Vietcombank acquires full ownership of VBB, Vietcombank Tower in HCMC

Overview

Vietcombank (VCB) has completed the acquisition of the remaining 48% equity in VBB, the company that owns and operates the Vietcombank Tower at Bach Dang Wharf in Ho Chi Minh City, raising its ownership to 100%. The deal is estimated at around VND 3.2 trillion (approximately USD 128 million), based on the price paid for an earlier 18% stake. This move gives the state-owned lender full control over one of HCMC’s prime office assets.

Key Facts

• Vietcombank now owns 100% of VBB, up from 52% at the start of 2025.
• The acquisition was completed in two tranches during H1 2025: 18% in Q1 and 30% in Q2.
• The 18% stake was purchased for about VND 1.2 trillion, implying a valuation of roughly VND 6.67 trillion for VBB.
• The 30% stake was acquired from Bonday Investments (Hong Kong); the price was not disclosed, but based on the earlier transaction, it may have cost around VND 2 trillion.
• The 18% stake was previously seized during the Van Thinh Phat case; it was held by Setra Corp on behalf of Truong My Lan.
• Vietcombank Tower is a Grade A+ office building with four frontages and views of Thu Thiem, located at Bach Dang Wharf.
• VCB shares closed at VND 59,300 on August 5, 2026.

What Happened

Vietcombank has consolidated its ownership of VBB, the entity that owns and operates Vietcombank Tower, a landmark office building in Ho Chi Minh City. According to the bank’s consolidated financial statements, its stake in VBB rose from 52% at the beginning of the year to 70% by the end of Q1 2025, following the purchase of an 18% stake. The remaining 30% was acquired from Bonday Investments in Q2, bringing total ownership to 100%.

The 18% stake was previously subject to seizure in connection with the Van Thinh Phat fraud case. Court testimony from Truong My Lan indicated that she had contributed this capital to VBB in 2011, with Setra Corp holding it on paper. The acquisition of this stake was part of the legal resolution process.

The total deal value has not been officially disclosed, but based on the VND 1.2 trillion paid for the 18% stake, the 30% acquisition could have cost around VND 2 trillion, putting the full transaction at roughly VND 3.2 trillion (USD 128 million).

Market Context

Vietcombank (HOSE: VCB) is one of Vietnam’s largest listed banks by market capitalization. The acquisition of VBB is a strategic real estate move, giving the bank full ownership of a prime office tower in HCMC’s central business district. The deal comes amid a broader trend of banks optimizing their asset portfolios and increasing operational control over key properties. VCB’s stock has been relatively stable, closing at VND 59,300 on August 5, 2026, reflecting investor confidence in the bank’s fundamentals.

Strategic Significance

Full ownership of VBB allows Vietcombank to streamline decision-making and potentially unlock value from the Vietcombank Tower, which is a Grade A+ office asset in a prime location. Previously, as a joint venture, major financial and operational decisions required consensus among partners, limiting flexibility. Now, Vietcombank can integrate the property into its broader asset management strategy, potentially improving rental income and operational efficiency. This move also aligns with the bank’s efforts to strengthen its non-lending income and optimize its balance sheet.

What to Watch

• Official disclosure of the transaction value for the 30% stake, which has not yet been published.
• Any plans for the Vietcombank Tower, such as redevelopment, leasing strategy, or potential sale-leaseback arrangements.
• Impact on VCB’s capital adequacy and asset quality in upcoming quarterly reports.
• Regulatory approvals or disclosures related to the acquisition, if any.
• Market reaction to the deal, including any changes in VCB’s share price or analyst ratings.