DatVietVAC launches IPO bookbuilding, offering more than VND611 billion in shares

On August 5, DatVietVAC Group Holdings JSC (DatVietVAC) officially opened subscriptions for its initial public offering (IPO). Alongside the offering, the company launched an investor privilege program worth up to VND25 billion, featuring exclusive benefits ranging from President's Lounge and SVIP concert access to premium experiences built around DatVietVAC's flagship entertainment IPs.

Strong financial performance

Under the offering plan, DatVietVAC is offering shares at a fixed price of VND54,800 per share, raising approximately VND611 billion. Following the IPO, the company's charter capital is expected to increase to VND1.114 trillion, representing more than 111.4 million shares outstanding, with an implied market capitalization of approximately VND6.105 trillion at the IPO price.

For 2026, DatVietVAC targets net profit after tax of VND420 billion, up approximately 11 per cent year on year. The company is expected to deliver ROE of 34.7 per cent, implying a forward P/E of approximately 13x. According to Vietcap, this represents a 28 per cent discount to the average forward P/E of 18.1x for listed Asian media and entertainment companies.

Based on Capital IQ data and analysis, among more than 1,600 listed media and entertainment companies globally, DatVietVAC is one of the very few companies that simultaneously meets four key financial benchmarks: annual revenue above $100 million, a gross margin of at least 20 per cent, a net profit margin above 10 per cent, and ROE exceeding 40 per cent.

In 2025, DatVietVAC delivered exceptional profitability, reporting an EBIT margin of 13.9 per cent and an impressive ROE of 40.8 per cent, substantially outperforming the regional peer averages of 2.5 per cent and 8.4 per cent, respectively.

The company also maintains a highly conservative balance sheet, with no long-term bank debt, cash and cash equivalents of nearly VND875 billion, and no outstanding corporate bonds or bond issuance obligations.

For long-term value investors, one of DatVietVAC's strongest defensive attributes is its consistent cash dividend track record. Over the past six years, the company has returned more than VND1 trillion to shareholders through cash dividends. Following the IPO, DatVietVAC expects to pay a cash dividend of VND2,500 per share this year, implying an immediate dividend yield of approximately 5 per cent for IPO investors.

Three decades of growth

Behind many of Vietnam's most successful entertainment programs over the past three decades, DatVietVAC has positioned itself as a unique IP-driven media, entertainment, and technology ecosystem that transforms content into scalable, multi-platform consumer experiences and long-term monetizable assets.

According to Mr. Dinh Ba Thanh, Founding Chairman of DatVietVAC, Vietnam's media and entertainment market is expected to reach $2.4 billion in 2026 and maintain double-digit growth through 2030. At the same time, the government's growing emphasis on cultural industries, particularly Resolution No. 80, which calls for culture to be developed on par with politics, the economy, and society, reflects a strategic shift in recognizing culture as a new pillar of national competitiveness and economic development.

Mr. Thanh believes that building a globally competitive cultural industry requires three essential ingredients: original innovation, the ability to create, own, and commercialize intellectual property, and a scalable digital value chain capable of exporting Vietnamese culture to global markets. Together, these foundations will enable the emergence of globally competitive cultural enterprises.

Over the past three decades, DatVietVAC has consistently pioneered new milestones for Vietnam's media and entertainment industry, from establishing the country's first private media company and first privately owned television channel to helping create Vietnam's first modern idol culture through the IP-driven ecosystem of Anh Trai "Say Hi," spanning reality television, live concerts, and commercial extensions. Most recently, the company brought 150 artists and production staff to perform at the renowned Planet Hollywood Theater in Las Vegas, marking another step in taking Vietnamese entertainment onto the global stage.

"We have never followed the crowd. We choose to look beyond prevailing trends, carve out our own path, and create value in ways that are fundamentally different," said Mr. Thanh.

One of DatVietVAC's key differentiators lies in its revenue model. Rather than relying on one-off hits, the company has built a systematic engine for continuously creating, owning, and monetizing intellectual property (IP). Within this ecosystem, every piece of content is more than just a product, it is a long-term asset that can be expanded, commercialized, and repeatedly monetized across multiple platforms over time.

According to DatVietVAC, investors evaluating the company should focus on four core capabilities: its ability to create original IP, monetize IP, scale IP across multiple business verticals, and operate with a high degree of earnings visibility and execution predictability.

Building value through IP

DatVietVAC currently owns a portfolio of more than 2,000 intellectual property assets, including entertainment formats, music works, films, application designs, and other proprietary content.

This extensive IP portfolio gives the company full control over the commercialization process, enabling it to unlock 360-degree value creation across digital content, live entertainment, consumer experiences, and merchandise, without being constrained by licensing restrictions or royalty obligations associated with foreign-owned formats.

Among DatVietVAC's flagship proprietary IPs are Tinh Hà "Say Hi," Anh Trai "Say Hi," Em Xinh "Say Hi," Rap Việt, The Masked Singer Vietnam, 2 Ngày 1 Đêm Vietnam, "Say Hi" Rực Rỡ, SÓNG, Anh Trai và Cái Đuôi Nhỏ, and many others.

The company's capability to deliver large-scale live entertainment has also been well proven. Between 2022 and 2025, DatVietVAC successfully organized 13 major concerts, selling more than 318,000 tickets. The company also took its first step toward exporting Vietnamese entertainment by successfully licensing two Anh Trai "Say Hi" concerts in Las Vegas, generating approximately VND45.3 billion in export revenue during 2025.

Further strengthening this ecosystem is NOMAD MGMT Vietnam, DatVietVAC's wholly owned artist management subsidiary. As of the end of 2025, NOMAD exclusively managed and commercially represented approximately 100 of Vietnam's leading artists. The combined commercial billings generated by these artists delivered a 77 per cent compound annual growth rate (CAGR) between 2023 and 2025, creating strong synergies that reinforce the appeal and commercial success of the company's content portfolio.

Supporting this entire value chain is VieNETWORK, DatVietVAC's multi-platform entertainment ecosystem, which amassed more than 270 million followers and generated more than 67 billion views in 2025. This audience ecosystem serves as the foundation for IP monetization by transforming audience reach and engagement into sustainable commercial value.

The company's most significant long-term value driver is its strategic transition from a traditional B2B advertising business toward a direct-to-consumer (D2C) model, enabling DatVietVAC to build direct relationships with audiences and capture a greater share of the value created by its intellectual property.

For 2026, DatVietVAC targets revenue of VND3.382 trillion and net profit after tax of VND420 billion. Looking ahead to 2030, the company aims to achieve VND5 trillion in revenue and VND780 billion in net profit while sustaining 15 per cent annual earnings growth through continued investment in original content production and international expansion.

According to DatVietVAC, the second half of 2026 will be driven by the launch of several flagship franchises, including Tinh Hà "Say Hi," The Masked Singer Vietnam, and 2 Ngày 1 Đêm Vietnam, together with a number of strategic partnerships. The company expects to stage at least six mega concerts, the majority of which will be built around the "Say Hi" IP universe. Performance exceeding current expectations from these content franchises and live events would represent a key catalyst for outperforming the company's 2026 business plan.

The rise of the cultural industry is creating a new growth cycle for Vietnam, one in which culture is no longer viewed solely as a source of national identity but increasingly as an economic asset that can be commercialized and exported globally. Within this transformation, DatVietVAC represents a pioneering model: operating content with an industrial mindset, placing intellectual property at the center of its business model, and leveraging technology as a key engine of long-term growth.