Vietcap (VCI) Stake Sold by Phê La, Katinat Owner; Insider Divests 1.47%
This Aveluro analysis covers VCI (Chứng khoán Vietcap) in the Financial Services sector. The classified event type is stake change, with neutral sentiment and a deterministic market-impact score of 4.0/10. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Overview
Truong Nguyen Thien Kim, the owner of popular F&B chains Phê La and Katinat, has sold her entire stake in Vietcap Securities (VCI) on HOSE. The block trades, executed between April 15 and May 4, 2026, involved 16.91 million shares, representing 1.47% of VCI’s outstanding capital. Separately, Ban Viet Discovery Fund registered to sell its remaining 135,000 VCI shares for portfolio restructuring. The insider divestment comes as Vietcap reported strong Q1/2026 results with revenue up 65% year-on-year.
Key Facts
- Truong Nguyen Thien Kim sold all 16.91 million VCI shares (1.47% stake) via block trades from April 15 to May 4, 2026.
- She is the wife of To Hai, a Vietcap board member who holds 174.33 million shares (15.19% of VCI).
- Kim is a major shareholder in Katinat (84.21% stake) and Phê La (51% stake), and serves as CEO of D1 Concepts.
- Ban Viet Discovery Fund registered to sell its entire 135,000 VCI shares between May 6 and June 1, 2026, citing portfolio restructuring.
- Vietcap’s Q1/2026 operating revenue reached over VND 1.4 trillion, up 65% year-on-year.
- Brokerage revenue surged 2.3 times to nearly VND 340 billion, while lending income rose 61% to nearly VND 415 billion.
- Operating costs doubled to VND 632 billion, driven by losses on FVTPL assets and higher brokerage expenses.
What Happened
Truong Nguyen Thien Kim, a well-known entrepreneur in Vietnam’s F&B sector, has exited her position in Vietcap Securities. According to a filing, she sold all 16.91 million VCI shares through block trades over a three-week period ending May 4, 2026. The transaction reduces her ownership to zero, while her husband To Hai remains a substantial shareholder with 15.19% of VCI.
Separately, Ban Viet Discovery Fund, chaired by Vietcap’s board chair Nguyen Thanh Phuong, registered to sell its entire 135,000 VCI shares. The fund cited portfolio restructuring as the reason. Phuong personally holds 30.8 million VCI shares (2.68% stake).
Market Context
VCI shares closed at VND 28 on April 15, 2026, down 0.72% with volume of 8.4 million shares. The stock has been under pressure amid broader market volatility and sector rotation. Vietcap, listed on HOSE, is one of Vietnam’s leading securities firms, competing with SSI, HCM, and VND. The insider sale and fund exit may weigh on sentiment, though the company’s Q1 earnings showed robust growth.
Strategic Significance
The divestment by a high-profile insider unrelated to Vietcap’s core business reduces potential overhang concerns, but also signals a lack of alignment between the F&B entrepreneur and the securities firm. The simultaneous exit by Ban Viet Discovery Fund, linked to the chairwoman, may indicate portfolio rebalancing rather than a negative view on VCI. Vietcap’s strong Q1 performance, driven by brokerage and lending income, suggests the company is benefiting from active retail trading and margin lending demand.
What to Watch
- Completion of Ban Viet Discovery Fund’s sale by June 1, 2026, and any subsequent filings.
- Q2/2026 earnings release for Vietcap to see if revenue growth sustains.
- Any further insider transactions by To Hai or other board members.
- Market reaction to the stake sales in the coming weeks.
- Regulatory updates on securities margin lending and brokerage fee caps.
Trade VCI on Vietnam's top brokers
Open an account with a licensed Vietnamese broker to access HOSE, HNX, and UPCOM markets.
Affiliate links — Aveluro may earn a commission at no extra cost to you.