Sacombank’s Planned Disposal of 32.5% Stake Faces Uncertain Recovery
Sacombank says the State Bank of Vietnam has resumed discussions on disposing of a 32.5% stake linked to Trầm Bê and former shareholders. The shares secure legacy debt. Securities firms estimate that recoveries could reach tens of trillions of Vietnamese dong, but the sale price, disposal method and timing of profit recognition remain uncertain.
In a report updated on November 9, Vietcap Securities said Sacombank’s management had indicated that the State Bank of Vietnam had resumed discussions on disposing of a 32.5% stake linked to Trầm Bê and a group of former shareholders. After receiving no formal response for about a year, the bank was asked to provide additional documents over the past two to three months, and the regulator is preparing to seek further direction. The shares secure legacy debt, and the specific transfer plan remains under review.
Disposing of the stake is an important part of Sacombank’s effort to resolve assets left over from its 2015 merger with Ngân hàng Phương Nam. In April 2026, VNDirect Securities estimated that the principal and interest obligations on the related loans totaled about VND 63.25 trillion, including interest deferred during the restructuring. At a base price of VND 48,000 per share, the entire stake would be worth about VND 28 trillion, equivalent to roughly 46% of the principal and interest obligations in its model. This estimate depends on the final sale price.
Firms differ in their assumptions about the pace of recovery and recognition of income. In a report issued in late October, SHS Research assumed a transfer price of VND 40,000 per share in 2027 and that Sacombank would receive 85% of the recovered value. On that basis, it estimated a one-time pretax gain of about VND 20.8 trillion. VPBankS Securities, however, said the shares may separately secure multiple debts, meaning recovery could take place in stages. Sale proceeds must also be allocated according to each debt and its accounting treatment, so the total transaction value does not equal the profit the bank can recognize in the current period. The disposal method remains subject to a decision by the competent authorities.
Provisioning pressure on Sacombank’s existing loan portfolio also weighs on earnings. In the first nine months of 2026, the bank recorded pretax profit of VND 5.893 trillion, down 46.4% year on year, while credit risk provision expenses rose nearly fivefold to VND 12.848 trillion. In the third quarter, the bank used about VND 15.6 trillion in provisions to resolve nonperforming loans, while its provision coverage ratio fell from about 57% to 35%. The bank aims to reduce its nonperforming loan ratio, calculated under Circular 31, to no more than 5% by the end of 2026.
Source: VietVance
