VMSC Registers to Sell Remaining 0.03% Stake in MSB After Failed Divestments

Overview

VMSC, the state-owned Vietnam Maritime Safety Corporation, has registered to sell its entire remaining 984,246 shares in MSB (Maritime Bank), representing a 0.03% stake, after several prior divestment attempts failed due to poor market conditions. The sale is scheduled from May 19 to May 22, 2026, via HoSE matching. Separately, MSB has issued two bond tranches totaling VND 3,000 billion in 2026.

Key Facts

• VMSC registered to sell 984,246 MSB shares (0.03% stake) from May 19 to May 22, 2026.
• The sale follows a previous partial divestment (April 14 to May 13, 2026) where VMSC sold ~1.5 million shares out of ~2.5 million registered, citing unfavorable market conditions.
• An earlier attempt from March 5 to April 3, 2026, to sell ~2.5 million shares also failed.
• The divestment is mandated by Ministry of Transport Decision No. 132/QD-BGTVT (Feb 6, 2024) on restructuring VMSC.
• If successful, VMSC will hold zero MSB shares.
• On May 12, 2026, MSB issued VND 1,000 billion in bonds (code MSB12602, 3-year maturity, due May 12, 2029).
• On April 22, 2026, MSB issued VND 2,000 billion in bonds (code MSB12601, 3-year maturity, due April 22, 2029).
• MSB closed at VND 13,900 on May 15, 2026, up 0.36% with volume of 15.7 million shares.

What Happened

VMSC, the Vietnam Maritime Safety Corporation, has filed a notice to sell its remaining 984,246 MSB shares, equivalent to a 0.03% stake, via HoSE matching from May 19 to May 22, 2026. This is the latest in a series of divestment attempts by the state-owned entity, which has been unable to fully exit its MSB holding due to unfavorable market conditions. In the most recent attempt (April 14 to May 13, 2026), VMSC sold only ~1.5 million of the ~2.5 million shares registered. An earlier attempt in March-April 2026 also failed to sell any shares.

The divestment is part of a broader restructuring plan approved by the Ministry of Transport (now Ministry of Construction) under Decision No. 132/QD-BGTVT dated February 6, 2024. If the current sale is completed, VMSC will no longer hold any MSB shares.

Separately, MSB has been active in the bond market. On May 12, 2026, it issued VND 1,000 billion in 3-year bonds (MSB12602), following a VND 2,000 billion issuance on April 22, 2026 (MSB12601). Details on bondholders, use of proceeds, and collateral were not disclosed.

Market Context

MSB shares closed at VND 13,900 on May 15, 2026, up 0.36% with volume of 15.7 million shares. The stock trades on HoSE. The repeated failed divestments by VMSC suggest limited liquidity for large blocks of MSB shares, though the current stake is small (0.03%). The successful bond issuances indicate MSB’s ability to raise long-term funding, which may support its capital adequacy and lending capacity.

Strategic Significance

The VMSC divestment reflects the ongoing state capital retreat from non-core investments, a theme across Vietnamese state-owned enterprises. For MSB, the exit of a small state shareholder has minimal direct impact on governance or operations. However, the bond issuances signal MSB’s proactive approach to funding growth, likely ahead of expected credit expansion. The lack of disclosure on bond terms leaves uncertainty about cost and risk, but the successful placement suggests investor confidence in MSB’s credit profile.

What to Watch

• Completion of VMSC’s share sale by May 22, 2026, and any subsequent filings on ownership changes.
• MSB’s Q2 2026 earnings report for loan growth, NIM, and asset quality trends.
• Further bond issuances by MSB in 2026, including terms and investor base.
• Regulatory updates on state divestment policies and their impact on other bank stocks.
• MSB’s stock price and volume reaction to the divestment and bond news.