Vietcap (VCI) Fund VCAM Exits Entire Stake as Chairwoman Keeps 2.67%

Overview

Vietcap Fund Management (VCAM) has sold its entire 580,500-share position in Vietcap Securities (ticker VCI, HOSE), collecting roughly VND 11B based on the closing market price. The disposal removes VCAM from the shareholder register but leaves related-party ownership intact through Chairwoman Nguyen Thanh Phuong, who holds 2.67% of VCI. The move lands alongside a much larger insider accumulation by board member To Hai.

Key Facts

• VCAM sold all 580,500 registered VCI shares, leaving it with zero shares in Vietcap.
• The sale was executed via order matching between 15 September and 8 October 2026.
• Estimated proceeds were about VND 11B based on the closing market price.
• VCAM is a related party of Vietcap Chairwoman Nguyen Thanh Phuong, who also chairs the fund manager.
• Nguyen Thanh Phuong personally holds 30,800,250 VCI shares, equal to 2.67% of capital.
• Board member To Hai bought 31.05 million VCI shares via put-through from 4 August to 24 August 2026, raising his holding to over 205.5 million shares, or 17.84%.
• H1 2026: Vietcap posted operating revenue of VND 2,582B (+28% year on year) and pre-tax profit of nearly VND 675B (+19%), meeting about 29% of the annual plan.

What Happened

Vietcap Securities disclosed a trading report showing that Vietcap Fund Management (VCAM) completed the sale of its full registered block of 580,500 VCI shares. The transactions were carried out by order matching from 15 September to 8 October 2026. Following settlement, VCAM holds no VCI shares. The fund had previously registered to sell the entire position as part of a portfolio restructuring, according to the filing.

VCAM is an organisation related to Nguyen Thanh Phuong, Chairwoman of Vietcap’s board of directors, who also serves as Chairwoman of the fund management company. The same trading report states that Phuong individually holds 30,800,250 VCI shares, equivalent to 2.67% of the broker’s capital. The filing does not disclose the exact average sale price; the roughly VND 11B figure is a provisional estimate based on the closing market price.

Market Context

VCI closed at 18 on 12 October 2026, down 0.81%, with volume of 2,288,200 shares. The stock trades on HOSE, Vietnam’s main board, within the securities sector, which is sensitive to retail participation and margin-lending demand. The VCAM exit is small in absolute size relative to daily liquidity, but it is notable because it removes a related-party holder at a time when another insider, To Hai, has been building a much larger position. The H1 2026 results show revenue growth of 28% and pre-tax profit growth of 19%, though profit achievement stands at only about 29% of the full-year target.

Strategic Significance

The ownership shift matters less for the shares sold than for the signal it sends about insider conviction. VCAM’s exit is framed as portfolio restructuring, and its size, 580,500 shares, is immaterial against VCI’s float. The more consequential fact is To Hai’s August purchase of 31.05 million shares, which lifted him to 17.84%, a stake large enough to matter in governance and strategic decisions. For long-term investors, the relevant question is whether Vietcap’s earnings trajectory, with H1 pre-tax profit at 29% of plan, can support the valuation that insiders appear to be underwriting. The divergence between a fund trimming to zero and a board member accumulating heavily is the core tension.

What to Watch

• Q3 2026 earnings release and progress against the full-year pre-tax profit plan, given H1 achievement of about 29%.
• Further disclosure of To Hai’s holding and any additional on-market or put-through purchases.
• Any change to Nguyen Thanh Phuong’s 2.67% personal stake, which would alter the related-party ownership picture.
• Securities-sector margin balances and retail trading volumes on HOSE, key drivers of VCI revenue.
• Any VCAM statement clarifying the portfolio restructuring rationale beyond the initial filing.