Hanoi to sell majority stake in 68-year-old Thuong Dinh Footwear for nearly $5mn

The sale covers more than 6.38 million shares and is scheduled for December 16, according to the Hanoi People's Committee. 

It will be open to domestic and foreign investors, including economic and social organizations and individuals. 

The starting price is VND20,500 ($0.78) per share.

As of August 29, the company had three shareholders holding more than five percent of shares, namely the Hanoi People's Committee with 68.67 percent, Nguyen Hoang Yen with 21.08 percent, and Tran Thi Thanh with 5.35 percent.

Founded in 1957 as X30 Enterprise under the Ministry of National Defense, Thuong Dinh originally produced military boots and rubber sandals and exported basketball shoes to the Soviet Union and Eastern Europe. 

The company conducted an initial public offering of 1.9 million shares in 2015 and became a joint-stock company the following year with charter capital of VND93 billion ($3.53 million).

Audit data showed that at the end of 2024, the company's short-term liabilities exceeded its short-term assets by more than VND14 billion ($531,250), and it posted a net loss of nearly VND13 billion ($493,303). 

Revenue from core manufacturing fell to just over 75 percent of total revenue in 2025 from nearly 80 percent in 2023, according to Bao Viet Securities.

Export orders have dropped sharply since 2023 due to non-compliance with European social responsibility standards, while domestic sales face competition from local and imported footwear, the company said.