VPBank (VPB) Proprietary Buying Hits VND 1.9 Trillion as SMBC Eyes 20% Stake

Overview

VPBank (ticker VPB, HOSE) has been net-bought by securities firms’ proprietary trading desks for three consecutive weeks, with total purchases exceeding VND 1,900 billion, according to the source article. The accumulation coincides with a Reuters report that Sumitomo Mitsui Banking Corporation (SMBC) is in talks to raise its stake in the bank from 15% to about 20%. The combination of a potential strategic stake increase and strong Q3/2026 earnings expectations has made VPB one of the most closely watched banking names on the HOSE.

Key Facts

• Proprietary desks net-bought more than 73 million VPB shares over 15 sessions from 8 September to 28 September, worth VND 1,925 billion.
• From 15 September to 28 September, VPB was repeatedly among the most heavily net-bought stocks by proprietary trading desks.
• VPB has risen about 20% from its late-July low, touching the 23,600 VND ceiling on the afternoon of 25 September.
• Reuters reported SMBC is negotiating to raise its VPBank stake from 15% to roughly 20%, with internal discussions about buying shares on the market.
• VPBank’s market capitalisation reached approximately VND 232,000 billion, or nearly USD 9 billion, at the 25 September peak.
• The 25 September session closed up 4.07% with volume of 48 million shares, nearly three times the year-to-date average.
• VPBank’s shareholder meeting approved a private placement of more than 624 million shares to an unnamed foreign investor, worth about VND 14,300 billion at the 26 September close.
• MBS and VCBS forecast Q3 pre-tax profit of about VND 11,000 billion, with credit growth of roughly 26% year-to-date.

What Happened

The source article reports that from the start of September, VPB became a focal point for “smart money” flows. Over 15 trading sessions between 8 September and 28 September, proprietary trading desks at securities companies net-bought more than 73 million VPB shares, equivalent to VND 1,925 billion. In the 15-28 September window alone, VPB was consistently among the most net-bought stocks on the market. The accumulation occurred alongside a sharp price recovery, with VPB up about 20% from its late-July low.

The buying interest was reinforced by a Reuters report that SMBC is negotiating to increase its ownership in VPBank from 15% to approximately 20%. According to Reuters, the two sides aim to complete a deal this year and are still discussing valuation, with SMBC having internally considered raising its stake through on-market share purchases. The news helped VPB hit its ceiling price of 23,600 VND per share in the afternoon session of 25 September, lifting market capitalisation to about VND 232,000 billion, or nearly USD 9 billion. The stock closed that session up 4.07% on volume of 48 million shares, nearly triple the year-to-date average. Separately, VPBank’s shareholder meeting had previously approved a private placement of more than 624 million shares to a foreign investor whose identity was not disclosed.

Market Context

VPB trades on the HOSE and is one of Vietnam’s largest private joint-stock banks by assets. The stock closed at 23,000 VND on 29 September 2026, down 0.22% on volume of 2,435,600 shares, according to the price context. The recent rally has been driven by a combination of proprietary desk accumulation, the SMBC stake talks, and expectations for Q3/2026 results. The article notes that buying the full 624 million private placement shares via on-market orders would take nearly 40 sessions at the year-to-date average liquidity of about 17.5 million VPB shares per day, underscoring the scale of the potential transaction relative to normal trading volumes.

Strategic Significance

For long-term investors, the SMBC negotiations matter because a move from 15% to 20% would deepen a strategic partnership with a major Japanese bank and could bring capital, technical expertise, and governance improvements. The article notes that SMBC has discussed buying shares on the market, which would support the share price and reduce overhang from the approved private placement. The Q3/2026 profit forecast of VND 11,000 billion, if realised, would be the highest among private banks, supported by 26% year-to-date credit growth and SME and corporate lending. The proprietary buying trend suggests domestic institutional desks are positioning ahead of these catalysts, though the article does not disclose the identity of the proprietary desks or their holding horizon.

What to Watch

• Confirmation or denial of the SMBC stake increase from VPBank or SMBC, including any filing with the State Securities Commission.
• Details of the approved private placement of 624 million shares, including the identity of the foreign investor and the issue price.
• Q3/2026 earnings release, with MBS and VCBS forecasting pre-tax profit of about VND 11,000 billion.
• Foreign-ownership room and any updates on the 30% foreign ownership limit for Vietnamese banks.
• Continued proprietary trading flows in VPB and whether net buying persists after the 28 September period.