Vietcap (VCI): Ban Viet Fund to Sell Entire Stake as To Hai Raises Holding to 17.8%

Overview

Cong ty CP Quan ly Quy Dau tu Chung khoan Ban Viet, chaired by Nguyen Thanh Phuong, has registered to sell its entire 580,500-share position in Vietcap (ticker VCI, HOSE), a stake worth roughly VND 12 billion at current prices. The exit runs from Sept 15 to Oct 9 via order matching and would leave the fund with no VCI exposure. In the opposite direction, Vietcap board member To Hai purchased 31.05 million VCI shares by put-through, raising his holding to 17.8% of charter capital.

Key Facts

• Ban Viet Securities Investment Fund registered to sell all 580,500 VCI shares, about VND 12 billion, from Sept 15 to Oct 9.
• The sale is described as portfolio restructuring; completion would leave the fund with zero VCI shares.
• Nguyen Thanh Phuong chairs both the fund management company and Vietcap; her personal holding of more than 30.8 million VCI shares equals 2.67% of charter capital and is unaffected by the fund’s sale.
• Related fund Ban Viet Discovery (VCAMDF) already sold its entire 135,000-share VCI position on May 6-8.
• To Hai, a Vietcap board member, bought 31.05 million VCI shares by put-through, lifting his holding to more than 205 million shares, or 17.8% of charter capital.
• Vietcap reported Q2 revenue of nearly VND 1,176 billion (+1% year-on-year) and net profit of VND 250 billion (+36%).
• First-half net profit reached more than VND 591 billion, up about 23% versus the same period in 2025.

What Happened

The fund management arm of Ban Viet registered the full disposal of its Vietcap shares for portfolio restructuring, according to the company’s disclosure. The transaction is scheduled for Sept 15 to Oct 9 using order matching. Because the fund’s holding is small relative to Vietcap’s charter capital, the filing does not indicate any change to Nguyen Thanh Phuong’s direct ownership, which stands at more than 30.8 million shares, or 2.67%.

The registration follows an earlier exit by Ban Viet Discovery (VCAMDF), which sold its entire 135,000 VCI shares on May 6-8. On the buy side, To Hai acquired 31.05 million VCI shares through a put-through transaction, taking his total to more than 205 million shares, or 17.8% of charter capital, and confirming his position as Vietcap’s largest shareholder. The article does not disclose the put-through price or total transaction value.

Market Context

VCI closed at 20,050 on Sept 11, 2026 on HOSE. The securities sector has been sensitive to retail participation and margin lending trends, and Vietcap’s Q2 results show loan and receivable interest income of VND 463 billion, up nearly 80% year-on-year, as the main earnings driver. The fund’s exit is small in absolute value, but it comes alongside a much larger insider accumulation by To Hai, a combination that shifts the shareholder register toward concentrated insider ownership.

Strategic Significance

The signal for long-term investors is the divergence between a small institutional seller completing a multi-fund exit and the largest individual shareholder adding materially. To Hai’s 17.8% stake, combined with Nguyen Thanh Phuong’s 2.67% direct holding, concentrates influence among long-standing insiders at a time when Vietcap’s earnings growth is being powered by margin lending rather than fee income. That mix raises the importance of funding costs and credit quality as the core earnings variable, and reduces the free float available to outside investors.

What to Watch

• Completion or cancellation of the Ban Viet fund’s 580,500-share sale by Oct 9.
• Disclosure of the put-through price and counterparty details for To Hai’s 31.05 million-share purchase.
• Q3 2026 earnings, particularly loan and receivable interest income versus the VND 463 billion recorded in Q2.
• Any further filings from Nguyen Thanh Phuong or related funds indicating additional buying or selling.
• Margin lending balances and funding cost trends across HOSE securities firms.