From Growth to Resilience: Capital Strength Will Shape Vietnam Banking Outlook

In the first half of 2025, Vietnam’s credit market witnessed a strong acceleration, led by the Top-4 Joint Stock Commercial Banks (JSCBs). However, this growth momentum also brought significant pressure on capital and the Capital Adequacy Ratio (CAR), compelling banks to strengthen capital raising to safeguard financial resilience. 

Notably, Circular 14/2025/TT-NHNN introduces stricter capital requirements by splitting CET1/ Tier-1/ Total and conservation buffers, making CET-1 the key factor that determines banks’ competitiveness. 

Given this context, FiinRatings is pleased to introduce our latest Vietnam’s Sector Spotlight | Banking sector 1H2025: “From Growth to Resilience:​ Capital Strength Will Shape Vietnam Banking Outlook” ​providing a comprehensive view of market developments and regulatory changes to support investors in making safe and sustainable decisions. 

Key highlights from the report: 

• In the first half of 2025, credit witnessed a broad-based surge: growth was strong across both corporate and retail segments, led by the Top 4 JSCBs. 
• 1H2025 earnings were defined by margin compression, offset by accelerating loan book growth and increasing non-interest incomes. 
• 1H2025 was the capital-preparation phase: rising long-term bond issuance boosted Tier-2 capital contribution at several banks, while the industry’s CAR overall remained broadly stable. 
• Regulatory changes are driving greater efficiency in the banking operating environment: Circular 14/2025/TT-NHNN raises capital standards, making core capital the key factor differentiating banks’ strength. 
• The 2025–2026 period is expected to see sharper credit quality divergence as commercial banks will have different strategies to balance amongst growth, capital, and asset quality. 

👉 Explore the full report here 

FiinRatings are committed to being a trusted partner, empowering investors with corporate credit ratings, sector research, and portfolio risk monitoring to access quality opportunities with confidence. 

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Explore more services from FiinRatings: 

•  For Issuers: Credit Ratings and Sustainable Finance Ratings 
•  For Investors: Company Credit Assessment; Sector Credit Research; and Portfolio Credit Monitoring 

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