On January 30, 2026, the Ministry of Industry issued a temporary anti-dumping tax of 15%-63% on imported clear float glass from Indonesia and Malaysia, effective from February 14, 2026. This is expected to benefit Viglacera Corporation (VGC), which holds 40% of the domestic construction glass market. Previously, VGC faced challenges due to competitive imports, leading to a decrease in gross profit margin in the glass sector from 30% in 2022 to -1% in 2025. The new measure could allow VGC to increase glass prices by 30%-40%, restoring profitability to historical levels. In Q4 2025, total revenue reached 3.978 trillion VND, up 6.7% year-on-year, mainly driven by residential real estate with a 170% increase. Although the gross profit margin fell to 33.5%, total revenue for 2025 still grew by 12%, with pre-tax profit increasing by 35% to 2.201 trillion VND.
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