VietinBank Capital Raises HAH Stake to 17.2% as GELEX Exits Hai An Port Handling

Overview

VietinBank Capital bought 15 million HAH shares on September 23, 2026, lifting its stake in Vận tải và Xếp dỡ Hải An (HOSE: HAH) to 17.2%, while GELEX sold its entire 5.16% holding the same day. The simultaneous block trade reshapes the shareholder register of Vietnam’s listed port-handling and container-shipping company, concentrating more of HAH in the hands of a domestic financial institution.

Key Facts

• VietinBank Capital purchased 15 million HAH shares on September 23, 2026, raising its holding to 33 million shares, or 17.2% of capital.
• GELEX (HOSE: GEX) sold all of its more than 9.7 million HAH shares, equivalent to 5.16%, on the same date, exiting the register entirely.
• HAH closed at VND 48,950 per share on September 23, 2026, with more than 16.6 million shares traded.
• Put-through transactions accounted for over 15.3 million shares, valued at nearly VND 722 billion.
• VietinBank Capital first became a major shareholder after buying 10.36 million HAH shares on July 30, lifting its stake from 4.05% to 9.56%.
• GELEX had only become a major HAH shareholder about one month earlier, after adding more than 413,600 shares to reach over 9.7 million shares.
• In late August 2026, HAH approved the purchase of the 2,702-TEU secondhand container vessel Buxmelody for more than VND 755 billion (about USD 28 million) and a VND 121 billion capital contribution to Hải An Green Shipping Lines.

What Happened

According to shareholder disclosure reports, Công ty TNHH MTV Quản lý Quỹ Ngân hàng TMCP Công thương Việt Nam (VietinBank Capital) bought 15 million HAH shares on September 23, 2026, citing an increase in ownership as the reason for the transaction. The purchase lifted VietinBank Capital’s position to 33 million shares, equal to 17.2% of Hải An’s capital. This followed an earlier purchase of 10.36 million shares on July 30 that had already made the fund manager a major shareholder, raising its stake from 4.05% to 9.56%.

On the other side of the trade, CTCP Tập đoàn GELEX (HOSE: GEX) reported that it ceased to be a major shareholder in Hải An after selling its entire holding of more than 9.7 million shares, or 5.16% of capital, on September 23, 2026. GELEX had crossed the major-shareholder threshold only about a month earlier, after adding more than 413,600 shares. The exit leaves GELEX with no HAH shares. The article does not disclose the identity of the counterparty to GELEX’s sale, though the timing and size of the put-through volume coincide with VietinBank Capital’s reported purchase.

Market Context

HAH trades on the Ho Chi Minh City Stock Exchange (HOSE) and closed at VND 48,950 on September 23, 2026, the day of the block trade, before ending at VND 51,700 on September 25, 2026. The September 23 session saw more than 16.6 million shares change hands, with put-through deals of over 15.3 million shares worth nearly VND 722 billion, indicating that the shareholder restructuring was executed largely off the order book. GELEX (HOSE: GEX) closed at VND 24,000 on September 25, 2026. The transaction comes as Vietnamese logistics and port operators remain in focus on the back of container throughput growth and fleet-renewal spending across the sector.

Strategic Significance

For long-term investors, the shift in HAH’s register from a diversified industrial conglomerate to a bank-affiliated fund manager changes the shareholder base without altering the operating story. VietinBank Capital’s accumulation from 4.05% to 17.2% in under two months signals a committed domestic institutional anchor, which can reduce free-float volatility and support longer holding periods. GELEX’s rapid entry and exit, by contrast, suggests a short-duration financial position rather than a strategic industrial partnership. The capital allocation to the 2,702-TEU Buxmelody vessel and the VND 121 billion injection into Hải An Green Shipping Lines, which would give HAH 40% of that unit, points to continued fleet expansion funded partly by equity contributions. The key question is whether the new anchor shareholder supports that capex program or pushes for capital discipline.

What to Watch

• HAH’s next shareholder disclosure filings confirming VietinBank Capital’s ownership percentage and any further on-market purchases.
• Q3 2026 earnings release for HAH, including container volume and charter-rate commentary.
• Completion status of the Buxmelody vessel purchase and the VND 121 billion capital contribution to Hải An Green Shipping Lines, targeted for 2026.
• Any change in HAH’s free float or foreign-ownership room following the block trade.
• GELEX disclosures on how proceeds from the HAH exit are redeployed within its portfolio.