Vietbank spends 3,000 billion VND to buy Lim 2 Tower while profits are running low

(Dan Tri) - Vietbank decided to spend a maximum of 3,000 billion VND to receive the transfer of Lim 2 Tower building in Ho Chi Minh City as its headquarters, in the context that business results have not reached the annual profit target.

Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank, stock code VBB) has just passed a resolution approving the transfer of real estate for use as a business headquarters. The real estate to be transferred is Lim 2 Tower building, located at 62A Cach Mang Thang Tam, Vo Thi Sau ward, Ho Chi Minh City, with a maximum value of VND3,000 billion.

According to Vietbank, currently, in addition to branches and transaction offices in many provinces and cities across the country, Ho Chi Minh City is the area with the most concentrated activity density. Therefore, the bank believes that owning a fixed asset as a headquarters is necessary, in line with the business development orientation in Ho Chi Minh City.

Real estate information Vietbank wants to receive transfer (Photo: Resolution of VBB).

Notably, the move to spend thousands of billions to buy real estate took place in the context of Vietbank's business results not being really positive.

According to the financial report for the second quarter of 2025, Vietbank's net interest income decreased by 15% year-on-year to VND687 billion. Although non-interest income increased, cost pressure caused after-tax profit to only reach VND212 billion, down 21% year-on-year.

In the first half of 2025, Vietbank's net profit before tax was VND514 billion, up 25% over the same period. However, this bank has only completed 29% of the pre-tax profit target set for the whole year of VND1,750 billion.

Vietbank has just been approved by the State Securities Commission to issue shares to the public for existing shareholders.

According to the plan, Vietbank will offer more than 270.9 million common shares with a par value of VND10,000/share, with a total issuance value of more than VND2,709 billion. After the issuance, Vietbank's charter capital is expected to increase from VND8,210 billion to nearly VND10,920 billion.

The issuance ratio is 100:33, meaning that a shareholder owning 100 shares can buy 33 new shares. The distribution period lasts for 90 days from the date of receiving the registration certificate.

Source: https://dantri.com.vn/kinh-doanh/vietbank-chi-3000-ty-dong-mua-lim-2-tower-giua-luc-loi-nhuan-hut-hoi-20251007143542171.htm