VietinBank Auctions 2.2M PHP Shares at VND 40,048, Raising VND 89.3B

Overview

VietinBank successfully auctioned more than 2.2 million shares of Cảng Hải Phòng (ticker PHP, UPCOM) at an average price of VND 40,048 per share, raising over VND 89.3 billion. The sale, announced by the Hà Nội Stock Exchange (HNX), represents 2.12% of Hai Phong Port’s charter capital but only 32.1% of the 6.9 million shares VietinBank had put up for auction. The partial clearance leaves a residual overhang in a logistics infrastructure name that has just reported a doubling of first-half profit.

Key Facts

• VietinBank offered 6.9 million PHP shares, equal to 2.12% of Hai Phong Port’s charter capital, at a starting price of VND 40,048 per share.
• 15 investors submitted valid bids for more than 2.2 million shares, with the highest bid at VND 40,100 and the lowest at VND 40,048.
• The auction cleared 2.2 million shares, or 32.1% of the offered volume, at an average price of VND 40,048.
• Gross proceeds to VietinBank totaled more than VND 89.3 billion, implying a deal size of roughly USD 3.57 million.
• Hai Phong Port reported H1 2026 net revenue of nearly VND 1,694.6 billion, up 37.1% year on year, and net profit of nearly VND 836.6 billion, up 101.1%.
• Total assets reached more than VND 10,239.2 billion as of June 30, 2026, of which investment property accounted for 30.4%, or nearly VND 3,112.9 billion.
• PHP closed at VND 43,800 on September 18, 2026, above the auction clearing price.

What Happened

The Hà Nội Stock Exchange issued a written notice on the auction results for shares of Công ty Cổ phần Cảng Hải Phòng held by Ngân hàng TMCP Công thương Việt Nam (VietinBank). The offering comprised more than 6.9 million shares, equivalent to 2.12% of the port operator’s charter capital, with a floor price of VND 40,048 per share. Fifteen investors participated, submitting valid purchase orders for more than 2.2 million shares.

At the close of the auction, VietinBank sold 2.2 million shares, or 32.1% of the total offered. The average successful price was VND 40,048 per share, the floor price, generating more than VND 89.3 billion for the bank. The source article does not disclose the identity of the winning bidders, the settlement date, or VietinBank’s remaining holding in Hai Phong Port after the sale. Hai Phong Port was equitized from Công ty TNHH MTV Cảng Hải Phòng on July 1, 2014, and is headquartered at 8A Trần Phú, Ngô Quyền Ward, Hải Phòng City.

Market Context

PHP trades on the UPCOM exchange, Vietnam’s unlisted public company market, which typically carries thinner liquidity and wider bid-ask spreads than HOSE or HNX names. The stock closed at VND 43,800 on September 18, 2026, roughly 9.4% above the VND 40,048 auction clearing price, suggesting bidders secured a discount to the prevailing market quote. The auction result points to soft demand at the floor price: only about one-third of the offered block found buyers, and the winning bids clustered at or barely above the minimum. The broader logistics and port infrastructure sector has benefited from Vietnam’s export recovery, reflected in Hai Phong Port’s 37.1% revenue growth and 101.1% profit growth in the first half of 2026.

Strategic Significance

The auction is best read as a partial divestment by a bank reducing a non-core equity stake rather than as a signal on Hai Phong Port’s operating outlook. VietinBank cleared only 32.1% of the offered block, leaving approximately 4.7 million shares, or about 1.44% of charter capital, unsold. That residual is a potential supply overhang: a future auction, block trade, or gradual market sale could pressure the UPCOM quote, particularly given the thin liquidity. For long-term investors, the more relevant datapoint is the underlying earnings trajectory. Net profit more than doubled in H1 2026, and investment property at nearly VND 3,112.9 billion, or 30.4% of total assets, represents a substantial real-estate component alongside the core cargo-handling business. Financial leverage is moderate, with borrowings and finance leases of VND 1,706.9 billion accounting for 54.8% of total liabilities.

What to Watch

• Any HNX or VietinBank disclosure on the disposition of the remaining unsold PHP shares.
• The identity of the winning bidders and whether any strategic or foreign investor emerged.
• Hai Phong Port’s Q3 2026 earnings release for confirmation that the H1 revenue and profit momentum is sustained.
• Cargo throughput and container volume data for Hải Phòng port cluster, a direct driver of PHP’s core business.
• Further stake sales by VietinBank or other institutional shareholders in PHP, which would test demand at current price levels.