But the company is now facing mounting difficulties as its share price plunges.

The son and family of Tuan have repeatedly had their DIG shares forcibly sold to cover margin calls, leaving the family with no major shareholder amid the company’s challenges following a period of rapid growth.

DIC Corp (HoSE: DIG) has announced a series of forced share sales involving members of its internal shareholder group.

Nguyen Hung Cuong, chair of the Board of Directors, had nearly 11.16 million DIG shares forcibly liquidated by securities firms between July 21 and July 23, reducing his ownership stake from 5.09 percent to 3.69 percent of charter capital. At this level, Cuong officially ceased to be a major shareholder of DIC Corp.

The forced liquidations extended to other family members. Le Thi Ha Thanh, Cuong's mother, had nearly 2.1 million shares forcibly sold, lowering her stake from 1.5 percent to 1.24 percent. Nguyen Thi Thanh Huyen, vice chair of the Board and Cuong's younger sister, had nearly 1.07 million shares forcibly sold, bringing her holding down from 1.13 percent to 1 percent.

In a matter of days, the DIC Corp Chairman's family lost over 14.3 million DIG shares to forced sales. These transactions were executed by multiple brokerage firms after DIG's market price fell below VND11,000 per share on July 21.

Following this wave of forced liquidations, no individual member of Nguyen Hung Cuong's family holds 5 percent or more of the charter capital. Consequently, DIC Corp currently has no major shareholders, with 100 percent of its charter capital held by investors owning under 5 percent each.

This latest round of forced sales is the continuation of a liquidation cycle spanning several months. Compared to the end of 2025, the number of shares held by Nguyen Hung Cuong alone has fallen by roughly 41 million units, equivalent to more than 5 percent of charter capital. His mother and sister have also experienced repeated forced sales, significantly shrinking the family's total equity stake.

At this year's Annual General Meeting of Shareholders, Nguyen Hung Cuong stated that his family did not wish for forced sales to occur and intended to gradually repurchase shares when market conditions proved favorable. However, after multiple consecutive forced liquidation rounds, no significant share purchases have been recorded by the Chairman's affiliated group.

These developments have led to a sharp drop in Nguyen Hung Cuong's stock market net worth. Early this year, his stock holdings were estimated at nearly VND1.2 trillion, but they have now dwindled to around VND300 billion, dropping him out of the list of the top 200 wealthiest individuals on Vietnam's stock market.

DIC Corp faces challenges 

After Nguyen Thien Tuan died in August 2024, Nguyen Hung Cuong was elected chair of the board and inherited his father’s shareholding. Tuan was regarded as the founder who laid the foundation for and remained closely involved in DIC Corp’s development for decades.

During the 2020-2022 boom in the real estate and stock markets, DIG was one of the most prominent “super stocks.” Its share price at one point rose nearly tenfold, while trading liquidity consistently ranked among the highest in the market, making it a major focus of investment forums. 

Many investors dubbed DIG a “national stock” because of its huge individual shareholder base, which at one point reached around 80,000 people.

DIC Corp’s biggest advantage is its large land bank in Ba Ria-Vung Tau, Dong Nai, Vinh Phuc, Ha Nam, Hau Giang and other localities. However, amid the prolonged downturn in the real estate market, the company has yet to quickly convert this advantage into revenue and cash flow.

The company’s business performance has been volatile in recent years. After revenue plunged in 2023-2024, 2025 saw a recovery, with revenue reaching nearly VND4.789 trillion and after-tax profit exceeding VND606 billion. However, in the first quarter of 2026, DIC Corp posted only VND164 billion in revenue and a loss of nearly VND10 billion, highlighting the continued instability of its business operations.

Financial pressure also remains. At the end of the first quarter of 2026, the company’s inventory had risen to nearly VND6.805 trillion, while financial debt stood at more than VND1.424 trillion. 

Manh Ha