“VPBank CEO Nguyễn Đức Vinh: ‘Stock Price Valuation Lies with Investors; I’m Confident in VPBank and VPBankS’ Future'”

At the IPO investment opportunity roadshow held on October 16th in Hanoi, Mr. Nguyễn Đức Vinh, CEO of VPBank, expressed that the current offering price is somewhat “modest” compared to the company’s actual potential.

“Whether it’s expensive or cheap is up to the investors to decide, but as an insider, I am fully confident in the future of VPBankS and the VPBank ecosystem,” said Mr. Vinh.

Echoing this sentiment, Mr. Vũ Hữu Điền, CEO of VPBankS Securities, stated that the price of 33,900 VND per share “does not fully reflect the company’s value.” However, he noted that this valuation was calculated to ensure mutual benefits, thereby attracting strategic investors both domestically and internationally.

“With over 25 years in the securities industry, I understand that professional investors look beyond P/E or P/B ratios; they focus on long-term growth potential. Given VPBankS’s growth rate, the current valuation remains below its true value,” Mr. Điền explained.

According to VPBankS leadership, the company’s P/E ratio for 2025 is 14.3 times, expected to drop below 13 times by 2026; the P/B ratio is 2.4 times and will fall below 1.7 times by 2026. Mr. Điền believes the current price does not fully capture VPBankS’s brand value and the strength of the financial ecosystem it is part of.

In the announced IPO plan, VPBankS will offer 375 million shares, equivalent to approximately 25% of its post-dilution charter capital. At a price of 33,900 VND per share, the company expects to raise around 12,700 billion VND, valuing it at approximately 63,600 billion VND, or nearly 2.4 billion USD. This is considered one of the largest IPOs in the history of Vietnam’s securities industry, marking a strategic move by VPBank to expand its financial ecosystem and strengthen its position in the capital market.

Additionally, many investors are curious about whether the IPO of the securities company will boost interest in the parent bank’s shares. In response, the CEO of VPBank stated, “When investors trust the securities company, they are also placing their trust in VPBank—in its capabilities and ecosystem.”

He added that the IPO of the securities company not only expands its operational scale but also enhances the value of the entire VPBank ecosystem. Market interest in the parent bank’s shares is thus significantly boosted.

“I believe this is a positive signal,” Mr. Vinh remarked.

Currently, VPBankS ranks among the top 3 securities companies in terms of total assets and is also in the top 3 for margin lending value. VPBankS has opened over 900,000 securities accounts and expects to reach 1 million by year-end, accounting for approximately 10% of the market. It aims to enter the top 10 securities companies with the largest market share. This robust growth is attributed to its position within the VPBank and SMBC ecosystem.