Viettel, Pham Nhat Vuong Raise Stakes in Vietnamese Banks

Overview

Major Vietnamese shareholders are increasing their stakes in domestic banks, with Viettel exercising rights in MBB, ROX Living purchasing MSB shares, and Pham Nhat Vuong acquiring a stake in LPB. These moves highlight the strategic value of banking licenses and the growing interest of conglomerates in the financial sector.

Key Facts

• Viettel registered to exercise all rights to buy 118,424,000 new MBB shares at VND 10,000 per share, totaling over VND 1,184 billion.
• Viettel currently holds over 1.184 billion MBB shares, equivalent to approximately 14.7% of MB’s charter capital.
• The rights exercise period is from August 25 to September 7, 2026, with a 10:1 ratio.
• ROX Living, related to MSB board member Ta Ngoc Da, registered to buy 100 million MSB shares but only purchased over 18 million, raising its stake to 1.58% of charter capital.
• Nguyen Thien Huong Jenny and related parties increased their ACB holdings to over 492 million shares, representing 9.59% of charter capital.
• Pham Nhat Vuong, Chairman of Vingroup, acquired over 146 million LPB shares, equivalent to 4.894% of charter capital, as of June 23, 2026.

What Happened

According to a report titled “Các đại gia ‘lấn sân’ ngân hàng” (Major players ‘enter’ banking), several large shareholders are boosting their stakes in Vietnamese banks. Viettel Group registered to fully exercise its rights to purchase over 118 million MBB shares in MB’s rights offering to existing shareholders, with an expected payment of over VND 1,184 billion. If completed, Viettel’s MBB holdings would rise to about 1.303 billion shares, maintaining its position as one of the bank’s largest shareholders.

At MSB, ROX Living, a company related to board member Ta Ngoc Da, registered to buy 100 million shares but only acquired over 18 million through matched orders, raising its stake to 1.58% of charter capital. Meanwhile, at ACB, Nguyen Thi Huong Jenny and related parties increased their combined holdings to over 492 million shares, equivalent to 9.59% of charter capital. LPB disclosed that Pham Nhat Vuong, Chairman of Vingroup, became a new shareholder with over 146 million shares, a 4.894% stake, for personal financial investment purposes.

Market Context

MBB shares closed at VND 21,000 on August 25, 2026, unchanged from the previous session, with a volume of 6.49 million shares on HOSE. MSB fell 1.57% to VND 16,000, while ACB slipped 0.44% to VND 22,000. LPB rose 1.22% to VND 50,000. These moves come amid a broader trend of conglomerates and wealthy individuals increasing their presence in the banking sector, reflecting confidence in the industry’s growth prospects.

Strategic Significance

For long-term investors, these stake increases signal that major shareholders view Vietnamese banks as strategic assets. Viettel’s full rights exercise in MBB reinforces its commitment to the bank, potentially stabilizing ownership and supporting capital raising. Pham Nhat Vuong’s personal investment in LPB, though not aimed at management, adds credibility and may attract further attention. ROX Living’s partial purchase suggests cautious but ongoing interest in MSB. These actions could influence governance dynamics and shareholder alignment, impacting minority investors.

What to Watch

• Completion of Viettel’s rights exercise and any subsequent changes in MBB’s shareholder structure.
• Further disclosures from ROX Living regarding additional MSB purchases or strategic intentions.
• LPB’s shareholder list updates to see if Pham Nhat Vuong or related parties increase their stake.
• Regulatory approvals or filings related to these stake changes.
• Q3 2026 earnings reports from MBB, MSB, ACB, and LPB to assess financial impact of capital increases.