VietinBank (CTG) Attempts Fifth Sale of 8.93% Saigon Port (SGP) Stake

Overview

VietinBank (CTG) has registered to sell its entire 19.3 million shares, or 8.93% stake, in Saigon Port (SGP) for the fifth time since March 2026, after four previous attempts failed to attract buyers. The persistent overhang and Saigon Port’s disclosure that it no longer meets public company criteria due to insufficient free float raise governance and liquidity questions for both CTG and SGP.

Key Facts

• VietinBank (CTG) registered to sell 19.3 million SGP shares, equal to 8.93% of Saigon Port’s capital, during the period 28 September to 27 October.
• The registered SGP shares are valued at approximately VND 384 billion based on current prices.
• This is the fifth sale registration since March 2026; the first four attempts (2-31 March, 13 April-12 May, 25 May-23 June, 17 August-15 September) sold a combined total of only 26,500 shares.
• Saigon Port (SGP) notified the State Securities Commission that it no longer meets public company criteria from 27 July due to insufficient free float, with fewer than 10% of voting shares held by at least 100 non-major investors.
• As of 30 June, major shareholders included Vietnam Maritime Corporation (MVN) with 65.45%, VietinBank (CTG) with 9.07%, Toan Thang Trading and Service Development Co. Ltd with 9.83%, and VPBank (VPB) with 7.44%.
• Saigon Port reported H1 revenue of over VND 579 billion (+8% year-on-year) and after-tax profit of over VND 275 billion (+27% year-on-year).
• VietinBank Capital also sold 7.25 million PET shares of Petrosetco, reducing its ownership to 14.31%.

What Happened

VietinBank (CTG), listed on the Ho Chi Minh Stock Exchange (HOSE), has repeatedly attempted to divest its entire stake in Saigon Port (SGP) since March 2026. In the first attempt from 2-31 March, the bank registered to sell more than 19.34 million SGP shares but only managed to sell 26,500 shares, or 0.14% of the registered volume. The bank cited unfavorable market conditions. Subsequent attempts from 13 April-12 May, 25 May-23 June, and 17 August-15 September all resulted in zero shares sold. The current registration for 28 September-27 October marks the fifth attempt.

Separately, Saigon Port disclosed in a document to the State Securities Commission that it no longer satisfies the conditions to be considered a public company as of 27 July. The company lacks the minimum 10% of voting shares held by at least 100 non-major investors. At 30 June, four major shareholders dominated the register: Vietnam Maritime Corporation (MVN) at 65.45%, VietinBank (CTG) at 9.07%, Toan Thang Trading and Service Development Co. Ltd at 9.83%, and VPBank (VPB) at 7.44%, leaving only 8.21% for small shareholders.

Market Context

CTG closed at VND 30,150 on 27 September 2026 on HOSE. SGP closed at VND 19,700 on the same date. VPB, listed on HOSE, closed at VND 23 on 28 September, down 0.65% with volume of 2,266,500 shares. The banking sector has seen mixed performance amid broader market consolidation, while logistics and port operators face structural challenges from concentrated ownership and limited free float. Saigon Port’s public company status loss could further reduce liquidity and investor appeal.

Strategic Significance

For VietinBank, the repeated failure to divest SGP reflects a broader challenge for Vietnamese banks in exiting non-core investments, particularly in illiquid, tightly held companies. The stake sale is part of VietinBank’s ongoing effort to streamline its portfolio and comply with regulatory limits on cross-holdings. However, the lack of buyer interest highlights valuation and liquidity mismatches. For Saigon Port, the loss of public company status may restrict its access to public capital markets and reduce transparency requirements, potentially affecting its long-term growth prospects. VPBank’s 7.44% stake in SGP also remains a non-core holding that could face similar divestment pressure.

What to Watch

• The outcome of the current sale registration period ending 27 October 2026, and whether any shares are sold.
• Any regulatory response from the State Securities Commission regarding Saigon Port’s public company status.
• VietinBank’s next quarterly disclosure on its divestment progress and any changes to its SGP holding.
• VPBank’s potential moves regarding its 7.44% stake in Saigon Port.
• Saigon Port’s H2 2026 earnings and any updates on free float improvement plans.