Vietcombank buys remaining 48% of Vietcombank Tower for VND 3.2 trillion

Overview

Vietcombank (HOSE: VCB) has acquired the remaining 48% equity of the company that owns Vietcombank Tower in Ho Chi Minh City, becoming the sole owner of the 35-storey, four-frontage A+ office building. The total transaction value is estimated at around VND 3,206 billion, based on regulatory filings and interim financial statements. The acquisition consolidates Vietcombank’s control over a prime real estate asset in the city’s central business district.

Key Facts

• Vietcombank acquired 48% of Vietcombank-Bonday-Benthanh in 2026, raising its ownership from 52% to 100%.
• The company owns and operates Vietcombank Tower at 5 Công trường Mê Linh, Bến Bạch Đằng area, Ho Chi Minh City.
• In February 2026, Vietcombank bought 18% from Setra Corp for VND 1,202 billion, based on the increase in investment cost from VND 410 billion to VND 1,612 billion in Q1 2026.
• In early June 2026, Bonday Investments transferred its 30% stake, valued at an estimated VND 2,004 billion using the same valuation basis.
• Total estimated cost for the 48% stake: VND 3,206 billion, implying a 100% valuation of VND 6,679 billion for the company.
• The company was converted to a single-member LLC on June 3, 2026, with Vietcombank as the sole owner.
• The 18% stake from Setra was previously seized in connection with the Vạn Thịnh Phát case.

What Happened

According to the 7th business registration change dated June 3, 2026, Công ty Vietcombank-Bonday-Benthanh was converted into a single-member limited liability company, with Vietcombank as the sole owner. The company, which has charter capital of over VND 789 billion, manages and operates Vietcombank Tower. The legal representative is Ms. Phùng Nguyễn Hải Yến, Deputy General Director of Vietcombank.

Previously, the company was a joint venture among Vietcombank (52%), Bonday Investments of Hong Kong (30%), and Setra Corp (18%). Despite holding a majority stake, Vietcombank did not have control because key operational and financial decisions required consensus among the partners. In February 2026, Vietcombank acquired an additional 18% from Setra, raising its stake to 70%. This stake had been seized during the handling of the Vạn Thịnh Phát case. In early June, Bonday transferred its 30% stake and exited the joint venture.

Market Context

Vietcombank’s shares closed at VND 60,000 on August 5, 2026, unchanged from the previous session, with a trading volume of 1.3 million shares on HOSE. The bank’s move to fully own its headquarters tower aligns with a trend among Vietnamese banks to consolidate ownership of key operational assets. The transaction also reflects the ongoing resolution of assets tied to the Vạn Thịnh Phát case, which has been a significant overhang for the real estate and banking sectors.

Strategic Significance

For long-term investors, this acquisition gives Vietcombank full control over a prime, A+ office building in Ho Chi Minh City’s central business district, enhancing its asset base and reducing reliance on external partners. The deal also demonstrates Vietcombank’s ability to execute strategic real estate transactions, potentially providing stable rental income and capital appreciation. The purchase price implies a valuation of about VND 6.7 trillion for the property, which may serve as a benchmark for similar assets in the market.

What to Watch

• Vietcombank’s Q3 2026 financial statements for any further details on the transaction’s impact on earnings and asset quality.
• The official valuation report for the 30% stake acquired from Bonday, to confirm the estimated price.
• Any future plans for the tower, such as redevelopment or leasing strategy changes.
• Regulatory approvals or disclosures related to the Vạn Thịnh Phát case that might affect the asset’s status.
• Market reaction in VCB’s share price and trading volume following the full consolidation.