Vietcombank acquires building in Bach Dang Wharf

Vietcombank acquires the capital in the enterprise that owns and operates the Vietcombank Tower, giving it 100% ownership of the building in the heart of Bach Dang Wharf, Ho Chi Minh City.

Vietcombank, the Joint Stock Commercial Bank for Foreign Trade of Vietnam, has completed its acquisition of 100% ownership of the Vietcombank Tower, a prominent office building situated in the Bach Dang Wharf area of Ho Chi Minh City. This was achieved by purchasing the remaining stakes in Vietcombank - Bonday - Ben Thanh One Member Limited Company (VBB), the entity that owns and operates the property.

The state-owned bank executed the acquisition of the remaining 48% of VBB's capital during the first half of this year. According to its consolidated financial report for Quarter I, the bank's ownership in the joint venture increased from 52% at the beginning of the year to 70% by the end of 3. This initial increase in ownership involved an additional investment of approximately 1,200 billion dong, corresponding to the 18% of VBB's capital acquired.

This 18% capital acquired by Vietcombank was previously seized during the handling of the Van Thinh Phat mega-case. Ms. Truong My Lan testified that she contributed this capital to VBB in 2011 "to earn profits for her children and grandchildren" and entrusted Ho Chi Minh City Service - Trading Joint Stock Company (Setra Corp) to hold the ownership on paper.

Following this, in Quarter II, Vietcombank further acquired the remaining 30% of capital from Bonday Investments, thereby securing 100% ownership of VBB. The value of this transaction has not been disclosed. However, if estimated based on the recent 18% capital acquisition price, the bank may have spent an additional 2,000 billion dong to acquire this 30% of VBB's capital.

Prior to these acquisitions, Vietcombank's documents indicated that until the end of 2025, VBB was a joint venture. The ownership structure comprised Vietcombank (52% capital), Bonday Investments (Hong Kong, 30%), and Setra Corp (18%). Under the joint venture's charter, important financial and operational decisions required unanimous agreement from all parties. Consequently, as of late last year, Vietcombank did not have control and classified this investment as an associate company.

The Vietcombank Tower is a Class A+ office building located on "golden land" (prime real estate) at 5 Me Linh Square, Saigon Ward, Ho Chi Minh City. It features four facades and offers views towards Thu Thiem. Information on the Vietcombank Tower website confirms that VBB now owns, manages, and operates the building following a restructuring and operational model conversion. The VBB website also states that the enterprise is 100% owned by Vietcombank.