VietinBank to Sell Entire 6.94M PHP Stake in Hai Phong Port via HNX Auction

Overview

VietinBank (CTG) has registered to sell all 6.94 million shares it holds in Hai Phong Port (PHP), representing a 2.12% stake, through a public auction on the Hanoi Stock Exchange (HNX). The starting price is set at 40,048 VND/share, a 5% premium over the recent market price, with the transaction expected to raise approximately 278 billion VND. This divestment comes after VietinBank failed to sell its stake in Saigon Port (SGP) in June 2026.

Key Facts

• VietinBank plans to sell 6,940,000 PHP shares, equivalent to 2.12% of Hai Phong Port’s outstanding shares.
• The auction will be conducted on HNX with a starting price of 40,048 VND/share.
• At the starting price, the total proceeds could reach nearly 278 billion VND (approx. USD 11.12 million).
• The registration and payment period is expected in Q3 2026.
• Hai Phong Port has a charter capital of nearly 3,270 billion VND.
• VietinBank previously failed to sell any of its 19.31 million SGP shares (8.93% stake) in Saigon Port between May 25 and June 23, 2026, citing unfavorable market conditions.
• PHP shares closed at 38,000 VND on July 10, 2026, down 1.04%.

What Happened

On July 7, 2026, VietinBank received a certificate from the State Securities Commission (SSC) approving the public offering of its entire stake in Hai Phong Port (PHP). The bank intends to divest via a standard public auction on HNX, with a starting price of 40,048 VND/share, representing a 5% premium over the closing price of 38,100 VND on July 8, 2026. If successful, VietinBank will raise nearly 278 billion VND.

This divestment follows a recent unsuccessful attempt to sell its stake in Saigon Port (SGP). Between May 25 and June 23, 2026, VietinBank failed to sell any of its 19.31 million SGP shares, attributing the outcome to unsuitable market conditions. The bank continues to hold that stake.

Market Context

VietinBank (CTG) shares closed at 33,700 VND on July 10, 2026, down 1.03% on volume of 5.5 million shares. PHP shares closed at 38,000 VND, down 1.04% on thin volume of 107,500 shares. The banking sector has faced headwinds from rising credit risks and margin compression, while logistics stocks have been volatile amid trade slowdown concerns. The auction’s premium pricing may test demand for port assets in the current environment.

Strategic Significance

VietinBank’s decision to divest its PHP stake aligns with a broader trend of Vietnamese banks reducing non-core holdings to focus on core banking operations and improve capital adequacy. The sale, if completed, will generate a modest capital gain and free up regulatory capital. For Hai Phong Port, the exit of a major bank shareholder may shift ownership toward strategic or financial investors, potentially influencing governance. The failed SGP sale suggests that investor appetite for port stocks may be selective, and the PHP auction outcome will serve as a key indicator of market sentiment toward the sector.

What to Watch

• The auction date and subscription results in Q3 2026.
• The final sale price relative to the starting price and market price.
• VietinBank’s future divestment plans for its remaining SGP stake.
• PHP’s Q3 2026 earnings and any impact from the ownership change.
• Broader market conditions for logistics and port stocks on HOSE and HNX.