The Hanoi Stock Exchange (HNX) recently announced its approval for Dragon Capital Vietnam Fund Management Joint Stock Company (DCV) to register for trading on UPCoM. The stock code will be DCV.

The first trading day is set for 19/1. The reference price per unit is 68,000 VND. With a total of over 31.2 million shares registered for trading, Dragon Capital's valuation is approximately 2,121.7 billion VND.

Investors are monitoring the performance of DCDS, one of the open-ended funds managed by Dragon Capital. Photo: Tat Dat

Dragon Capital Vietnam Fund Management Company is the first enterprise specializing in domestic fund management in Vietnam. It was established in July 2023 by Dragon Capital, a financial investment institution with long-standing experience in the Indochina region. Its primary business involves managing securities investment funds and investment portfolios. Initially, Sacombank (STB) was also a founding participant in the company.

The company has been instrumental in developing various fund certificate products, including closed-end funds, open-ended funds, and exchange-traded funds (ETFs). Additionally, it has actively invested in the private sector and participated in the equitization process of state-owned enterprises.

As of May 2025, DCV's total assets under advisory and management stood at approximately 128,000 billion VND, equivalent to 4.9 billion USD. The company also leads the market among public fund management companies in terms of both the number of funds and the total net asset value (NAV) mobilized. According to data from the State Securities Commission (SSC) in 2023, Dragon Capital Vietnam accounted for 59% of the market's NAV.

Currently, foreign institutional shareholders hold nearly 92.76% of the fund's capital, while 153 domestic individuals own nearly 5.95%. The remaining small portion belongs to foreign individual shareholders. The two largest shareholders are members of Dragon Capital, accounting for over 87.95%.

Previously, the SSC confirmed DCV's completion of registration to become a public company in late November 2025. According to public records, Dragon Capital Vietnam has achieved after-tax profits of hundreds of billions of VND annually, with main revenue streams from securities investment consulting, asset management, and financial activities.

In 2024, the company recorded a 4% increase in revenue, reaching nearly 1,061 billion VND compared to the previous year. Revenue from securities investment consulting contributed nearly 756 billion VND, a 3% increase. However, rising costs led to a nearly 20% decrease in after-tax profit, settling at over 235 billion VND.

DCV's business results continued to decline in the first half of 2025. Revenue reached over 480 billion VND, a 12% decrease. This decline was primarily due to reduced revenue from securities investment consulting and financial activities.

While most revenue streams decreased, operating costs remained high. Overall, Dragon Capital Vietnam reported an after-tax profit of over 55 billion VND, a 60% reduction compared to the same period last year.

Tat Dat