VietinBank's 8.93% Saigon Port Stake Sale Stalls for a Second Time

VietinBank has announced its second consecutive failure to divest its stake in Saigon Port JSC (SGP), attributing the lack of transactions to adverse market conditions.

In a transaction report, the lender confirmed it did not sell any of the more than 19.31 million SGP shares it had registered for sale between May 25 and June 23. Consequently, VietinBank’s holding in the port operator remains unchanged at over 19.31 million shares, equivalent to an 8.93 per cent stake.

This follows a similar unsuccessful attempt to offload the same block of shares during the trading period from April 13 to May 12, which was also halted for the same stated reason.

The bank had previously managed to sell a small portion of its holding. In a transaction period from March 2 to March 31, it sold just 26,500 SGP shares from a registered volume of more than 19.34 million. That sale marginally reduced VietinBank's ownership from over 19.34 million shares, or 8.94 per cent of charter capital, to its current level.

Separately, Saigon Port has disclosed senior management changes in filings to the State Securities Commission of Vietnam (SSC) and the Hanoi Stock Exchange (HNX). Chu Ngọc Sơn, formerly assistant to the general director, was appointed Chief Accountant for a five-year term, effective May 29, 2026. On the same day, Nguyễn Uyên Minh was relieved of his duties as Deputy General Director after being elected a full-time member of the company's Board of Directors under a resolution dated April 24, 2026.

Despite the divestment challenges, Saigon Port reported strong financial results for the first quarter of 2026. The company posted consolidated net revenue of nearly VNĐ293.7 billion (US$11 million), an 11.7 per cent increase year-on-year, while its profit after tax surged by 32 per cent to nearly VNĐ144.7 billion.