Shareholders who bought SHB shares through the rights offering in April at VND 12,500 each still have about a month to wait before they can sell those shares on the exchange. That is the timeline Ms. Ngô Thu Hà, CEO of Sài Gòn - Hà Nội Commercial Joint Stock Bank (SHB), gave at the investor meeting on the afternoon of 15 October: if procedures go to plan, the shares will start trading around mid-November.
Put simply, the whole calendar counts from a starting point that has not yet happened: a State Bank of Vietnam decision recording SHB's new charter capital. The record date for the 6% cash dividend also sits behind that same document. Whenever it arrives, every later milestone shifts by the same number of days.
This piece does not discuss where SHB's share price is headed. It only counts days.
Shares are in the account, so why can't they be sold
In April, SHB offered more than 459 million shares to existing shareholders at a 100:10 ratio: holders of 100 shares could buy 10 more. The 459 million figure is the size of the whole offering. Reports on the 15 October meeting do not say how many shares went to shareholders exercising their rights and how many were sold to other investors, so this piece does not split the two.
According to SHB's disclosure on 9 October, the new shares have been registered with the Vietnam Securities Depository and Clearing Corporation and credited to shareholders' securities accounts. At the meeting, Ms. Hà repeated the point: the shares "are already in investors' accounts and are only waiting to be traded under regulations".
For a holder, "in the account" means ownership has been recorded. "Not yet tradable" means these shares have not been additionally listed on HoSE, so no sell order can be placed. Buyers paid between April and early May, but the shares cannot yet be turned back into cash through the exchange.
The reason is the order of a bank's procedures. In Ms. Hà's words as relayed by CafeF, SHB already has the State Bank's approval of its capital increase plan and the State Securities Commission has recorded the offering results. The remaining step on the regulator's side is amending the charter capital on the operating licence. SHB says the file has been submitted and is under review through the normal process. Only after that decision can the bank complete the additional listing.
Three steps from the decision to trading day
Ms. Hà described three remaining steps, per Thanh Niên and CafeF.
Step one: receive the decision recording the new charter capital. SHB expects it in October, "or even next week if sooner". This is SHB's expectation. The State Bank has not published any document on this file in this round.
Step two: additional listing on HoSE. After the decision, SHB expects the listing procedure to take up to 10 days.
Step three: shares enter trading. Then come about 5 working days under the government's Decree 155, after which the new shares trade officially.
Adding the steps up, SHB arrives at around mid-November. That sum assumes the decision lands around the end of October.
The 6% cash dividend also sits behind the decision
This year's shareholder meeting approved a 16% dividend for 2025: 6% in cash and 10% in shares. For the cash portion, shareholders receive VND 600 per eligible share.
The cash payment schedule also depends on the State Bank's decision. According to Thanh Niên, Ms. Hà said that once formal approval arrives, SHB will close the shareholder list within 8 days and pay the 6% in November. The 10% stock dividend is expected to be completed within 2026.
One detail matters for rights buyers. According to Tuổi Trẻ, shares issued in the capital raise, including the portion offered to existing shareholders, the private placement and the employee portion, are also entitled to dividends under the plan. However, Thanh Niên and Nhịp sống kinh doanh place that sentence right after the passage on the stock dividend, so it is unclear whether the new shares count toward the cash portion, the stock portion or both. SHB's formal record-date notice will settle the question.
If the new shares do count toward the cash list, rights buyers will have two clocks running out of sync. The dividend list closes within about 8 days of the decision, while the new shares become sellable later, about two weeks after it. Cash dividends on shares that cannot yet be sold could still reach accounts first.
When the decision lands, and what moves
The count below only adds the intervals SHB gave at the meeting to each assumed decision date. All of them are expected or maximum figures, so actual dates could come earlier.
Decision arrives next week (19–23 October). This is the earliest date Ms. Hà mentioned. Adding up to 10 days for the additional listing and about 5 working days, the rights shares could start trading around the first week of November. The cash dividend list would close around the end of October, leaving ample room for the 6% to arrive in November.
Decision arrives at the end of October. This scenario matches SHB's "within October" promise and its mid-November target. The dividend list closes around the first week of November, payment lands in November as planned, and the new shares trade around mid-month.
Decision slips to mid-November. Every milestone then moves back. The new shares would trade around late November or in December. The November cash dividend schedule becomes tighter: the list closes about 8 days after the decision at the latest, and only then does the transfer date follow.
In all three scenarios, the number of shares in a holder's account does not change. What changes is the date the rights shares can be sold and the date the VND 600 per share turns into cash.
Business backdrop: estimates, not financial statements
At the same meeting, SHB gave preliminary results through the end of September. Pre-tax profit for nine months is estimated at more than VND 14,300 billion, up nearly 17% from a year earlier and about 81% of the full-year plan. Người Quan Sát reports the specific figure as VND 14,309 billion. Total assets at 30 September are estimated at about VND 993,500 billion, up about 11.4% from the start of the year.
Outstanding loans are about VND 680,000 billion, up 9.52%. The bank says its non-performing loan ratio remains below 2%, and its capital adequacy ratio rose from 11.81% at the end of June to 11.95% at the end of September.Thanh Niên SHB's management also said the SHB Finance divestment was completed in early July and is expected to book a profit in the fourth quarter, but did not disclose the value.
These are estimates given by the bank's management at the meeting. The Q3 financial statements SHB publishes later will be the official figures, with an income breakdown showing whether profit came from lending or non-interest income. None of this changes the schedule for the new shares, which depends only on procedure.
Two documents will show which scenario is playing out
Holders of SHB do not need to guess which scenario will happen, because two documents will answer it.
The first is SHB's disclosure when it receives the decision recording the new charter capital. The date on that decision shows which scenario applies, and from it one can add about 8 days for the dividend record date and about two weeks for the first trading day of the new shares.
The second is HoSE's additional listing notice, with the first trading date for the newly issued shares. Once it appears, the rights shares have a concrete sell date rather than an expected one.
At the same time, the notice of the last registration date for the dividend will answer the open question: whether the rights shares sit on the list receiving VND 600 per share.