The Ho Chi Minh City Finance and Investment State-owned Company (HFIC), a wholly state-owned enterprise, has sent the Ho Chi Minh City Stock Exchange (HoSE) a letter dated 2 November 2026 setting out a plan to transfer all 8,486,941 EIB shares, equal to 0.45% of the charter capital of Vietnam Export Import Commercial Joint Stock Bank (Eximbank).VietnamFinance If the plan goes through, an investment that began in 2006 will be closed out.
On the numbers, the stake is small. What makes the story worth reading is the reason HFIC wrote into its own filing: senior leadership at Eximbank changes frequently. Eximbank has its own explanation for those changes. This piece sets the two side by side, then ends on the price: will the market pay VND 17,393?
2006: the purchase, under the name HIFU
According to the disclosed filing, the Ho Chi Minh City Urban Development Investment Fund (HIFU), HFIC's predecessor, began buying Eximbank shares in 2006, with initial invested capital of VND 12.15 billion at par value.VietnamFinance
Through successive capital raises and stock dividends, HFIC's holding grew to almost 8.49 million shares, with total par value above VND 84.86 billion. On HFIC's books the investment is carried at about VND 87.52 billion, an average cost of VND 10,312 per share. HFIC says it has made no impairment provision on the holding.VietnamFinance
Dividends: steady for a stretch, then interrupted
Twenty years of holding the stock were not twenty years of regular dividends. From 2007 to 2014, besides stock dividends, Eximbank paid cash dividends averaging 9.29% a year. From 2015 to 2022 it paid none, because of an accumulated loss booked retroactively to 2014, tied to adjustments to profit for 2010–2013.VietnamFinance
In 2023 shareholders received a 38% stock dividend. In 2024 the bank paid 3% in cash and 7% in shares. According to HFIC's plan, Eximbank pays no dividend for 2025 or 2026.VietnamFinance
The chair's seat: four handovers since June 2023
HFIC's stated reason sits with the senior team. The Board of Directors chair alone has changed hands four times in a little over three years:
- 28 June 2023: the board dismissed Ms. Lương Thị Cẩm Tú and appointed Ms. Đỗ Hà Phương as chair.SGGP
- 26 April 2024: Ms. Phương resigned and Mr. Nguyễn Cảnh Anh was appointed chair.VietnamFinance
- 4 December 2025: Mr. Cảnh Anh stepped down and Ms. Phạm Thị Huyền Trang became chair.VnExpress
- 24 July 2026: at an extraordinary shareholders' meeting, Mr. Nguyễn Lê Quốc Anh, a former CEO of Techcombank, was elected to the board and named chair the same day.Nhà Đầu tư
The executive seat moved too. On the same day, 24 July 2026, Ms. Huyền Trang was relieved of her post as an independent board member, and from 1 August 2026 she was appointed Eximbank's CEO. At the third extraordinary shareholders' meeting of the year, she was elected back onto the 2025–2030 board.An ninh Tiền tệ
Eximbank presents these changes as a step to consolidate its management structure so it can carry out the 2026–2030 development strategy and its governance roadmap. Those are two readings of one sequence of events: a small shareholder sees a risk to managing its capital, while the bank sees a reshuffle under a new strategy.
Pre-tax profit: the 2026 plan is close to 2025
According to figures HFIC compiled in its filing, Eximbank's pre-tax profit was VND 4,188 billion in 2024 and VND 1,512 billion in 2025. ROE fell from 13.99% to 4.45% over the same period.VietnamFinance
The 2026 shareholders' meeting approved a pre-tax profit plan of VND 1,515 billion, almost level with 2025. After nine months, consolidated pre-tax profit was about VND 864 billion, roughly 57% of the full-year plan. Eximbank says it is pursuing prudent development and has been proactively increasing provisions.Mekong ASEAN
On the exchange, EIB closed at VND 16,050 on 3 November, about 24.6% below the VND 21,300 close on the last session of 2025.
October to November 2026: the decision to exit
HFIC's Members' Council approved the transfer plan in Resolution 320/NQ-HĐTV dated 13 October 2026, as part of a 2026–2030 restructuring of its investments. HFIC intends to sell through the trading system run by HoSE during the fourth quarter of 2026 and the first quarter of 2027, no later than 22 March 2027.VietnamFinance
In HFIC's assessment, with Eximbank's senior team changing frequently, continuing to hold the stake could make it harder for HFIC to manage its capital effectively and to protect its interests against changes in the bank's strategy.An ninh Tiền tệ Selling lets HFIC recover capital and redeploy it into other investments.
HFIC is also clear about its limits. It holds only 0.45% of the capital, and its representative sits on neither the board, the supervisory board nor management, so in HFIC's view a full sale does not affect Eximbank's operations or other shareholders.VietnamFinance
Two numbers side by side: 17,393 and 16,050
The reserve price for the transfer is VND 17,393 per share. If the whole stake sells at that level, HFIC receives about VND 147.61 billion, roughly VND 60.1 billion or 68.7% above book value.VietnamFinance
Meanwhile EIB closed at VND 16,050 on 3 November, so the reserve price sits about 8.4% above the market. In the morning session on 4 November the stock traded around VND 16,200, still below HFIC's level.
On size, the stake equals about 85.5% of average single-session trading volume over the 90 sessions to 7 October 2026, when the average was about 9.92 million shares a session.VietnamFinance That is less than one ordinary session of liquidity, spread across almost five months. The supply pressure from this block alone is therefore small. The more useful question is whether the market will accept the price HFIC has set.
After HFIC, who is left on the register
According to HFIC's disclosed material, GELEX Group holds 10% of Eximbank's charter capital, VIX Securities 4.83% and Vietcombank 4.51%.VietnamFinance Of these three, GELEX is the only one at 5% or above. With HFIC gone, the state-linked capital among the named shareholders is mainly Vietcombank's 4.51%, a bank in which the state holds a controlling stake.
At the latest extraordinary meeting, shareholders also voted to drop the 6% foreign ownership cap from the bank's charter, so that the Law on Credit Institutions applies instead.An ninh Tiền tệ
What to watch until March 2027
This is the story of a small shareholder with no board seat that chose to leave after watching the bank's leadership change repeatedly. That reason is HFIC's own assessment. For an EIB holder, it is one view to set beside Eximbank's account of consolidating its management under a new strategy.
The thesis here is narrow: a 0.45% block is too small to move EIB's direction on its own, so the real yardstick is the price at which it trades. The answer comes by the 22 March 2027 deadline. If most of the block sells at or above VND 17,393, buyers accepted that price, which is above today's market. If few shares have sold by then, HFIC's reserve price was higher than what the market was willing to pay.
Two other signals are worth following: fourth-quarter results against the VND 1,515 billion plan, and whether the chair and CEO seats hold through the 2027 annual meeting. The trading results report HFIC must publish when the sale ends will show at what price the block changed hands.