Vietcombank (VCB) Wins SBV Approval to Raise Charter Capital by VND 5,431 Billion

Overview

Vietcombank (HOSE: VCB) has received State Bank of Vietnam (SBV) approval to increase its charter capital by up to VND 5,431 billion through a private placement of up to 6.5% of outstanding shares, or roughly 543.1 million shares. The approval, disclosed by the bank, moves forward a placement first proposed in 2019 and would lift charter capital from VND 83,557 billion to about VND 88,988 billion. It matters for VCB because the capital base underpins the bank’s lending headroom and its standing as the sector’s profit leader.

Key Facts

• SBV approved a charter capital increase of up to VND 5,431 billion for Vietcombank.
• The placement covers up to 6.5% of outstanding shares, equivalent to about 543.1 million shares.
• Current charter capital is VND 83,557 billion; post-placement it would reach about VND 88,988 billion.
• The plan was approved by shareholders at AGMs on 26/4/2025 and 24/4/2026.
• The placement targets professional securities investors and must comply with foreign ownership limits and Decision 2054/QĐ-TTg dated 27/10/2026 on state capital restructuring for 2026-2030.
• Chairman Nguyễn Thanh Tùng said at the 2026 AGM that Mizuho will join this round, targeted for completion within 2026.
• A separate plan to issue more than 1 billion shares to raise roughly VND 10,700 billion was also approved at the 2026 AGM; management said the private placement takes priority.

What Happened

Vietcombank said it received an SBV document approving the charter capital increase under the private placement plan passed by its General Meeting of Shareholders on 26 April 2025 and 24 April 2026. The shares will be sold to professional securities investors, in line with Prime Minister Decision 2054/QĐ-TTg of 27 October 2026 approving the state capital restructuring plan for enterprises in 2026-2030, and in compliance with rules on shareholder and foreign investor ownership ratios at credit institutions.

The 6.5% sale has been on Vietcombank’s agenda since 2019 without completion. In January 2019 the bank privately placed more than 94.4 million shares (2.55% of capital) to Singapore sovereign fund GIC and more than 16.6 million shares (0.4%) to Mizuho Bank. Chairman Nguyễn Thanh Tùng told the 2026 AGM that Mizuho would take part in the new round, with completion targeted for 2026. The bank said it will prioritise the private placement before pursuing other capital-raising options.

Market Context

VCB closed at VND 54 on 3 November 2026, up 0.75% on volume of 7,224,600 shares, on the HOSE exchange. The stock trades as the sector’s largest listed lender by profitability, with nine-month 2026 pre-tax profit of VND 40,440 billion, up 22% year on year and still the highest in Vietnamese banking. Third-quarter net interest income rose 39% to VND 20,386 billion and total operating income gained 41% to VND 25,431 billion, but credit provisioning of VND 6,184 billion, nearly eight times the year-earlier level, held pre-tax profit flat at VND 11,218 billion. Total assets stood at VND 2.68 quadrillion at 30 September 2026, up 9.8% since the start of the year, with a non-performing loan ratio of 0.71% and coverage of 243%.

Strategic Significance

The placement addresses a structural constraint rather than a cyclical one: Vietnamese banks must grow charter capital to support credit expansion under SBV capital adequacy rules, and Vietcombank’s state ownership structure has slowed past raises. Bringing in Mizuho, an existing strategic shareholder since 2011, reinforces a long-standing foreign partnership while keeping ownership within regulatory limits. The reference to Decision 2054/QĐ-TTg ties the deal to the government’s 2026-2030 state capital restructuring roadmap, suggesting the equitisation and ownership framework for state-owned banks is being actively managed rather than frozen. For long-term holders, the key variable is pricing and dilution: a placement near book value would strengthen the capital base at modest cost to existing shareholders, while the larger one-billion-share plan remains a separate overhang.

What to Watch

• Final placement terms, including issue price, subscriber list and dilution, in a subsequent VCB disclosure.
• Confirmation of Mizuho’s participation and any change to its ownership stake.
• Foreign ownership room and any SBV or State Securities Commission filings on the sale.
• Timing of the separate one-billion-share issuance plan approved at the 2026 AGM.
• Fourth-quarter and full-year 2026 results, particularly provisioning levels after the VND 5,000 billion bond provision noted in recent coverage.