Ho Chi Minh City Development Joint Stock Commercial Bank (HOSE:HDB) signed a contract to acquire Petrolimex Group Commercial Joint Stock Bank from Vietnam National Petroleum Group and others for VND 15.03 trillion on April 20, 2018. As per terms, each share of Petrolimex Group Commercial Joint Stock Bank will be converted into 0.621 Ho Chi Minh City Development Joint Stock Commercial Bank share hence adding that Ho Chi Minh City Development Joint Stock Commercial Bank will issue 300 million new shares for the conversion (accounting 6% in Ho Chi Minh City Development Joint Stock Commercial Bank). On April 20, 2018, Petrolimex Group Commercial Joint Stock Bank and Vietnam National Petroleum Group agreed on the contract. The shareholders of Ho Chi Minh City Development Joint Stock Commercial Bank approved the deal on April 21, 2018. State Bank of Vietnam has approved the merger on September 10, 2018. As of March 6, 2021, Petrolimex Group Commercial Joint Stock Bank proposed its shareholders to approve the suspension of the merger. The shareholder's meeting is scheduled to take place on March 30, 2021. The merger is expected to be completed by the end of this year. As per the update on November 18, 2019, the transaction is expected to be completed in June, 2020.

Ho Chi Minh City Development Joint Stock Commercial Bank (HOSE:HDB) cancelled the acquisition of Petrolimex Group Commercial Joint Stock Bank from Vietnam National Petroleum Group and others on March 30, 2021. The termination was approved by the shareholders of Petrolimex Group.