According to the approval document, the transaction is expected to be conducted through both order matching and agreement transactions via the Ho Chi Minh City Stock Exchange's trading system in 2024.

If the transaction is successful, GELEX will increase its ownership stake to 10% of Eximbank's charter capital, becoming a major shareholder. This is also the maximum percentage that an institutional shareholder can own in a credit institution under the provisions of the Law on Credit Institutions 2024.

Earlier in July, the SBV also approved Eximbank's plan to increase its charter capital by issuing shares to pay dividends to shareholders. Specifically, Eximbank will issue an additional 121.9 million new shares, equivalent to an increase of nearly VND 1,219 billion in charter capital. After the issuance, the bank's charter capital will reach VND 18,688 billion.

In the first half of the year, Eximbank's pre-tax profit was VND 1,475 billion. Although this represents only 28% of the annual plan, the bank's profit picture shows optimism, with business profits increasing gradually each quarter.

Several key business indicators for Eximbank also demonstrate optimism, such as customer deposits increasing by 4.3% to VND 163,051 billion by the end of the second quarter.

Meanwhile, customer lending increased by 8% compared to the end of last year, with the amount of capital supplied to the market reaching VND 151,328 billion.

Credit growth was at a decent level, but due to a sharp drop in deposit interest rates compared to the same period, the cost of interest payments on customer deposits decreased by 37% to VND 1,708 billion.

As of June 30, 2024, Eximbank's total assets reached VND 211,999 billion, up 5.3% from the end of last year.

Regarding GELEX, according to its recently published semi-annual financial report, in the first six months of the year, GELEX recorded consolidated net revenue of VND 14,910 billion, up 3.5% year-on-year. Consolidated pre-tax profit reached VND 1,770 billion, up 74.6% year-on-year. The strong profit growth was mainly due to financial gains from completing several transactions to divest renewable energy projects to partner Sembcorp.

US$1 = VND 25,300

Tuan Nguyen