Vingroup to issue employee stocks for the first time

This is the first time that Vingroup is issuing ESOP shares. Its shareholders approved the move at the group’s annual meeting Thursday. The 6.76 million ESOP shares are equivalent to 0.2 percent of its shares outstanding.

An ESOP allows company leaders and staff to purchase its shares at a discount.

Vingroup said that the employee stock issuance is to encourage and acknowledge its leaders and managers for the dedication to the group, its subsidiaries and member companies.

The issuance will happen no later than June 2022. All ESOP shares will be unavailable for trading within a year. The group has not disclosed the issue price.

The group has set a revenue target of VND170 trillion ($7.3 billion) for 2021, up 54 percent year-on-year, and targets a post-tax profit of VND4.5 trillion, approximately the same as last year.