VPBank (VPB) Stake Talks With SMBC Reignite Vietnam Bank Foreign Capital Wave

Overview

Sumitomo Mitsui Banking Corporation (SMBC) is reportedly in talks to raise its stake in VPBank (VPB, HOSE) from 15% to about 20%, according to Reuters. The report reignited a wider foreign-capital wave in Vietnamese banking, with Techcombank (TCB), Vietcombank (VCB), HDBank (HDB) and SHB all pursuing or weighing stake sales to overseas investors.

Key Facts

• SMBC is negotiating to lift its VPBank holding from 15% to approximately 20%, per Reuters, with the deal potentially closing this year.
• SMBC paid about USD 1.5B for its initial 15% of VPBank in 2023.
• VPB rose more than 4% on 25-09-2026, touching the ceiling price of VND 23,600 at one point, with turnover above VND 1,000B, the highest on the market that session.
• VPBank’s 2026 annual general meeting approved a private placement of more than 624 million shares to a foreign investor whose identity has not been disclosed.
• Techcombank CEO Jens Lottner has said the bank is considering selling up to 15% to a long-term strategic partner, with a preference for technology capability.
• Vietcombank shareholders approved a private placement of up to about 6.5% of outstanding shares, more than 543 million shares, to as many as 55 investors; strategic shareholder Mizuho is expected to at least maintain its current ratio.
• HDBank has received State Bank of Vietnam approval to raise charter capital by up to VND 22,015B.

What Happened

The news originated from Reuters, which reported that SMBC is in negotiations to increase its ownership in VPBank from 15% to 20%. The sources indicated the transaction could be completed within the year, though valuation remains a point of difference between the two sides. The report follows VPBank’s 2026 annual general meeting, where shareholders approved a private placement of more than 624 million shares to a foreign investor, without naming the buyer.

The article frames the SMBC talks as the trigger for a broader re-rating of the sector’s foreign-capital story. Techcombank shares have traded positively on reports of a potential stake sale, and CEO Jens Lottner has repeatedly said the bank is weighing a sale of up to 15% to a suitable long-term strategic investor. Vietcombank has a shareholder-approved plan to place up to roughly 6.5% of outstanding shares, with Chairman Nguyen Thanh Tung indicating Mizuho will at least maintain its current holding and could add. HDBank has secured central bank approval to raise charter capital by up to VND 22,015B, and SHB is also cited among banks with foreign-investor plans.

Market Context

VPB closed at VND 23,000 on 25-09-2026 on HOSE, after trading as high as VND 23,600 intraday on turnover exceeding VND 1,000B. The move stands out against a banking sector where HDB closed at VND 27,800, TCB at VND 33,250 and VCB at VND 58,000 on the same date. The article attributes the sector’s positive tone to renewed foreign-investor interest rather than to a change in domestic credit conditions, suggesting the rally is event-driven and concentrated in banks with live capital-raising processes.

Strategic Significance

The strategic question for long-term investors is whether Vietnam’s foreign-ownership room and valuation gap can finally be bridged. SMBC’s willingness to move from 15% to 20% would deepen an existing partnership rather than introduce a new one, which lowers execution risk but also means the incremental capital is a vote of confidence rather than a transformation. The more consequential signal is the breadth of the pipeline: Vietcombank’s 6.5% placement, Techcombank’s search for a technology-capable partner, HDBank’s capital increase and SHB’s plans together represent a sector-level recapitalisation channel. If these transactions clear, they would lift capital buffers ahead of Basel III-style requirements and give banks equity funding that does not dilute via domestic retail issuance. The main constraint remains the regulatory cap on aggregate foreign ownership and the price at which controlling families and the state are willing to transact.

What to Watch

• Confirmation or denial from VPBank or SMBC on the 20% stake and the agreed valuation.
• Completion timing for VPBank’s approved private placement of more than 624 million shares.
• Vietcombank’s placement progress and whether Mizuho increases its holding beyond the current ratio.
• Techcombank’s selection of a strategic partner and the size of any stake sold.
• State Bank of Vietnam guidance on foreign-ownership limits and HDBank’s charter capital increase execution.