Banks step up HSX listings to support capital growth

Banks step up HSX listings to support capital growth

A growing number of banks are set to move to the Ho Chi Minh City Stock Exchange or debut on the Unlisted Public Company Market in the second half of 2026 as they pursue capital expansion and broaden investor access.

On July 21, nearly 641 million BVB shares of BVBank moved from the Unlisted Public Company Market (UPCoM) to the Ho Chi Minh City Stock Exchange (HSX), with an initial reference price of $0.52 per share. At the final trading session on UPCoM on July 8, BVB closed at $0.53 per share, about 21 per cent higher than the low recorded in March.

The State Bank of Vietnam has approved BVBank's plan to increase its charter capital by up to $140.16 million, raising total charter capital to nearly $400 million.

On July 14, nearly 1.08 billion VBB shares of Vietbank debuted on HSX with a reference price of $0.53 per share, climbing to $0.58 per share by July 16.

Alongside the listing, Vietbank is implementing a plan to increase its charter capital to $621.9 million, in line with the proposal approved at the bank's 2026 AGM which took place on April 24.

ABBank, meanwhile, is pressing ahead with preparations to transfer its shares from UPCoM to HSX by the end of this year, alongside a stock dividend plan aimed at strengthening its financial position.

Under its roadmap, increasing charter capital to more than $800 million will be a key requirement for ABBank to meet HSX listing criteria.

In addition to these banks, on July 15, the Hanoi Stock Exchange (HNX) has approved the registration for trading of 900 million PCB shares of PVcomBank on UPCoM.

PVcomBank was established in 2013 through the merger of PetroVietnam Finance Corporation and Western Commercial Joint Stock Bank.

Before its UPCoM registration, PVcomBank's shareholder structure comprised Vietnam National Industry and Energy Group, which held 52 per cent of charter capital; Morgan Stanley International Holdings Inc., with 6.67 per cent; and the remaining 41.33 per cent held by minority shareholders, each owning less than 5 per cent.

Most banks planning HSX listings in the second half of 2026 still have ample room under foreign ownership limits and are targeting additional overseas investors as part of their capital-raising strategies in the coming years.

The transfer from UPCoM to HSX is expected to help Vietbank broaden its access to investment funds and international financial institutions.

Meanwhile, foreign ownership at BVBank currently stands at only around 0.06 per cent, leaving significant room to attract additional foreign capital.

At ABBank, following the International Finance Corporation's divestment of its entire stake of more than 84 million shares, equivalent to 8.2 per cent, in 2024 under an agreed roadmap, Maybank has become the bank's largest foreign shareholder with a 16.4 per cent stake.

Alongside the wave of new listings and listing transfers, many banks reported encouraging business results during the first half of 2026.

For instance, ABBank estimated its first-half pre-tax profit at $120.64 million, up 80 per cent on-year and equivalent to 67 per cent of its full-year target.

The bank’s asset quality continued to improve, with the non-performing loan ratio remaining at around 0.55 per cent, while the capital adequacy ratio stayed above 12 per cent, well above the Basel II minimum requirement of 8 per cent.

These results provide a solid foundation for the bank to accelerate its plan to increase charter capital to more than $800 million and transfer its shares to HSX by the end of the year.

At BVBank, outstanding credit reached approximately $3.4 billion in the first six months of 2026, up 8.3 per cent from the outset of the year.

The bank’s customer deposits totalled around $3.72 billion, an increase of 8.9 per cent from the start of the year. Pre-tax profit reached $20 million, fulfilling roughly 70 per cent of the annual target.

BVBank's AGM on April 16 approved a 2026 pre-tax profit target of $28 million, representing a 34 per cent increase from 2025.

Vietbank reported first-half pre-tax profit of $36.92 million, up 79.4 per cent on-year and completing around 44 per cent of its full-year target of $84 million.

Currently, 24 banks are listed on HSX and HNX, while several others, including ABBank, Saigonbank and PGBank, trade on UPCoM.

PVcomBank has recently received approval to join the market. BaoVietBank remains the only bank yet to list its shares on the stock market.

Vietcombank Securities Company believes the investment outlook for banking stocks remains in line with the broader market, with the sector trading at a price-to-book ratio of around 1.5 times, equivalent to its five-year average.

However, investment opportunities are expected to become increasingly differentiated.

Banks with strong asset quality, solid capital foundations, superior growth momentum, or exceptional catalysts such as mergers and acquisitions or restructuring are expected to continue alluring capital inflows over the medium and long term.

VIR