Six Vietnamese banks top VND30 trillion profit mark as state lenders anchor system, private peers diverge

Vietnam’s banking sector hit an unprecedented milestone in 2025, with six lenders reporting pre-tax profits exceeding VND30 trillion ($1.14 billion), underscoring a widening divide between state-owned banks that continue to anchor the system and private lenders pursuing sharply different growth strategies and risk appetites.

Based on published financial statements and aggregated estimates from Q4/2025 results, the group of banks posting pre-tax profit above VND30 trillion comprised Vietcombank with about VND45 trillion ($1.71 billion), VietinBank with VND41 trillion, BIDV with VND36 trillion, Military Bank (MB) with roughly VND33 trillion ($1.26 billion), Techcombank with VND32.54 trillion, and VPBank with VND30.63 trillion.

The record-high earnings reflect a broadly positive backdrop for the sector, supported by a strong credit recovery, resilient net interest margins, and a gradual improvement in non-interest income.

State-controlled banks remain the backbone

State-controlled lenders continued to serve as the backbone of the banking system, benefiting from scale, extensive branch networks, and lower funding costs.

Vietcombank led the sector with pre-tax profit of around VND45 trillion ($1.71 billion), while total assets climbed nearly 20% from a year earlier to about VND2,480 trillion ($94.4 billion).

BIDV retained its position as the country’s largest bank by assets, with more than VND3,250 trillion ($123.7 billion), while VietinBank posted steady growth with profit of VND41 trillion ($1.56 billion).

Their advantages in customer base quality and cost of capital have allowed state lenders to sustain high profitability despite intensifying competition from private peers.

Private banks show contrasting paths

Among private lenders, Techcombank stood out for what analysts described as a more cautious but sustainable growth approach. The bank posted pre-tax profit of nearly VND32.54 trillion ($1.24 billion), up 18.2% from 2024.

Operating income rose 13.6% to VND53.39 trillion, with net interest income remaining the main pillar at VND38.16 trillion ($1.45 billion), accounting for more than 70% of total revenue. Non-credit segments made a positive contribution, led by a sharp rise in foreign exchange income and double-digit growth in investment securities.

Techcombank set aside VND4.42 trillion ($168.28 million) in provisions, while its non-performing loan ratio stood at about 1.07%, below the industry average. Total assets reached VND1,190 trillion ($45.29 billion), up 21.8%, reflecting expansion alongside risk control.

By contrast, VPBank delivered the most aggressive profit growth among the top six, with pre-tax profit surging 53% year-on-year to nearly VND30.63 trillion ($1.17 billion).

The gains were driven mainly by a 17.3% rise in net interest income to VND58.66 trillion ($2.23 billion) and credit growth of 35.3%. The bank also tightened operating cost controls and reduced provisioning, although provision levels remained elevated. Service income declined, highlighting a heavier reliance on lending activity.

VPBank nevertheless stood out for its rapid balance-sheet expansion, with total assets jumping 36.4% to VND1,260 trillion ($47.96 billion), the fastest growth in the system.

Overall, the emergence of a “VND30 trillion profit club” in 2025 highlights a clear divergence in growth models across Vietnam’s banking sector. While some lenders prioritize balance and sustainability, others are willing to take on higher risk to deliver outsized earnings.

With macroeconomic conditions stable and credit demand improving, leading banks are expected to remain key drivers of the market. Still, analysts say maintaining asset quality while sustaining long-term growth will remain a central challenge in the years ahead.