Vietcap (VCI) Chair Nguyen Thanh Phuong's VCAM to Sell Entire 580,000-Share Stake

Overview

Viet Capital Asset Management (VCAM), the fund management company chaired by Nguyen Thanh Phuong, has registered to sell its entire holding of 580,000 Vietcap (VCI) shares to restructure its investment portfolio. The divestment follows VCAM’s disclosure of an after-tax loss of more than VND 15 billion in the first half of the year, nearly triple the year-earlier loss. VCI trades on HOSE and has fallen roughly 17% year-to-date.

Key Facts

• VCAM registered to sell all 580,000 VCI shares, equivalent to 2.67% of Vietcap’s capital, via order-matching from the middle of this month.
• VCAM reported an H1 after-tax loss of more than VND 15 billion, nearly three times the same period last year.
• VCAM’s total assets stand at VND 225 billion, with the Vietcap investment carried at an original cost of nearly VND 15 billion.
• At the current price below VND 21,000 per share, VCAM could collect more than VND 12 billion if the sale completes.
• Nguyen Thanh Phuong chairs both VCAM and Vietcap; her personal holding of nearly 31 million VCI shares equals 2.67% of the company.
• Vietcap posted H1 revenue of nearly VND 2,600 billion and after-tax profit of more than VND 590 billion, both up double digits year-on-year.
• VCI closed at VND 21,000 on 11 September 2026, down 2.58% on volume of 3,649,000 shares.

What Happened

VCAM, formally Cong ty Quan ly Quy dau tu Chung khoan Ban Viet, filed to sell its full 580,000-share position in Vietcap through order-matching, with the transaction expected to begin in the middle of this month, according to the company’s disclosure. The registration came shortly after VCAM published interim financial statements showing an after-tax loss of more than VND 15 billion for the first half, close to three times the loss recorded a year earlier. VCAM was established in 2006 and manages three funds: Ban Viet Balanced Investment Fund, Ban Viet Bond Investment Fund and Ban Viet Discovery Investment Fund.

Nguyen Thanh Phuong serves as chairwoman of both VCAM and Vietcap, and personally holds nearly 31 million VCI shares, or 2.67% of the securities firm. The filing does not disclose a reason beyond portfolio restructuring, and no transaction value is stated. Separately, Vietcap reported H1 revenue of nearly VND 2,600 billion and after-tax profit above VND 590 billion, both growing at double-digit rates, though the results remain some distance from the full-year targets of VND 6,525 billion in revenue and VND 2,300 billion in pre-tax profit, the highest plan in the company’s nearly 20-year history.

Market Context

VCI closed at VND 21,000 on 11 September 2026, down 2.58% on the session and about 17% since the start of the year, according to the price context. The stock trades on HOSE within the securities sector, which has been sensitive to retail participation and margin-lending demand. The registered sale is small relative to VCI’s market capitalisation and daily liquidity of roughly 3.6 million shares, so the direct supply impact is limited; the signal value lies in a related-party fund manager exiting at a loss while the broader market debates the timing of a potential FTSE upgrade to secondary emerging market status.

Strategic Significance

The sale is best read as a portfolio-level decision at VCAM rather than a verdict on Vietcap’s operating outlook. VCAM’s loss and its decision to exit a position held at roughly VND 15 billion in cost, crystallising a gain of only about VND 12 billion at current prices, point to pressure on a small asset manager with VND 225 billion in total assets. For Vietcap, the more relevant long-term variables are its record VND 2,300 billion pre-tax profit target, the durability of double-digit earnings growth, and the prospect of foreign inflows if Vietnam is reclassified to secondary emerging market status, a theme Nguyen Thanh Phuong has publicly tied to capital market development and reduced corporate reliance on bank credit.

What to Watch

• Completion or amendment of the VCAM sale registration and any resulting change in the shareholder register.
• Whether Nguyen Thanh Phuong’s personal 31 million-share holding (2.67%) changes.
• Vietcap’s Q3 2026 earnings release and progress against the VND 6,525 billion revenue and VND 2,300 billion pre-tax profit targets.
• FTSE Russell and MSCI decisions on Vietnam market classification and any associated foreign-ownership filings.
• VCAM’s fund flows and any further portfolio restructuring across its three funds.