Vietnam Airlines the largest holding in gov’t investment arm SCIC’s portfolio

National flag carrier Vietnam Airlines has overtaken Vinamilk and Sabeco to become the largest holding in State Capital Investment Corporation's (SCIC) stock portfolio following the latest capital funding.

As of September 16, SCIC’s 19 listed investments valued above VND1 trillion each ($37.9 million) had total market value of VND209.9 trillion ($7.96 billion), according to the sovereign fund’s disclosure.

The top four holdings – national flag carrier Vietnam Airlines (HoSE: VNM), dairy giant Vinamilk (HoSe: VNM), brewer Sabeco (HoSE: SAB), and MBBank (HoSE: MBB), accounted for VND148.6 trillion ($1.84 billion), or 70.8% of the portfolio.

SCIC recently injected an extra VND7.77 trillion ($292 million) into Vietnam Airlines (HoSE: HVN), raising its ownership to 47%.

HVN now represents 26.7% of SCIC’s core holdings, or more than one-quarter of the total portfolio. Shares of the carrier have surged 23% this month, closing at a record VND38,250 ($1.45) on Tuesday.

In the first half of this year, Vietnam Airlines reported net profit of VND6.44 trillion ($244.3 million) on revenue of VND58.56 trillion ($2.22 billion), up 19 and 11% year-on-year, respectively.

Beyond listed equities, SCIC remains the state’s controlling shareholder in several major enterprises, including Song Da Corp (99.8%), VNSteel (93.9%), Vietnam National Construction Consultants Corporation (87.3%), and Vinapharm (65%).

SCIC reported VND10 trillion ($382.3 million) in consolidated revenue from investment and capital operations in 2024, up 40% year-on-year.

Pre-tax profit surged 125% to a record VND12.7 trillion ($486.4 million), while net profit jumped 134% to VND12.3 trillion ($472 million).