Mizuho Bank May Need to Buy 526 Million Shares to Raise Its Vietcombank Stake to 20%
Vietcombank and Mizuho Bank signed a new cooperation memorandum on November 9 as Mizuho pursues an additional investment. Based on the disclosed private placement plan and shareholding structure at the end of September, Mizuho would need to buy about 526.4 million shares, or 96.9% of the planned offering, to raise its stake to 20%. The actual number will depend on how the transactions proceed.
On November 9, 2026, Vietcombank and Mizuho Bank signed a new cooperation memorandum in Tokyo, Japan. Vietcombank said Mizuho is pursuing an additional investment through a private placement. The two banks also plan to expand cooperation in capital markets, trade finance and international financing. Mizuho has held a 15% stake in Vietcombank since 2011.
On October 30, the State Bank of Vietnam approved an increase of up to VND 5.431 trillion in Vietcombank’s charter capital. The plan calls for a private placement of 543.1 million shares, equivalent to 6.5% of shares currently outstanding. If completed in full, charter capital would rise from VND 83.557 trillion to nearly VND 88.988 trillion. The issue price will be determined according to approved pricing principles and the outcome of negotiations with investors.
Vietcombank’s capital increase plan submitted to its 2026 shareholders’ meeting allows Mizuho to raise its stake from 15% to as much as 20%. As of September 30, 2026, Mizuho held about 1.253 billion shares out of Vietcombank’s approximately 8.356 billion shares outstanding. Based on that ownership structure and full completion of the private placement, Mizuho would need to buy about 81.4 million shares to maintain its 15% stake, or about 526.4 million shares to raise it to 20%. The latter would account for 96.9% of the proposed offering. The actual number purchased will depend on the order in which the capital increases are carried out, negotiations and share allocations.
Vietcombank’s shareholding structure as of September 30, 2026. Source: Notes to the bank’s separate interim financial statements for the nine months ended on that date.（VietVance）
Vietcombank also approved the issuance of nearly 1.069 billion shares from its reserve for supplementing charter capital, to be distributed to existing shareholders in proportion to their holdings. If that plan is implemented before the private placement, calculations based on the allocation ratio for existing shareholders indicate that Mizuho would need to buy about 580 million shares to reach a 20% stake, exceeding the approved size of the private placement.
In a report dated September 16, 2026, BSC Securities estimated that the private placement could raise about US$1 billion. That estimate covers the entire transaction and depends on the issue price and final number of shares sold. The new funds are expected to provide resources for Vietcombank’s lending business, but the amount raised and its subsequent impact will depend on completion of the transaction and how efficiently the funds are used.
Source: VietVance
