Viconship (VSC) Deputy CEOs Sell Entire Stakes in September 2026

Overview

Two Deputy General Directors of Viconship (ticker VSC, HOSE) sold their entire shareholdings in late September 2026, each offloading about 0.07% of the container terminal operator’s capital. The disposals come as Viconship prepares a two-part capital increase combining a 2025 stock dividend with a large rights issue. Both transactions were disclosed through insider trading reports to the exchange.

Key Facts

• Trương Anh Thư, Deputy General Director and Chief Financial Officer, sold 265,100 VSC shares between 21 and 24 September 2026, cutting her stake from 0.07% to 0%, with 25 odd-lot shares remaining.
• Nguyễn Đức Thành, Deputy General Director, authorized disclosure officer and corporate governance officer, sold all 250,000 VSC shares, equal to 0.07% of charter capital, on 24 September 2026.
• A third Deputy General Director, Vũ Ngọc Lâm, did not proceed with a registered purchase of 500,000 VSC shares, citing a change in investment plans, and retains 100,000 shares, or 0.027%.
• Viconship approved a plan in early September 2026 to issue more than 18.7 million shares as a 2025 dividend at a 20:1 ratio, worth over VND 187B at par value.
• The company will also offer nearly 187.2 million shares to existing shareholders at a 2:1 ratio and VND 10,000 per share, targeting roughly VND 1,872B.
• Proceeds are earmarked for capital contribution to a subsidiary for a container vessel investment project and financial restructuring.
• If both issues complete, charter capital would rise from about VND 3,744B to roughly VND 5,803B.

What Happened

According to insider trading reports filed with the Ho Chi Minh Stock Exchange, Trương Anh Thư sold 265,100 VSC shares over 21-24 September 2026, leaving only 25 odd-lot shares that were not traded. Her ownership fell from 0.07% to 0%. Nguyễn Đức Thành sold his full 250,000-share position on 24 September 2026, ending with no VSC shares.

The filings also noted that Vũ Ngọc Lâm, another Deputy General Director, did not execute a previously registered purchase of 500,000 VSC shares because of a change in investment plans, leaving his holding at 100,000 shares, or 0.027%. Separately, Viconship’s board approved a resolution in early September 2026 to issue shares for the 2025 dividend and a rights offering, with both expected between the third quarter of 2026 and the first quarter of 2027, subject to State Securities Commission approval.

Market Context

VSC closed at VND 13,600 on 28 September 2026 on HOSE. The stock trades in the logistics and port infrastructure segment, where valuations are tied to container throughput, fleet expansion and leverage. The insider sales are small in percentage terms, about 0.14% of capital combined, and occur while the company is asking shareholders for roughly VND 1,872B in new equity at VND 10,000 per share, a level below the current market price. That discount is typical of Vietnamese rights issues but puts the focus on take-up rates and dilution.

Strategic Significance

The strategic question for long-term holders is whether the capital raise funds genuine earnings capacity or mainly repairs the balance sheet. Viconship intends to inject proceeds into a subsidiary for container vessel investment and financial restructuring, which points to fleet expansion in a sector where scale and vessel ownership drive terminal economics. The simultaneous departure of two senior executives, including the CFO and the disclosure officer, removes some insider alignment just as minority shareholders must decide whether to fund the rights issue. The failed purchase by a third deputy general director adds to the mixed insider signal.

What to Watch

• State Securities Commission approval of the dividend and rights issue, and the final record dates.
• Shareholder take-up rate for the 187.2 million-share offering at VND 10,000.
• Details of the container vessel investment project and the subsidiary receiving the capital contribution.
• Q3 2026 earnings and any update on charter capital progress toward VND 5,803B.
• Further insider trading filings from remaining Viconship management.