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Vietnam's banks line up nearly USD 7 bn in share sales; Fitch sees limited capital gain

Published Data as of VietnamCompetition & capital
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Key points

Implications for lenders

Capital is becoming a constraint for Vietnamese banks lending at 16.69% year on year, so funding lines and co-lending capacity offered to finance companies and fintech lenders may depend on whether partner banks complete their share sales. With real estate at roughly a quarter of all loans, banks may be more selective about adding property-linked exposure if capital stays tight. Lenders that rely on bank funding can prepare alternative sources, including offshore borrowing within the national ceiling of USD 6.1 bn.

Implications

ExecutivesBanks that raise equity first may gain lending room under credit-growth guidance and the Basel III transition.
InvestorsRead issue terms against Fitch's view that new capital is quickly absorbed by lending; buffers may stay thin.
OperatorsPartner banks under capital pressure may reprice or tighten funding lines to non-bank and fintech lenders.

Facts

Pipeline: Vietnamese banks could raise nearly USD 7 bn 1 through share sales by the end of 2027, according to a Reuters calculation based on public disclosures and a Fitch Ratings report, published on 7 October. Fitch described it as likely the largest-ever wave of capital raising by the country's lenders.

By bank (Reuters): Vietcombank plans to sell 6.5% 2 of its shares by the end of this year, worth about USD 1.2 bn 3 at current prices; Japan's Mizuho Bank is its largest foreign shareholder. BIDV sold roughly 3% 4 to investors in March and plans to sell nearly 11% 5 more by the end of 2027, for a total of about USD 1.4 bn 6. HDBank plans to sell 10.7% 7 by the end of 2027. VPBank is seeking a private placement worth USD 560 m 8, and Japan's SMBC is in talks to raise its stake to 20% 9, from 15% now (in talks).

Foreign access: cumulative foreign ownership of a bank is capped at 30% 10 and a single stake at 20% 11; three local lenders have been allowed to raise their foreign ownership limit to 49% 12. The national ceiling on offshore borrowing is USD 6.1 bn 13, up 11% this year, and Vietnamese banks and corporations have disclosed offshore borrowing plans of USD 5.3 bn 14 this year, according to FiinRatings.

Why now: Reuters links the share sales to the move to Basel III capital requirements by 2030. Fitch says the capital raising is unlikely to materially improve most banks' capitalisation, as the funds will quickly be deployed into new lending, and expects further large capital injections to be needed in the coming years. VIS Rating says rapid loan growth could further weaken loss-absorption buffers. Real estate accounts for roughly a quarter 15 of all loans, according to an August internal central bank report cited by Reuters.

Analysis

Loan growth explains Fitch's caution. System credit rose 8.38% 16 from end-2025 by late July and 11.59% 17 by end-September, against an SBV guideline of about 15% 18 for the year; year on year it was 16.69% 19. Equity raised at that pace of lending is absorbed by new risk-weighted assets rather than lifting ratios.

The share-sale pipeline is a different measure from the charter-capital plans reported in September. Listed banks then planned charter capital increases of VND 128 trn (about USD 4.93 bn) 20 for 2026, including stock dividends and share issuance from reserves, which add no outside money. The Reuters figure counts sales to investors at market prices over a longer period to the end of 2027, so it points to more external capital than the September plans alone suggested. Foreign ownership caps limit how much of it can come from strategic foreign banks, which is why the 49% exceptions and the stake talks by Japanese banks matter.

Counterpoints and uncertainties

The nearly USD 7 bn figure is a Reuters calculation at current market prices; sales may be delayed, priced lower or downsized if markets weaken, and the report gives no commitment from foreign investors to take further stakes, and Mizuho declined to comment. The real-estate loan share comes from an internal central bank report cited by Reuters rather than a published SBV statistic. Fitch expects more capital to be needed, so this round may not be the last.

Key figures

  1. Planned bank share sales (Reuters calculation): nearly USD 7 bn
    Values at market prices around early October 2026; final amounts depend on pricing and investor demand.
    . Value of share sales Vietnamese banks could complete by end-2027, calculated by Reuters from public disclosures and a Fitch Ratings report. Vietnamese banks. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  2. Vietcombank planned share sale (stake): 6.5%. Share of Vietcombank's shares the bank plans to sell by end-2026, as reported by Reuters. Vietcombank. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  3. Vietcombank planned share sale (value): about USD 1.2 bn. Value of Vietcombank's planned share sale at current market prices, as reported by Reuters. Vietcombank. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  4. BIDV placement in March 2026 (stake): roughly 3%. Share of BIDV sold to investors in a placement in March 2026, as reported by Reuters. BIDV. Basis date: 31 Mar 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  5. BIDV further planned share sale (stake): nearly 11%. Further share of BIDV the bank plans to sell by end-2027, as reported by Reuters. BIDV. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  6. BIDV share sales, total value: about USD 1.4 bn. Combined value of BIDV's March 2026 placement and the further planned sale, as reported by Reuters. BIDV. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  7. HDBank planned share sale (stake): 10.7%. Share of HDBank the bank plans to sell by end-2027, as reported by Reuters. HDBank. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  8. VPBank planned private placement: USD 560 m. Value at current market prices of the private placement VPBank is seeking, as reported by Reuters. VPBank. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  9. SMBC target stake in VPBank: 20% (from 15% now (in talks)). Stake in VPBank that SMBC is in talks to reach, as reported by Reuters. VPBank. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  10. Foreign ownership cap, Vietnamese banks: 30%. Cumulative cap on foreign ownership of a Vietnamese bank, as reported by Reuters. Vietnamese banks. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  11. Cap on a single foreign stake, Vietnamese banks: 20%. Maximum individual stake in a Vietnamese bank, as reported by Reuters. Vietnamese banks. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  12. Raised foreign ownership limit (three lenders): 49%. Foreign ownership limit three local lenders have been allowed to reach, as reported by Reuters. Three local lenders. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  13. Offshore borrowing ceiling, 2026: USD 6.1 bn (up 11% this year). National ceiling on offshore borrowing for 2026, as reported by Reuters. Vietnam (national). Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  14. Disclosed offshore borrowing plans, 2026 (FiinRatings): USD 5.3 bn. Aggregate offshore borrowing plans disclosed by Vietnamese banks and corporations this year, per FiinRatings as cited by Reuters. Banks and corporations. Basis date: 7 Oct 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  15. Real estate share of all loans: roughly a quarter. Share of all loans going to real estate, per an internal central bank report from August cited by Reuters. Banking system. Basis date: 31 Aug 2026. Source: Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  16. System credit growth, year to date: 8.38%. Growth of credit outstanding versus end-2025. Banking system. Basis date: 29 Jul 2026. Source: VietnamPlus: Vietnam to roll out 8.4 billion USD preferential loan scheme (2026-08-04)
  17. System credit growth, year to date (30 September 2026): 11.59% (up from 10.24% on 17 September and 8.38% on 29 July). Growth of credit outstanding since end-2025, as stated by the SBV. Credit institution system. Basis date: 30 Sep 2026. Source: CafeF: Deputy Governor Pham Thanh Ha — credit at 30/9 reaches VND 20.75 quadrillion, up 11.59% (2026-10-03)
  18. SBV 2026 credit growth guideline: about 15%. Indicative full-year credit growth target set by the State Bank of Vietnam. Banking system. Basis date: 23 Sep 2026. Source: ADB: Developing Southeast Asia, Asian Development Outlook September 2026 (2026-09-23)
  19. System credit growth, year on year (30 September 2026): 16.69%. Growth of credit outstanding versus the same date a year earlier, as stated by the SBV. Credit institution system. Basis date: 30 Sep 2026. Source: Thị trường Tài chính Tiền tệ: Total credit outstanding in the first nine months of 2026 reaches VND 20.75 quadrillion, up 16.69% y/y (2026-10-03)
  20. Planned capital increases, listed banks, 2026: VND 128 trn (about USD 4.93 bn). Planned increases in charter capital, including stock dividends, share issuance from reserves and private placements (not only new external capital). Listed banks. Basis date: 25 Sep 2026. Source: The Investor: Vietnam banks rush to raise capital, expand lending headroom (2026-09-25)

Sources

  1. Reuters (via Zawya): Vietnam's banks tap investors for $7 bln as economy runs red hot (2026-10-07)
  2. Reuters (via Investing.com): Analysis - Vietnam's banks tap investors for $7 billion as economy runs red hot (2026-10-07)
  3. Thị trường Tài chính Tiền tệ: credit outstanding in the first nine months of 2026, SBV briefing (2026-10-03)
  4. The Investor: Vietnam banks rush to raise capital, expand lending headroom (2026-09-25)
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A Japanese version of this article is available: 日本語版

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