The State Capital Investment Corporation (SCIC) will publicly auction its entire holding in Vietnam National Fisheries Corporation (Seaprodex), an enterprise that owns the prime land plot at 2-4-6 Dong Khoi in downtown Ho Chi Minh City.

The starting price for this transaction is nearly 8.510 billion VND, equivalent to 107,400 VND per share. This figure is 44% higher than Seaprodex's market price on the stock exchange.

SCIC stated that the divestment aims to restructure its investment portfolio in line with government policy, which directs the sale of capital in enterprises not deemed essential for state ownership. If the transaction is successful, the state capital representative will reduce its ownership in Seaprodex from a controlling 63.38% to 0%.

The auction is scheduled for late September. To participate, investors must purchase the entire block of shares. This offering is not open to foreign investors due to a 10% foreign ownership limit in Seaprodex.

Established in 1978, Seaprodex primarily operates in seafood processing for export, with recent annual revenues ranging from 600 to 800 billion VND.

What truly attracts investors to Seaprodex is the 2-4-6 Dong Khoi land plot, where the company's headquarters are located.

Dong Khoi street, approximately one kilometer long, connects Notre Dame Cathedral to Bach Dang Wharf and is one of Ho Chi Minh City's most expensive commercial arteries. This street is among the highest-priced in the city, valued at about 687 million VND per square meter according to current price listings. Market transactions for many locations along this street are reportedly able to reach billions of VND per square meter.

Dong Khoi is also recognized as one of the world's highest-rent retail streets, with rents around 3,700 USD per square meter, according to last year's data from Cushman & Wakefield.

The Seaprodex building is located on the 2-4-6 Dong Khoi land plot, Ho Chi Minh City. Photo: Seaprodex Website

Seaprodex and its partners had planned to construct a commercial complex, offices, a hotel, and apartments at 2-4-6 Dong Khoi, combining it with the adjacent plot at 21 Ngo Duc Ke. This site is currently leased for over 2.3 billion VND per month.

According to its audited financial report for 2025, Seaprodex recorded 692 billion VND in unfinished construction costs related to the land plot, accounting for one-fourth of its total assets. This figure includes the land value, assets on the land, and interest paid for the land use rights transfer.

The company stated it had fulfilled its financial obligations since 2017. However, by the end of last year, it had not yet received the land use rights certificate to proceed with the project.

Phuong Dong