VietinBank Capital Trims Petrosetco (PET) Stake to 14.31% After 7.25M Share Sale

Overview

VietinBank Capital sold 7.25 million shares of Petrosetco (ticker PET, HOSE) on September 24, 2026, reducing its holding in the petroleum services and consumer retail group from 19% to 14.31% of charter capital. The move reverses part of the fund manager’s accumulation earlier in 2026 and comes as Petrosetco reports sharply higher first-half profit. PET shares are the only listed instrument directly affected.

Key Facts

• VietinBank Capital sold 7.25 million PET shares on September 24, 2026.
• Ownership fell from 29.39 million shares (19%) to 22.14 million shares (14.31%).
• PET closed at approximately VND 45,000 on September 24, implying gross proceeds of more than VND 326 billion.
• The seller had added 2.69 million PET shares on July 29, 2026, lifting its stake from 17.26% to 19%.
• An earlier purchase of 5.9 million PET shares was completed on July 22, 2026.
• Petrosetco reported H1 2026 revenue of VND 13,080 billion, up 50% year-on-year, and net profit after tax of VND 196 billion, up 92%.
• The company’s 2026 plan targets revenue of VND 23,000 billion and net profit of VND 318.4 billion, down 9% versus 2025 actuals; H1 fulfilled 61.7% of the profit target.

What Happened

According to the ownership-change disclosure, VietinBank Capital, the fund management arm of VietinBank, reported the sale of 7.25 million PET shares executed on September 24, 2026. The transaction reduced its position from 29.39 million shares, equal to 19% of Petrosetco’s charter capital, to 22.14 million shares, or 14.31%. At the September 24 closing price of roughly VND 45,000 per share, the disposal was worth more than VND 326 billion on a gross basis.

The sale follows a period of accumulation. VietinBank Capital bought 5.9 million PET shares on July 22, 2026, and added a further 2.69 million shares on July 29, 2026, raising its stake from 17.26% to 19%. Separately, Petrosetco announced the appointment of Nguyen Quang Trung as Deputy General Director for a five-year term starting September 14, 2026. The disclosure does not state a reason for the share sale.

Market Context

PET trades on the Ho Chi Minh City Stock Exchange (HOSE) in the retail and consumer staples segment, with petroleum services operations alongside its consumer businesses. The stock closed at VND 48,000 on September 25, 2026, one session after the reported sale, above the roughly VND 45,000 level cited for the transaction date. The sale represents a meaningful free-float increase for a mid-cap name, and the disclosure follows a July buying pattern that had briefly pushed the institutional holder close to the 20% threshold.

Strategic Significance

The reduction by a bank-affiliated fund manager matters less for Petrosetco’s operating story than for its shareholder register. H1 2026 revenue growth of 50% and net profit growth of 92% show the core distribution and retail businesses scaling, yet management’s full-year profit plan of VND 318.4 billion is 9% below 2025 actuals, implying an expected second-half slowdown. The gap between strong reported momentum and a conservative plan is the central tension for long-term holders, and the exit of a large institutional holder removes a stabilising block from the register while testing whether domestic retail and other institutions absorb the supply.

What to Watch

• Further ownership-change filings from VietinBank Capital to confirm whether the reduction continues below 14.31%.
• Petrosetco’s Q3 2026 earnings release, which will show whether H1 momentum carries into the second half.
• Progress against the VND 318.4 billion full-year net profit plan, given 61.7% completion at the half-year mark.
• Trading volume and foreign-ownership data on HOSE to gauge who absorbs the 7.25 million shares sold.
• Any board or management commentary on capital allocation following the Deputy General Director appointment effective September 14, 2026.