MSB stock nears all-time high as ROX Living, Dragon Capital boost stakes

Overview

MSB (Maritime Bank) shares have surged over 30% since early April, approaching the all-time high of VND 15,620 set in September 2025. The rally is supported by a series of ownership changes, including a planned stake increase by ROX Living to 4.2%, the emergence of Dragon Capital’s VEIL fund, and strong Q1 2026 earnings with net interest income up 27.7% year-on-year.

Key Facts

• ROX Living registered to buy 100 million MSB shares from May 29 to June 8, 2026, at an estimated value of VND 1,000 billion.
• If completed, ROX Living’s stake will rise from ~31.2 million shares to 131.2 million shares, representing about 4.2% of MSB’s charter capital.
• ROX Living had previously registered to sell its entire 31.2 million MSB shares in April but did not execute due to unfavorable market conditions.
• Vietnam Enterprise Investments Limited (VEIL), a member fund of Dragon Capital, now holds 33.2 million MSB shares, equivalent to 1.06% of charter capital.
• VMSC completed the sale of nearly 2.9 million MSB shares on May 26, 2026.
• VNPT, holding 6.05% of MSB, has a plan to divest its stake.
• MSB’s Q1 2026 net interest income reached VND 3,197.5 billion, up 27.7% year-on-year.

What Happened

According to a filing with the Ho Chi Minh City Stock Exchange (HOSE), ROX Living, a real estate developer under ROX Group (formerly TNG Holdings Vietnam), registered to purchase 100 million MSB shares. The transaction, valued at an estimated VND 1,000 billion, is scheduled from May 29 to June 8, 2026, via order matching and negotiated methods. Notably, ROX Living had previously attempted to sell its entire 31.2 million MSB shares in April but aborted the plan due to market conditions. The company’s chairman, Ta Ngoc Da, is also a member of MSB’s board of directors and vice chairman of ROX Living.

Separately, MSB’s shareholder list updated on May 25, 2026, revealed that Vietnam Enterprise Investments Limited (VEIL), a fund under Dragon Capital, now holds 33.2 million shares (1.06%). On May 28, Truong Long Trading and Investment Co., Ltd. appeared as a new shareholder with 149.8 million shares (4.8%), registered at the ROX Tower address. Meanwhile, some existing shareholders reduced their stakes: Hanoi Green Technology City Co., Ltd. cut its holding from 4.97% to 3.91%, and Sapphire Invest JSC reduced from 4.43% to 3.17%.

Market Context

MSB shares closed at VND 15,100 on May 28, 2026, up 0.67% with a volume of 28.8 million shares, approaching the all-time high of VND 15,620 from September 2025. The stock has gained over 30% since early April, outperforming most banking peers on HOSE. The ownership changes and strong Q1 earnings have driven investor interest, though the stock remains below its historical peak.

Strategic Significance

The influx of new institutional shareholders, including Dragon Capital’s VEIL and ROX Living, signals growing confidence in MSB’s turnaround and earnings momentum. The 27.7% rise in net interest income in Q1 2026 suggests improving core profitability, likely supported by higher lending margins or loan growth. However, the ongoing divestment by state-owned entities like VMSC and VNPT indicates a shift in ownership structure toward private and foreign investors. The involvement of ROX Living, which has board representation, may also align the bank’s strategy with the real estate ecosystem of ROX Group.

What to Watch

• Completion of ROX Living’s share purchase by June 8, 2026, and any subsequent filings.
• VNPT’s divestment plan execution and timeline.
• MSB’s Q2 2026 earnings report for sustained net interest income growth.
• Further foreign ownership changes, especially any additional Dragon Capital purchases.
• MSB’s stock price movement relative to the all-time high of VND 15,620.