Vietcombank acquired the building on ‘golden land’ at Bach Dang wharf

Vietcombank acquired the capital in the owned and operated enterprise to hold 100% of the Vietcombank Tower building in the center of Bach Dang wharf.

According to information on the Vietcombank Tower website, this building is owned, managed and operated by Vietcombank – Bonday – Ben Thanh Company Limited (VBB) after the process of restructuring and converting the operating model.

VBB’s website updates that this business is currently 100% owned by the Bank for Foreign Trade of Vietnam (Vietcombank).

Meanwhile, Vietcombank documents show that by the end of 2025, VBB will still be a joint venture between Vietcombank (52% of capital), Bonday Investments (Hong Kong, 30%) and Ho Chi Minh City Service – Trading Joint Stock Company (Setra Corp, with 18%). According to the joint venture charter, important financial and operational decisions must reach the consensus of the parties, so at the end of last year Vietcombank did not have the right to control and classify this investment as an affiliated company.

The process of purchasing the remaining 48% of VBB’s capital was carried out by the state-owned bank in the first half of this year. According to the first quarter consolidated financial report, the bank’s ownership ratio in this joint venture increased from 52% at the beginning of the year to 70% at the end of March. The original price of this investment increased by about 1,200 billion VND, equivalent to 18% of VBB’s purchased capital.

The 18% capital of this acquired bank was distrained during the handling of the Van Thinh Phat case. According to Ms. Truong My Lan’s testimony, this is the capital she contributed to VBB since 2011 to “get profit for her children and grandchildren” and put Setra Corp in her name on the papers.

In the second quarter, Vietcombank continued to receive the transfer of the remaining 30% of capital from Bonday Investments, thereby owning 100% of VBB. The value of this transaction has not been announced, but if estimated according to the most recent acquisition price of 18% of capital, this bank can spend about 2,000 billion VND more to own 30% of VBB capital.

Vietcombank Tower is located in “golden land” right in the Bach Dang wharf area, Ho Chi Minh City. This is a Grade A+ office building with four frontages and views towards Thu Thiem.