DatVietVAC opens IPO subscriptions: New step for Vietnamese entertainment market

"We chose to launch our IPO at the ideal timem, with favorable timing, location, and harmony, when the government and society are strongly supporting the cultural industry," said Dinh Ba Thanh, founder and chairman of DatVietVAC, at the company's IPO book-opening event.

He also noted that this milestone offers an opportunity for staff, artists, and fans to become co-owners of an ecosystem to which they have been attached for many years.

Building IP-based ecosystem

Behind numerous hit entertainment shows over the years, DatVietVAC positions itself as a tech-media-entertainment ecosystem operating on intellectual property (IP). 

It holds the capacity to transform content into multi-platform consumer experiences that can scale and be exploited commercially in a sustainable manner.

Thanh stated that the media and entertainment market size is projected to reach $2.4 billion by 2026 and maintain double-digit growth through 2030.

National policy frameworks regarding the cultural industry, particularly Resolution 80 on "developing culture on a par with politics, economics, and society," reflect a new vision for the role of the cultural industry in positioning Vietnam.

According to a representative of DatVietVAC, a true cultural industry requires three essential elements: original innovation, IP exploitation, and the development of a digital content value chain aimed at global export.

From being the first private media company to own a dedicated television channel, the enterprise has continuously expanded its integrated model: building idol culture through the Anh Trai Say Hi IP franchise and bringing 150 artists and crew members to perform at the prestigious Planet Hollywood theater in the U.S..

Instead of relying on temporary 'hits,' the company has built a system that continuously creates and exploits IP. In this ecosystem, each piece of content is not just a single product, but a scalable asset that can be re-exploited over time.

The representative also highlighted key factors investors should look at when evaluating the enterprise: IP generation capabilities, IP monetization ability, scalability, and operational predictability.

Optimizing IP library, transitioning to D2C model

The enterprise currently holds over 2,000 intellectual property assets, including show formats, musical works, films, and application designs.

This serves as the 'golden key' enabling the company to proactively commercialize and leverage IP value 360 degrees, from the screen to real life, without facing barriers or strict terms from foreign format owners.

Notable top-tier entertainment IPs owned by the enterprise include Tinh Ha Say Hi, Anh Trai Say Hi, Em Xinh Say Hi, Say Hi Ruc Ro, SONG, Anh Trai va Cai Duoi Nho, and others.

Its capacity to organize large-scale live events has been proven through 13 major concerts held between 2022 and 2025, selling over 318,000 tickets.

The business has also taken initial steps to export culture internationally by successfully licensing two Anh Trai Say Hi concert nights in Las Vegas, generating export revenue of approximately VND45.3 billion ($1.7 million) in 2025.

Complementing this strength is a leading exclusive artist management ecosystem operated through its subsidiary NOMAD MGMT Vietnam, which managed and served as the exclusive commercial representative for around 100 top stars as of late 2025.

The total value of commercial contracts (billings) for this artist roster registered a compound annual growth rate (CAGR) of 77 percent from 2023 to 2025, playing a mutually reinforcing role in boosting the appeal of content projects.

This entire value chain is supported by the multi-platform entertainment launchpad VieNETWORK, which boasts over 270 million followers and generated over 67 billion views in 2025. This platform forms the foundation for IP commercialization, where the core strength lies in converting audience reach and engagement into economic value.

The strongest driver boosting DatVietVAC's valuation in the long term is its strategic shift from a traditional B2B model (selling enterprise advertising) to a Direct-to-Consumer (D2C) monetization model.

For 2026, its projected revenue is VND3,382 billion ($128.85 million) with a profit target of VND420 billion ($16 million). Looking ahead to 2030, the enterprise aims for VND5,000 billion ($190 million) in revenue, VND780 billion ($29.69 million) in net profit, and maintaining a net profit growth rate of 15 percent per year by expanding content production and stepping up international operations.

According to DatVietVAC, the second half of 2026 will feature a line-up including Tinh Ha Say Hi, The Masked Singer Vietnam, 2 Days 1 Night Vietnam, alongside key strategic partnerships.

At least six mega-concerts are planned, mostly belonging to the 'Say Hi' IP franchise. Better-than-expected success from these shows and concerts will be the decisive factor in exceeding the 2026 business targets.

High profitability, regular dividend payouts

According to the offering plan, DatVietVAC is offering shares at a fixed price of VND54,800 ($2.1) per share, representing a total offering value of approximately VND611 billion ($23.26 million). 

Following the issuance, the company's charter capital is expected to increase to VND1,114 billion ($42.41 million), equivalent to over 111.4 million outstanding shares, with a market capitalization of approximately VND6,105 billion ($232.3 million) at the IPO price.

The company stated that with its 2026 net profit target of VND420 billion (an 11-percent increase over 2025), it expects to achieve a Return on Equity (ROE) of 34.7 percent, corresponding to a forward P/E ratio of approximately 13x.

Regarding dividend policy, the business has paid over VND1,000 billion ($38 million) in cash dividends over the past six years. This year alone, it plans to pay a cash dividend of VND2,500 per share, offering an immediate dividend yield of around five percent for participating IPO investors.

The development of the cultural industry is opening a new growth cycle, turning culture into a commercializable and exportable asset.

This IPO marks a new chapter for DatVietVAC in perfecting its IP-centric operational model by combining technology with industrial-scale production mindsets.