Foreign Funds Sell 150M ACB Shares, Au Lac Group Boosts Stake to 6%

Overview

Three foreign funds have sold more than 150 million shares of Asia Commercial Bank (ACB, HOSE), while the Au Lac shareholder group raised its stake to 6%, equivalent to about 308 million shares. The moves, disclosed in ACB’s latest shareholder list as of May 18, 2025, signal a notable shift in the bank’s ownership structure.

Key Facts

• Smallcap World Fund, Inc. reduced its ACB holdings from 112 million shares (2.51%) to 76.7 million shares (1.494%).
• Boardwalk South Limited cut its stake from 82.2 million shares to 43 million shares (0.839%), falling below the 1% reporting threshold.
• VOF PE Holding 5 Limited, a VinaCapital fund, sold its entire 76.6 million ACB shares.
• Total shares sold by the three foreign funds exceeded 150 million units.
• The Au Lac group raised its ownership to 6% (308 million shares) in early May 2025.
• ACB’s total assets reached VND 1.03 quadrillion in 2025, up 18.7% year-on-year, but pre-tax profit of VND 19.5 trillion was only 85% of the annual target.
• ACB shares closed at VND 22,800 on May 19, 2026, down 0.87% with volume of 15.5 million shares.

What Happened

According to ACB’s updated list of shareholders owning more than 1% of charter capital as of May 18, 2025, three foreign funds significantly reduced their positions. Compared to the previous disclosure in July 2024, Smallcap World Fund, Inc. lowered its stake from 2.51% to 1.494%, while Boardwalk South Limited dropped below the 1% threshold. VOF PE Holding 5 Limited, a fund managed by VinaCapital, exited completely, selling all 76.6 million shares.

In contrast, the Au Lac group, a domestic shareholder with a 20-year history with ACB, increased its stake to 6% in early May. Au Lac operates in domestic and international petroleum shipping, owning eight oil tankers meeting international standards. The group is associated with Ms. Ngo Thu Thuy (Rosie Ngo) and Mr. Nguyen Duc Hinh. At ACB’s annual general meeting in April, Chairman Tran Hung Huy noted that Au Lac has accompanied the bank for over two decades and is expected to contribute to future growth.

Market Context

ACB shares have been under pressure, closing at VND 22,800 on May 19, 2026, down 0.87% on volume of 15.5 million shares. The bank’s 2025 pre-tax profit of VND 19.5 trillion missed its target by 15%, which may have contributed to foreign selling. The reduction by foreign funds aligns with a broader trend of foreign divestment in Vietnamese banks, though ACB’s domestic institutional base appears to be consolidating.

Strategic Significance

The simultaneous foreign selling and domestic accumulation by Au Lac suggests a transfer of ownership from international funds to a long-term local strategic investor. Au Lac’s increased stake to 6% provides ACB with a stable, committed shareholder that has been aligned with the bank for over 20 years. This could reduce volatility from foreign flows and support management’s strategic continuity. However, the exit of VinaCapital’s fund may indicate a shift in foreign investor sentiment toward ACB’s near-term earnings outlook.

What to Watch

• Further foreign ownership changes: whether other foreign funds follow suit or new foreign investors emerge.
• ACB’s Q1 2026 earnings report to assess profit recovery and progress toward full-year targets.
• Any additional disclosures from Au Lac on its intentions or potential board representation.
• ACB’s dividend policy and capital management plans in response to ownership shifts.
• Regulatory updates on foreign ownership limits in Vietnamese banks.