HFIC to Sell 0.45% Eximbank (EIB) Stake on HoSE as Leadership Churns

Overview

Công ty Đầu tư Tài chính Nhà nước TP.HCM (HFIC) has notified the HoSE that it intends to divest its entire holding in Ngân hàng TMCP Xuất nhập khẩu Việt Nam (Eximbank, ticker EIB), amounting to nearly 8.5 million shares, or 0.45% of the bank’s charter capital. The disclosure landed alongside an EIB shareholder update showing Viconship (VSC) at 1.01% and an extraordinary general meeting that approved removing the 6% foreign ownership cap, keeping governance and ownership at the centre of the EIB story.

Key Facts

• HFIC holds nearly 8.5 million EIB shares, equal to 0.45% of Eximbank’s charter capital.
• HFIC first invested in Eximbank in 2006, with original capital of VND 12.15 billion at par value.
• The divestment plan was approved under HFIC board resolution No. 269/QĐ-HĐTV dated 5 June 2026.
• Shares are to be sold through the HoSE trading system; no timetable or price floor was disclosed.
• Viconship (VSC) holds 18.775 million EIB shares, or 1.01%, per the shareholder list updated 14 October 2026; related parties hold a further ~1.25 million shares (0.07%).
• An extraordinary AGM, the third of 2026, elected CEO Phạm Thị Huyền Trang to the board for the 2025-2030 term.
• The same meeting approved abolishing the 6% foreign ownership cap, applying the limit under Article 63 of the Law on Credit Institutions instead.

What Happened

In a filing sent to the HoSE, HFIC said it would transfer its Eximbank investment via stock transactions on the exchange. The state-owned financial investor attributed the decision to frequent turnover in Eximbank’s senior leadership, which it said could create difficulties in managing the investment efficiently and in protecting its interests against the bank’s strategic shifts. Proceeds will be recycled into portfolio restructuring and other investments under HFIC’s plan.

The disclosure coincided with Eximbank’s third extraordinary shareholder meeting of 2026. Shareholders elected Tổng Giám đốc Phạm Thị Huyền Trang to the board for 2025-2030; she had been removed as an independent board member on 24 July 2026 and appointed CEO on 1 August 2026, replacing Trần Tấn Lộc. The meeting also approved amendments to the charter removing the 6% foreign ownership ceiling, with the limit to follow the Law on Credit Institutions. The bank separately published its list of shareholders above 1%, disclosing Viconship’s 1.01% position.

Market Context

EIB closed at VND 16,050 on 3 November 2026 on the HoSE, while VSC closed at VND 12,900. At that price, HFIC’s 8.5 million shares are worth roughly VND 136 billion, far above the VND 12.15 billion original cost, though the filing does not state an expected sale price. A 0.45% block is small relative to EIB’s free float and is unlikely to move the price on its own; the signal matters more than the size, coming as it does from a long-standing state-linked shareholder citing governance. Vietnamese bank stocks have been sensitive to leadership and ownership changes through 2026, and EIB has been among the most affected.

Strategic Significance

For long-term holders, the HFIC exit is a governance signal rather than a liquidity event. A shareholder of two decades selling out explicitly because of boardroom churn reinforces the perception that Eximbank’s strategy remains unsettled despite the 2026 management reshuffle. The removal of the 6% foreign ownership cap is the counterweight: it widens the potential investor base and could ease the path for a strategic foreign partner, which is the more consequential variable for EIB’s re-rating. Viconship’s 1.01% adds a logistics-sector holder to the register, but at that size it is a portfolio position, not control.

What to Watch

• HoSE disclosure of the actual sale, including volume, timing and average price.
• Whether other long-standing institutional shareholders follow HFIC out of EIB.
• Any SBV approval or guidance on the revised foreign ownership limit and its implementation in the charter.
• Board and management stability after the 2025-2030 board election, including any further changes.
• Viconship (VSC) filings on whether its EIB position is increased or treated as a strategic holding.