Vietcombank (VCB) Plans Private Placement of 6.5% Shares, Stock Dividend to Boost Capital

Overview

Vietcombank (VCB) is advancing a long-awaited capital increase plan involving a private placement of up to 6.5% of outstanding shares and a stock dividend issuance from reserves. The combined moves aim to raise charter capital to nearly 99.7 trillion VND, supporting Basel III compliance and credit expansion. The bank also reported 2025 pre-tax profit of 44,020 billion VND, up 4% year-on-year.

Key Facts

• Vietcombank plans a private placement of up to 543.1 million shares (6.5% of outstanding) to no more than 55 investors, including strategic and professional investors, at a total value of up to 5,431 billion VND.
• The bank also plans to issue up to 1.07 billion shares from capital reserve funds to existing shareholders, valued at nearly 10,687 billion VND.
• Combined, the two plans would increase charter capital from ~83,557 billion VND to ~99,675 billion VND.
• The private placement was initially approved at the 2025 AGM but delayed due to unfavorable market conditions (COVID-19, geopolitical tensions). Chairman Nguyen Thanh Tung stated negotiations are ongoing, targeting completion in 2026.
• 2025 pre-tax profit reached 44,020 billion VND (+4% YoY); net profit after tax was 35,198 billion VND (+4%).
• Net interest income in 2025 was 58,406 billion VND (+6%), non-interest income 13,683 billion VND (+4%).
• Total assets as of Dec 31, 2025 exceeded 2.4 quadrillion VND (+17% YTD); customer loans reached nearly 1.7 quadrillion VND (+15%).
• 2026 targets: pre-tax profit growth of ~5%, credit growth of ~10% (within SBV limit of 13%), NPL ratio below 1.5%.

What Happened

At Vietcombank’s 2026 Annual General Meeting, Chairman Nguyen Thanh Tung presented two capital increase plans to shareholders. The first is a private placement of up to 6.5% of outstanding shares (543.1 million shares) to strategic and professional investors, with a maximum offering value of 5,431 billion VND. This plan was originally approved at the 2025 AGM but delayed due to market disruptions from COVID-19 and global geopolitical conflicts. Tung noted that the bank is in active negotiations with potential investors and aims to complete the placement in 2026.

The second plan involves issuing up to 1.07 billion shares from the bank’s capital reserve funds to existing shareholders, valued at nearly 10,687 billion VND. The stock dividend is expected to be implemented in 2026, possibly extending into 2027. Both plans were approved by the AGM.

Vietcombank also reported 2025 financial results: pre-tax profit of 44,020 billion VND (+4% YoY), net profit of 35,198 billion VND (+4%), and total assets of over 2.4 quadrillion VND (+17%). The bank’s 2026 business plan targets pre-tax profit growth of approximately 5%, credit growth of 10% (within the SBV-assigned limit of 13%), and an NPL ratio below 1.5%.

Market Context

VCB shares closed at 60,000 VND on April 15, 2026, up 1.01% with volume of 8.5 million shares on HOSE. The stock has been supported by the bank’s strong fundamentals and market-leading position. The capital increase plans, if executed, would dilute existing shareholders but strengthen the bank’s capital base, potentially improving its CAR and enabling faster credit growth. The banking sector overall is facing pressure to raise capital to meet Basel III standards and support economic growth.

Strategic Significance

The capital raise is critical for Vietcombank to maintain its CAR above the 8% minimum and progress toward Basel III compliance, which would allow it to expand lending and other businesses. The private placement could bring in a strategic foreign partner, enhancing governance and international reach. The stock dividend rewards existing shareholders while retaining capital. Successful execution would solidify VCB’s position as Vietnam’s largest bank by market capitalization and a key player in the region.

What to Watch

• Completion of the private placement in 2026, including the identity of the strategic investor(s) and the final pricing.
• Regulatory approval from the State Bank of Vietnam for both capital increase plans.
• Q1 2026 earnings release to confirm management’s statement that profit exceeded targets.
• Progress on Basel III implementation and CAR ratio disclosures.
• Any changes in the SBV’s credit growth limits for 2026 that could affect VCB’s lending capacity.