PET Stock Jumps 50% in a Week as VietinBank Capital Cuts Stake to 14.31%

Overview

Petrosetco (PET), the HOSE-listed petroleum services and retail group, rose 46% in roughly one week to a record VND 56,900 per share after VietinBank Capital cut its stake from 19% to 14.31% through a 7.25 million share block trade worth about VND 340.75 billion. The sale, disclosed by the fund manager, is the second major ownership shift at Petrosetco in under a year, following the state investor’s full exit in late 2025.

Key Facts

• VietinBank Capital reduced its PET holding from 29.3975 million shares (19% of charter capital) to 22.1475 million shares (14.31%).
• The change of ownership ratio was executed on 24/9/2026 and covers 7.25 million shares, equal to about 4.69% of Petrosetco’s capital.
• A matching 7.25 million share block trade was recorded on 24/9 at an average price of VND 47,000, for total consideration of roughly VND 340.75 billion.
• PET closed the 30/9 session up more than 5% at close to VND 56,900, its highest price since listing, on volume above 1 million shares.
• The stock is up 46% over the past week and more than 100% year-to-date; market capitalization has passed VND 8,800 billion.
• VietinBank Capital did not disclose the transaction method or the counterparty that received the shares.
• Petrosetco has completed the issuance of nearly 48.02 million shares for dividends and capital increase from equity, and plans to offer more than 106.7 million shares to existing shareholders.

What Happened

VietinBank Capital, the fund management arm of VietinBank, sold 7.25 million PET shares on 24/9/2026, lowering its ownership from 19% to 14.31% of charter capital. The fund manager stated the purpose was to reduce its ownership ratio but did not disclose the transaction method or the receiving party. On the same session, the market recorded a block trade of exactly 7.25 million PET shares at an average price of VND 47,000, worth approximately VND 340.75 billion, matching the size of the stake reduction.

The move follows a larger shareholder restructuring. At the end of 2025, Vietnam National Industry and Energy Group completed the sale of nearly 24.9 million PET shares, equivalent to 23.21% of charter capital, ending state ownership in the company. Investment institutions have since entered and increased their positions. Petrosetco also changed its management: on 14/9, the board appointed Nguyen Quang Trung as Deputy General Director for a five-year term from 2026 to 2031; he previously served as a board member and director of Petroleum Sea Trading and Services JSC and held no PET shares at the time of the announcement.

Market Context

PET trades on HOSE and closed at VND 56,900 on 30/9/2026, a record high, after gaining 46% in about a week and more than 100% since the start of the year. The rally has pushed market capitalization past VND 8,800 billion, with daily volume above 1 million shares. The block trade cleared at VND 47,000, roughly 17% below the 30/9 close, indicating the seller accepted a discount to place the stake. The advance comes as the petroleum services and retail sector benefits from a reshaped ownership base after the state investor’s exit, and as Petrosetco pursues a capital increase.

Strategic Significance

The core question for long-term investors is who absorbed the 7.25 million shares and at what cost. A block trade at VND 47,000, well below the market price, suggests a single buyer or a small group acquired a meaningful position at a discount, which could signal further consolidation of PET’s shareholder base. VietinBank Capital remains a major shareholder at 14.31%, so its exit is partial rather than complete. The planned offering of more than 106.7 million shares to existing shareholders, on top of the completed 48.02 million share issuance, would substantially enlarge the share count and dilute current holders unless the proceeds fund earnings-accretive expansion in petroleum services and retail.

What to Watch

• Disclosure of the counterparty or counterparties that bought the 7.25 million PET shares on 24/9.
• Terms and timing of the planned offering of more than 106.7 million shares to existing shareholders, including the issue price.
• Further filings by VietinBank Capital on whether it continues to reduce its remaining 14.31% stake.
• Q3 2026 earnings release for Petrosetco, given the stock’s year-to-date gain of more than 100%.
• Any additional board or management appointments following the 14/9 Deputy General Director appointment.