VinaCapital funds cut Gemadept (GMD) stake below 5%, exit major shareholder

Overview

VinaCapital-managed foreign funds have reduced their stake in Gemadept (GMD) below 5%, officially ceasing to be major shareholders. The sale of 500,000 shares on August 14, 2026, lowered the group’s holding to 4.89%. This development coincides with Gemadept’s strong first-half 2026 results, with pre-tax profit up 80% year-on-year.

Key Facts

• On August 14, 2026, VOF PE Holding 5 Limited sold 500,000 GMD shares.
• The VinaCapital-managed group’s stake fell from 5.0061% to 4.8906% of Gemadept’s capital.
• The group ceased to be a major shareholder as of August 18, 2026.
• In February 2026, the group had raised its stake above 5%, regaining major shareholder status.
• Gemadept’s H1 2026 revenue was approximately VND 3,214 billion.
• H1 2026 pre-tax profit reached VND 2,267 billion, up 80% year-on-year.
• Q2 2026 pre-tax profit was about VND 1,550 billion, up 129% year-on-year.
• On August 20, 2026, GMD shares traded around VND 77,000, down 2.04% from the reference price.

What Happened

According to a report filed with the State Securities Commission and HoSE, the group of foreign investors represented by VinaCapital Fund Management JSC reduced its ownership in Gemadept (GMD). On August 14, 2026, VOF PE Holding 5 Limited sold 500,000 GMD shares. Prior to the transaction, the group held over 21.67 million shares, equivalent to 5.0061% of Gemadept’s capital. After the sale, the group’s holdings decreased to over 21.17 million shares, or 4.8906%.

This reduction pushed the group’s stake below the 5% threshold, officially ending its status as a major shareholder from August 18, 2026. The VinaCapital-managed funds had previously fluctuated around this threshold, having raised their stake above 5% in February 2026. The major shareholder position was thus maintained for about six months before being reduced again.

Gemadept is one of the largest port and logistics enterprises on the stock exchange, operating a network of ports from North to South Vietnam, including major projects such as Nam Đình Vũ and Gemalink.

Market Context

GMD shares have been trading near recent highs. On August 20, 2026, the stock closed at VND 78,000, down 0.25% from the previous close, with volume of 1,357,500 shares. The stake reduction by VinaCapital comes amid strong operational performance, with H1 2026 pre-tax profit surging 80% year-on-year. The stock’s valuation reflects the company’s robust earnings growth and its strategic position in Vietnam’s port and logistics sector.

Strategic Significance

The exit of VinaCapital-managed funds from major shareholder status may signal a shift in foreign investor sentiment, but it does not necessarily reflect negatively on Gemadept’s fundamentals. The company’s strong profit growth, driven by its port operations and logistics network, continues to attract attention. For long-term investors, the key question is whether this stake reduction is a portfolio rebalancing move or a broader trend. Gemadept’s strategic investments, such as the Gemalink deep-water port, position it well for Vietnam’s growing trade volumes.

What to Watch

• Further stake changes by VinaCapital or other foreign funds in GMD.
• Gemadept’s Q3 2026 earnings report to confirm sustained profit growth.
• Developments in Vietnam’s port and logistics sector, including new infrastructure projects.
• Foreign ownership levels in GMD and any changes in the foreign ownership limit.
• Market reaction to the stake reduction in the coming weeks.