VietinBank seeks to divest entire stake in Hai Phong Port via public auction

VietinBank (HoSE: CTG) plans to divest its entire stake in state-controlled Hai Phong Port (UPCoM: PHP) through a public auction on the Hanoi Stock Exchange (HNX), potentially raising nearly VND278 billion ($10.57 million).

State-controlled VietinBank, one of Vietnam’s Big Four banks, said it received approval from the State Securities Commission (SSC) on Tuesday to proceed with the public offering of over 6.94 million PHP shares, equivalent to a 2.12% stake in the company.

The shares will be offered through a standard public auction on the Hanoi bourse HNX with a starting price of VND40,048 ($1.52) each, around 5% above PHP closing price of VND38,100 ($1.45) on Thursday.

Based on the starting price, the bank could raise nearly VND278 billion ($10.57 million) if the entire stake is sold successfully.

The registration and payment period for investors is expected to take place in the third quarter of 2026.

The planned divestment comes after VietinBank failed to sell its stake in Saigon Port JSC (UPCoM: SGP) earlier this year. The lender had registered to sell more than 19.31 million SGP shares, or an 8.93% stake, between May 25 and June 23, but no shares were sold due to unfavorable market conditions.

Founded in 1874, Hai Phong Port was historically the dominant seaport operator in northern Vietnam through its upstream Cam River port cluster, including Hoang Dieu, Chua Ve and Tan Vu ports.

State-owned Vietnam Maritime Corporation (UPCoM: MVN) currently owns 92.56% of PHP, leaving the company below the free-float threshold required to qualify as a public company under Vietnamese regulations.

PHP posted revenue of VND745 billion ($28.3 million) in Q1/2026, up 29% year-on-year, while net profit jumped 114% to VND311 billion ($11.8 million) as costs remained largely flat.

This year, the port operator aims to post revenue of VND3.5 trillion ($132.76 million), up 28% from 2025, while pre-tax profit is planned to record VND1.52 trillion ($57.74 million).