Ban Viet Discovery Fund to Sell Entire VCI Stake, Chairwoman Nguyen Thanh Phuong Holds 2.68%

Overview

Ban Viet Discovery Fund, an investment fund chaired by Vietcap chairwoman Nguyen Thanh Phuong, has registered to sell its entire stake of 135,000 shares in Vietcap Securities (VCI) during May 6 to June 1, 2026. The fund currently holds 2.68% of VCI’s capital. The sale is attributed to portfolio restructuring. Vietcap recently reported strong Q1/2026 earnings with net profit up 16% year-on-year.

Key Facts

• Ban Viet Discovery Fund registered to sell all 135,000 VCI shares, representing 2.68% of Vietcap’s capital.
• The transaction window runs from May 6 to June 1, 2026.
• The fund’s chairwoman, Nguyen Thanh Phuong, is also chairwoman of Vietcap and personally holds 30.8 million VCI shares (2.68% of capital).
• Vietcap’s Q1/2026 revenue reached VND 1,400 billion, up 65% year-on-year.
• Net profit after tax in Q1/2026 was VND 341 billion, a 16% increase from the same period last year.
• Total assets as of March 31, 2026 stood at VND 37,100 billion, up 3% from the start of the year.
• The fund’s sale would result in zero VCI holdings post-transaction.

What Happened

Ban Viet Discovery Fund, an investment fund chaired by Nguyen Thanh Phuong (who also chairs Vietcap), filed a registration to sell its entire 135,000 VCI shares. The sale is scheduled from May 6 to June 1, 2026, with the stated reason being portfolio restructuring. If completed, the fund will no longer hold any VCI shares.

Nguyen Thanh Phuong personally holds 30.8 million VCI shares, equivalent to 2.68% of Vietcap’s capital. The fund’s stake is separate from her personal holdings. The announcement comes alongside Vietcap’s Q1/2026 earnings release, which showed robust growth.

Market Context

VCI shares closed at VND 28,000 on April 15, 2026, down 0.72% with volume of 8.4 million shares. The stock trades on HOSE. Vietcap’s Q1 results showed strong revenue growth of 65% to VND 1,400 billion, driven by gains from FVTPL assets (up 42%), AFS assets (up 2.3x), brokerage income (up 2.3x), and lending income (up 61%). However, operating expenses doubled to VND 632 billion, partly due to losses on FVTPL assets and higher brokerage costs, while financial expenses rose nearly 90% to VND 346 billion. Net profit still grew 16% to VND 341 billion.

Strategic Significance

The planned sale by a fund chaired by Vietcap’s own chairwoman may raise questions about insider sentiment, though the stated reason is portfolio restructuring. The fund’s exit does not affect Phuong’s personal stake. Vietcap’s strong Q1 performance, particularly in brokerage and lending, suggests the company is benefiting from active market conditions. The sale’s impact on VCI’s share price will depend on market absorption, given the relatively small size (135,000 shares) compared to daily volume.

What to Watch

• Completion of the sale by June 1, 2026, and any price impact during the trading window.
• Any subsequent filings by Nguyen Thanh Phuong regarding her personal stake.
• Vietcap’s Q2/2026 earnings to assess sustainability of revenue growth.
• Changes in Vietcap’s AFS portfolio, which recently increased stakes in MCH, MWG, and MBB while reducing STB.
• Broader market trends in Vietnamese securities sector, as brokerage income is sensitive to trading volumes.