On October 2, Tran Vu Minh, Director of Dai Phong Trading and Investment Co., Ltd. and son of Tran Dinh Long, Chairman of the Board of Hoa Phat Group (HPG), filed to buy 50 million HPG shares to raise his stake.CafeF The trading window runs from October 7 to November 5, 2026, through both order matching and negotiated deals.Vietstock
The number is familiar. Minh registered exactly the same amount in March, but by the time that window closed he had bought only 33.29 million shares, roughly two-thirds of the plan.Vietnambiz Read together, the two filings are a useful lesson for HPG holders in what an insider purchase notice actually commits to, and what it leaves open.
How much of Hoa Phat Tran Vu Minh owns
Minh holds no board seat and no executive title at Hoa Phat. He is, however, a related party of an insider, so every HPG trade he makes must be pre-registered and reported afterwards. According to the October 2 notice, he owns just over 230.65 million shares, or 2.732% of charter capital. If he fills the order, his holding rises to more than 280.65 million shares, about 3.32%.CafeF
Most of the family's shares sit elsewhere. Tran Dinh Long owns 2.178 billion shares (25.797%), while Vu Thi Hien, a major Hoa Phat shareholder and Long's wife, holds 580.8 million shares (6.879%). Together, the related-party group owns nearly 3 billion shares, or 35.455% of Hoa Phat.Vietstock Dai Phong, the company Minh runs, holds only about 3.98 million shares, roughly 0.047%.CafeF
The numbers make the order smaller than it first sounds. Since 230.65 million shares equal 2.732% of capital, Investify estimates Hoa Phat has about 8.44 billion shares outstanding. That puts 50 million shares at only about 0.59% of the company, and a full fill would lift the family's combined stake from about 35.45% to about 36.05%. At the October 2 close of VND 20,050, the purchase would cost roughly VND 1,002.5 billion, although the real figure depends on execution prices across the window.CafeF
One detail can trip up anyone comparing share counts over time. In May 2026, Hoa Phat paid a 10% stock dividend.Vietstock That is why Minh's holding grew from nearly 210 million shares after the March buying to 230.65 million today while his percentage stayed at 2.732%. In other words, he has not bought a single share since April.
The two filings side by side
| Filing 1 (March 2026) | Filing 2 (October 2026) | |
|---|---|---|
| Announced | March 9 | October 2 |
| Trading window | March 12 to April 10 | October 7 to November 5 |
| Shares registered | 50 million | 50 million |
| HPG price on announcement day | VND 25,350 (before the stock dividend) | VND 20,050 |
| Shares bought | 33.29 million | Not started |
| Minh's stake | 2.298% to 2.732% | 2.732%, 3.32% if filled |
The first notice went to HoSE on the evening of March 9, the same session HPG fell 6.97% to VND 25,350, a six-month low at the time.CafeF According to his results report to HoSE, Minh bought through order matching between roughly March 12 and April 9, taking his stake from 2.298% to 2.732%. The stated reason for not completing the order was "unfavorable market conditions."CafeF
HPG traded between VND 25,500 and VND 28,250 over that period, and Vietnambiz estimated Minh spent around VND 849 billion to VND 940 billion. After the purchase, the Long family held 35.454% of Hoa Phat.Vietnambiz A full fill would have taken it to 35.672%, so the shortfall amounted to only about 0.2 percentage points.CafeF
The second notice came on October 2, with HPG closing at VND 20,050.Vietstock On a dividend-adjusted basis, that is HPG's lowest close since the start of 2026 and about 11.4% below the March 9 session. At one point during the past week the stock touched VND 19,600.Tuổi Trẻ
Why the first attempt stopped at two-thirds
The official explanation is a single phrase: unfavorable market conditions. Price data lets us infer a little more, but not enough to be sure. On an adjusted basis, HPG rose about 4.5% between the March 12 and April 10 sessions. If the buyer had a price ceiling in mind, a rising price in the middle of the accumulation is the most plausible reason for stopping early.
There are other explanations. A large order executed through matching has to follow each session's liquidity, and a buyer may deliberately avoid pushing the price up. Minh's personal financing plans may also have changed along the way. Public data cannot distinguish between these possibilities. The one certainty is that the registered amount is a ceiling on intent, not a commitment to buy it all.
The rules work the same way. Under Circular 96/2020/TT-BTC, insiders and their related parties must disclose a planned trade at least three business days before trading.LuatVietnam Within five business days of completing the trade, or of the window expiring, they must report the result and explain any shortfall against the registered volume.SSI The regulation demands transparency about the outcome. It does not require the buyer to fill the order.
What is different this time
The clearest difference is the price level. Last time, Minh filed after a sharp one-day drop and then had to buy while the stock recovered. This time, HPG had been sliding steadily for weeks before the notice came out.
The second difference is liquidity. Over the last 20 sessions, HPG has traded an average of about 21.3 million shares a day, and the October 7 to November 5 window contains about 22 trading sessions. By Investify's calculation, filling 50 million shares through order matching alone would take about 2.3 million shares a session, around a tenth of average volume. As in March, the notice also allows negotiated deals. Last time Minh used only order matching, so if negotiated trades appear this round, the outcome will not depend entirely on the order book.
Neither difference is enough to say the order will be filled this time. The price could rebound in October just as it did in March, and only Minh knows what price he is willing to pay. This piece does not read the filing as a signal about where HPG is heading.
What changes if the order is filled
For HPG holders, the practical question is what these 50 million shares change in Hoa Phat's ownership structure. The answer is very little. The Long family already controls more than a third of the company, and a full fill only moves the group from about 35.45% to about 36.05%. Control of Hoa Phat does not change, and neither does the board.
What shifts is the balance within the family. Minh's share rises from 2.732% to about 3.32%, while Long's and Hien's stakes stay the same. This is a member of the founder's family increasing a personal holding, not a change in who runs the group.
Dates to watch in October and November
Minh's trading window overlaps with third-quarter earnings season. Under Circular 96/2020/TT-BTC, Hoa Phat, as a parent company, must publish its consolidated Q3 financial statements within 30 days of quarter-end, which means by October 30.LuatVietnam
Minh's results will arrive in his report to HoSE. If he fills the order early, the report could come before November 5. If he buys until the window closes, five business days puts the deadline around November 12. Last time, the press reported his results on April 13, three days after the window ended.Vietnambiz
When that report lands, the numbers worth reading are the shares actually bought against the 50 million registered, and the family's combined stake afterwards. By Investify's estimate, a full fill takes the family to about 36.05%, while a repeat of March's fill rate would leave it around 35.85%. Neither outcome changes who controls Hoa Phat. Until then, 50 million shares is simply the ceiling Minh has set for himself, and the results report due around November 12 is the document that will show how much he actually bought.