Vietnam's listed banks plan sizeable charter capital increases in 2026

Facts

Plans: Vietnam's listed banks plan to raise capital by a combined VND 128 trn (about USD 4.93 bn) ¹ in 2026. These are increases in charter capital, including stock dividends, share issuance from reserves and private placements, not only new external funding. Source: The Investor (2026-09-25).

By bank: Techcombank aims to lift charter capital to VND 106.59 trn (via a 50% stock dividend and ESOP); MB to VND 102 trn; HDBank to VND 72.07 trn (via stock dividend, reserves and private placement; SBV approval on 22 September 2026). BIDV aims for VND 77.78 trn (from reserves; SBV approved), and Vietcombank will issue VND 10.69 trn of shares from reserves. VPBank's charter capital is VND 106.2 trn. Source: as above.

Background: the SBV's 2026 credit growth guideline is about 15%. Public investment disbursement stood at VND 540.6 trn as of 17 September (52.9% of the annual plan of VND 1,022.6 trn). Source: as above.

Analysis

ADB cites relatively thin capital buffers and loan-to-deposit ratios near the cap as constraints on credit expansion at Vietnamese banks (September 2026). Capital increases raise loss-absorption capacity and lending headroom, but much of the VND 128 trn (about USD 4.93 bn) comes from stock dividends or transfers from reserves rather than new outside money.

In terms of scale, the planned increases equal about 0.8% of the 27 listed banks' total loans of about VND 15.42 quadrillion (end-Q2 2026, Vietstock; T&S calculation).

Implications

Counterpoints and uncertainties

The VND 128 trn (about USD 4.93 bn) figure is a plan; timing and individual shareholder and SBV approvals are still required. Stock dividends and reserve transfers are an accounting reclassification of capital, and their effect on regulatory capital ratios may be smaller than new paid-in capital such as private placements.