just over 8.2 million shares, or 3.58%.CafeF The block equals only about 0.22% of Hodeco's charter capital of nearly VND 2,297 billion.CafeF It does not change his position in the shareholder structure, nor does it add to or remove shares from circulation. The shares simply change hands.
What draws attention is the timing. Between July 30 and August 27, Mr. Lien bought 300,000 HDC shares, lifting his stake from 3.67% to 3.8%.Dau tu Chung khoan The amount now registered for sale is larger than what he just bought. If completed, his post-sale stake of 3.58% would sit below even his pre-August level.
Two things are missing from the disclosure: the sale price and the buyer. The report on his earlier purchase likewise stated only "order matching and/or negotiated trades", with no average purchase price.CafeF Any profit-or-loss calculation for Mr. Lien is therefore guesswork at this stage. The only confirmed element is the stated purpose, financial restructuring, and this piece does not speculate beyond it.
How a negotiated sale differs from a matched sale
On HoSE, the two routes are separate. Matched orders enter a shared order book, queue by price and time, and generate the traded and closing prices investors see every session. In a negotiated trade, buyer and seller agree on price and volume between themselves, and a brokerage then enters the pre-matched deal into the system. The negotiated price must still fall within the session's price band, but the trade does not count toward the closing price.SSI
For HDC shareholders, that has three practical consequences.
The block will not appear in the ask queue. The 500,000 shares show up only under negotiated trades, reported separately from the day's matched volume.
The block is sizable relative to liquidity. In September, HDC traded an average of roughly 1 million shares per session through order matching, so 500,000 shares is about half a day's volume. At the September 29 close of VND 10,550, the block is worth about VND 5.3 billion. A negotiated sale sends that supply straight to a pre-arranged buyer rather than pressing on the price steps.
The shares do not leave the market. They simply move to the buyer. Whether that buyer holds for long or resells soon is something the current disclosure does not say.
HDC's price ahead of the registration
According to Dau tu Chung khoan, HDC fell 67.6% from October 16, 2025 to the September 29, 2026 session, from VND 32,610 to VND 10,550.Dau tu Chung khoan During Mr. Lien's buying window, HDC closed between VND 11,400 and VND 12,600. The September 29 close of VND 10,550 is below every close in that window and the lowest since July 20.
Even so, comparing the board price with the purchase price does not yield a precise answer. Mr. Lien's actual purchase price has not been disclosed, and a negotiated price may differ from the matched price within the session's band. The final sale price could therefore differ from VND 10,550.
Earnings: up year on year, behind plan
In the first half of 2026, Hodeco booked revenue of VND 343.13 billion, up 91.5% year on year, and net profit of VND 101.82 billion, up 41.9%. Gross margin improved from 26.3% to 44.1%.Dau tu Chung khoan On growth alone, the picture looks bright.
The more telling yardstick is the one management set for itself. For 2026, Hodeco targets revenue of VND 1,959 billion and net profit of VND 493 billion.Dau tu Chung khoan After six months, the company has delivered 20.7% of its profit target and about 17.5% of its revenue target.
| Metric | 2026 plan | H1 2026 | Completion |
|---|---|---|---|
| Revenue | VND 1,959 billion | VND 343.13 billion | about 17.5% |
| Net profit | VND 493 billion | VND 101.82 billion | 20.7% |
To hit the target, the second half must deliver about VND 391 billion in net profit, nearly four times what the first half produced. Quarterly momentum is also uneven: Q1 contributed VND 248.70 billion in revenue, while Q2 dropped to VND 94.44 billion, with net profit of VND 43.46 billion.
On the debt side, Hodeco is redeeming bonds early. On August 27 it bought back more than VND 31 billion of bond series HDC12501, and on September 4 more than VND 6.3 billion of series HDC12502.CafeF That suggests the company has cash to reduce debt, although the amounts are small relative to the profit gap.
Seavillage at VND 1,050 billion: still at the in-principle stage
The largest potential filler for that gap is the Hodeco Seavillage project. Under a board resolution disclosed on September 22, Hodeco approved in principle the transfer of the entire residential project east of 3/2 Street at an expected price of VND 1,050 billion. The site covers about 2.58 hectares, with 132 commercial apartments, 795 condotel units and 39 townhouses. The board assigned the Chairman and/or the CEO to carry out the deal.CafeF The buyer has not been disclosed.Dau tu Chung khoan
The project has been on paper for a long time. Hodeco received its investment certificate in 2011 for an initial footprint of about 4.74 hectares, which shrank to 2.58 hectares after years of land disputes. By early 2026, the company had completed site clearance and land-use obligations, but the project still lacks a construction permit. Hodeco has put about VND 37 billion into it so far.CafeF
The distance between VND 37 billion and VND 1,050 billion invites readers to assume a large gain. CafeF itself cautions that transfer value is not the same as profit: the actual result depends on cost basis, related expenses, and when the deal closes. For now, the transaction is an expected price approved in principle by the board. There is no contract and no payment schedule yet.
That makes this year's VND 493 billion profit target heavily dependent on whether Seavillage is signed and booked before year-end. In the first half, day-to-day operations generated about VND 100 billion in profit. If the deal slips into next year, it is hard to see another source that could fill the remaining gap of about VND 391 billion within two quarters.
Two stories that should be kept apart
Mr. Lien's personal sale and the Seavillage deal were disclosed a week apart, and the CEO is one of the two positions the board assigned to execute the transfer. It is tempting to link the two. However, nothing disclosed so far shows any connection. The personal sale's stated purpose is financial restructuring, and its size is only about 0.22% of charter capital.
My read is that the CEO's transaction is a small signal about personal cash flow, executed in the way that least touches the price board. What will shape Hodeco's earnings story over the coming months is the Seavillage deal and Q3 and Q4 results. That view would change only if a new disclosure tied the personal sale to the transaction, which current data does not show.
Milestones to watch in October
Mr. Lien's transaction report after October 31. It will show whether he sold all 500,000 shares, part of them, or none.
Disclosure of the Seavillage buyer and contract. The counterparty's name and payment schedule will show whether the VND 1,050 billion price becomes real cash in 2026.
Q3 financial statements. They will reveal how much profit Hodeco's regular business generates without Seavillage, and how far the company remains from VND 493 billion.
If Hodeco names a buyer and signs the Seavillage contract by the end of October, the year's profit gap has a concrete source to fill it. If not, the VND 493 billion target will rest almost entirely on Q4. That is the biggest variable in the HDC story, far bigger than the CEO's 500,000-share block.