VietinBank divests Hai Phong Port stake, sells Saigon Port shares

Overview

VietinBank (CTG) has announced the auction of 6.94 million shares, or 2.12% of charter capital, of Hai Phong Port (PHP), with a starting price of VND 40,048 per share. Simultaneously, the bank is selling 19.3 million shares of Saigon Port (SGP), equivalent to 8.93% of charter capital, via order matching. The combined divestment could raise approximately VND 700 billion, as part of VietinBank’s ongoing strategy to exit non-core investments.

Key Facts

• VietinBank is auctioning 6.94 million PHP shares (2.12% stake) at a starting price of VND 40,048 per share.
• The auction is scheduled for September 16 at the Hanoi Stock Exchange (HNX), with registration and deposit deadline on September 9.
• If sold at the starting price, VietinBank could raise nearly VND 278 billion from the PHP stake, about 15% below PHP’s market price of VND 46,900 on August 27.
• VietinBank is also selling 19.3 million SGP shares (8.93% stake) via order matching from August 17 to September 15, valued at ~VND 398 billion based on SGP’s market price of VND 20,600.
• The combined value of both divestments is approximately VND 700 billion.
• The PHP stake sale will not affect VIMC’s controlling position, as VIMC holds nearly 92.6% of PHP.
• SGP’s average daily trading volume in 2026 is about 93,700 shares; the offered SGP block is roughly 206 times that average.

What Happened

VietinBank has announced the auction of its entire 2.12% stake in Hai Phong Port (PHP), comprising 6.94 million shares, with a starting price of VND 40,048 per share. The auction will take place at the Hanoi Stock Exchange (HNX) on September 16, with investor registration and deposit submission from August 27 to September 9. The board of directors approved the transfer plan in late 2025.

In parallel, VietinBank is selling 19.3 million shares of Saigon Port (SGP), representing 8.93% of charter capital, via order matching on the exchange from August 17 to September 15. This is not the first attempt to divest from SGP; previous transfers were limited. The SGP investment originated from debt restructuring related to Vinalines (Vietnam National Shipping Lines).

Market Context

VietinBank (CTG) trades on HOSE, closing at VND 31,900 on August 27, 2026. PHP closed at VND 46,200 and SGP at VND 20,400 on the same day. The divestment comes as VietinBank continues to streamline its portfolio, focusing on core banking operations. The PHP auction price is set at a 15% discount to market, which may attract buyers, while the SGP sale faces liquidity challenges given the large block relative to average trading volume.

Strategic Significance

This divestment is part of VietinBank’s broader strategy to reduce non-core holdings and improve capital efficiency. By exiting port investments, the bank can redeploy capital into higher-yielding banking activities. The sale also aligns with regulatory pressure to meet public company requirements for SGP, where the free float is currently below the 10% threshold. For investors, this signals VietinBank’s commitment to simplifying its corporate structure and focusing on its main business.

What to Watch

• The outcome of the PHP auction on September 16, including the final price and buyer identity.
• Completion of the SGP order-matching sale by September 15, and whether the entire block is sold.
• Any further divestment plans by VietinBank in other non-core assets.
• Regulatory updates on SGP’s public company status and free-float ratio.
• VietinBank’s Q3 earnings report to assess the impact of these divestments on profitability.