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Q1 2026 brought notable shifts in Vietnam’s bank revenue rankings, with VietinBank overtaking BIDV to lead the system. In the private sector, VPBank continued to narrow the gap with the Big4 while widening its distance from other rivals.
Total operating income across 27 listed banks in Q1 2026 reached about VND 190,371 billion, up more than 15% year-on-year. The overall growth was accompanied by changes in which banks led different segments of the market.
For years, BIDV had been regarded as the “revenue champion” largely due to its scale, as it is the largest bank in the system. In Q4 2024, BIDV recorded total operating income of VND 26,406 billion, the highest in the sector at that time, compared with VietinBank’s VND 21,285 billion.
In 2025, the competition became more balanced. In Q1 2025, BIDV earned VND 17,898 billion, nearly VND 2,600 billion lower than VietinBank. However, from Q2 to Q4 2025, BIDV repeatedly regained the lead, with quarterly operating income staying in the VND 21,000–30,000 billion range.
BIDV accelerated further in Q4 2025, reaching over VND 30,072 billion—an all-time high for the bank. VietinBank followed with VND 23,425 billion, still behind.
In Q1 2026, the ranking reversed. BIDV’s operating income fell sharply from above VND 30,000 billion to VND 20,698 billion, while VietinBank continued to climb to VND 25,102 billion, the system’s highest for the quarter.
VietinBank’s outperformance came despite having total assets still more than VND 460 trillion smaller than BIDV’s. The shift suggests the competition is increasingly driven by asset utilization efficiency rather than only asset size.
In the private bank group, VPBank remained the leader in operating income and continued to pull away from other rivals. In Q1 2024, VPBank’s total operating income was about VND 13,411 billion, slightly above Techcombank’s VND 12,262 billion. By Q4 2025, VPBank expanded to over VND 22,415 billion, well ahead of Techcombank (VND 14,795 billion).
Although Q1 2026 saw a seasonal dip for VPBank to VND 19,908 billion, it still held the top spot in the private sector and moved closer to the Big4.
Techcombank showed more stability than a breakout. After a slowdown in late 2024, the bank gradually recovered through 2025, reaching VND 13,674 billion in Q1 2026, up nearly 18% year-on-year.
MB maintained a relatively steady revenue profile, with quarterly operating income typically around VND 15,000–19,000 billion. In Q1 2026, MB reached VND 17,430 billion, up about 14% year-on-year.
HDBank emerged as a major private bank with solid and steady revenue growth. Its operating income rose from VND 7,752 billion in Q1 2024 to nearly VND 10,000 billion in the first quarter of this year. The bank did not spike sharply in a few quarters; instead, it sustained a fairly consistent upward trend over a longer period. In 2025, HDBank’s momentum strengthened, with operating income surpassing VND 11,600 billion for the first time in Q2 2025 and peaking near VND 12,339 billion in Q4 2025.
The growth was attributed to expanded lending in retail, SME and consumer finance segments, alongside higher non-interest income from bancassurance, services and the aviation-consumer ecosystem.
SHB posted more than 23% year-on-year growth to VND 7,471 billion. While it did not return to its peak above VND 10,336 billion reached in Q2 2025, SHB remained among the private banks with the fastest revenue growth.
VIB also grew strongly, with total operating income of VND 5,860 billion, up more than 27% year-on-year. Over the past two years, VIB has maintained a stable quarterly revenue level around VND 5,000 billion.
Among smaller banks, ABBank stood out with Q1 2026 operating income rising to over VND 3,077 billion, more than double year-on-year and the highest in recent quarters. This performance made ABBank the fastest-growing bank in the sector.
BVBank also recorded notable growth, with Q1 2026 operating income at VND 898 billion, up more than 61% year-on-year. The bank has sustained upward momentum, moving from around VND 533 billion in Q1 2024 to over VND 823 billion by Q4 2025, and continuing higher in the first quarter of the year. The current scale is about 70% higher than two years ago.
NCB drew attention as operating income rose over 62% year-on-year to nearly VND 973 billion. More notably, just over a year ago, NCB recorded a negative VND 2,525 billion in Q4 2024. The rapid return to positive revenue and the improvement seen in Q1 2026 indicate that the bank’s restructuring is beginning to show more clearly in business results.
Not all banks improved their positions. Eximbank declined from more than VND 3,042 billion at end-2024 to VND 1,528 billion in Q1 2026. SeABank also fell sharply from VND 5,820 billion in Q1 2025 to VND 2,914 billion.
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