S&I Ratings

Corporate Bond Market Q3 2026: Issuance Growth Moderates as Funding Costs Remain Elevated   Vietnam’s corporate bond market lost momentum in Q3 2026, with issuance volume declining to VND 179.4 trillion across 153 transactions, down 26% from the previous quarter. Despite the sequential slowdown, issuance remained 7.8% higher than a year earlier, bringing total issuance

Vietnam Economy Q3 2026: Strong Growth Momentum Amid a More Challenging External Environment   Vietnam’s economy maintained strong momentum in Q3 2026, with GDP growth accelerating to 9.95% year-on-year, bringing nine-month growth to 9.01%, one of the strongest performances recorded in recent years. Economic expansion continued to be driven primarily by manufacturing, exports, public investment,

Pre-tax profit at the 27 listed banks within our coverage grew 19.6% YoY in 1H 2026, supported by robust net interest income, a strong recovery in service fee income, and effective control of operating expenses. Overall, the positive results were broad-based, with 22 of 27 banks posting positive growth, although divergence persisted and was concentrated

Corporate Bond Market Q2 2026 Overview: Property Sector Drives Market Growth   Vietnam’s corporate bond market recorded a notable rebound in Q2 2026, with 160 successful issuances raising a total of VND 233.5 trillion (Figure 1). Activity improved significantly from the seasonally weaker first quarter. However, on a year-on-year basis, the number of issuances declined

Vietnam Economy Q2 2026: Growth Momentum Strengthens, Monetary Policy Becomes More Investment-Oriented   Vietnam delivered another quarter of strong economic performance in Q2 2026, with GDP expanding 8.39% year-on-year and lifting first-half growth to 8.18%, the fastest pace recorded in recent years. Growth was underpinned by a broad-based recovery across manufacturing, exports, public investment, and

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