S&I Ratings

On June 22nd 2026, the State Bank of Vietnam (SBV) officially issued Circular 25/2026 amending Circular 22, with a focus on relaxing certain prudential safety ratios for banks. Specifically, the ratio of short-term funds used for medium- and long-term loans (SMLR) was raised from 30% to 40%, while the SBV was also granted the authority

Overall, banks maintain a positive outlook on business prospects, though caution has increased amid global uncertainties, particularly the risk of energy supply disruptions in the Strait of Hormuz. PBT growth targets show clear divergence: HDB (41%), OCB (39%), VPB (35%) lead with ambitious growth targets, while some conservative banks (STB 6%, LPB 5%, EIB 0.2%)

Credit Outlook: STABLE – LEANING POSITIVE S&I Ratings assesses the credit outlook for Vietnam’s brokerage sector in 2026 at Stable, while observing a gradual shift toward a Positive bias if securities companies effectively control risks. The brokerage sector enters 2026 with a strongly reinforced capital base accumulated during 2023–2025, landmark regulatory reforms, and the FTSE

Vietnam’s Economy in 2025: Growth Momentum Shaping a New Phase Key macroeconomic highlights of Vietnam in 2025: Vietnam concluded 2025 with an impressive GDP growth rate of 8.02% YoY, successfully meeting the National Assembly’s ambitious growth target. This marked the highest level of economic expansion in the past 15 years, excluding the exceptional post-pandemic rebound

Q3/2025 Corporate Bond Market: Record Early Buybacks Amid Cooling Issuance Corporate bond issuance in Q3/2025 totaled VND 156.1 trillion across 154 domestic deals and one international issuance by VPBank (USD 300 million), down 33% from Q2 but flat year-on-year. Activity cooled after a strong Q2 driven by major banks raising capital. Private placements still dominated

Vietnam’s Economy in Q3/2025: Strong Growth Supported by Low Interest Rates Vietnam’s GDP surged 8.23% YoY in Q3, bringing nine-month growth to 7.85%, the second-highest in 15 years, only behind the surge in 2022. Industrials and Construction (+8.69%) led the expansion, with Manufacturing (+9.92%) and Construction (+9.33%) posting robust gains. Services (+8.49%) and Agriculture (+3.83%)

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Key Highlights from Banks’ 2025 business plans Vietnamese banks have released their business plans for 2025 at their AGMs, with small-sized joint stock commercial banks (JSCBs) are targeting the highest PBT growth (up 106% YoY, excluding NVB), followed by mid-sized JSCBs (up 20% YoY), and large-sized JSCBs (up 17% YoY). Meanwhile, among state-owned commercial banks

Q1 Production and consumption activities show positive growth GDP growth reached 6.93% YoY in 1Q2025, the highest increase in Q1 since 2020 (Chart 1). This positive result mainly stems from growth momentum in the manufacturing and tourism sectors, with key industries such as manufacturing (+9.3% YoY), hospitality and food services (+9.3% YoY), construction (+8% YoY),