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2026 is seeing accelerated mobilization of foreign capital in Vietnam’s banking sector, driven by growing capital-raising pressures, the normalization of Basel III requirements, and clearer expectations for a market upgrade.
One notable transaction is BIDV’s completion of a private placement of more than 263 million shares, with a distribution rate of 98.24%. Foreign investors bought nearly 116 million shares, underscoring strong interest in Vietnamese bank stocks.
Market attention is also turning to Vietcombank’s plan to offer 6.5% of its equity. If completed, the deal is expected to raise about 1.3–1.4 billion USD, comparable to large past transactions such as VPBank selling 15% of its capital to a Japanese partner. The move follows years of delays and reflects the government’s push to increase capital for state-owned banks.
Beyond the largest lenders, several private banks are actively pursuing foreign shareholders. VIB is expected to have an opportunity to welcome new foreign investors after its prior shareholder exited. SHB is pursuing a strategy to seek and mobilize international capital to strengthen its financial capacity, expand business, and meet international standards. VPBank plans a private placement of more than 264 million shares to foreign investors, aiming to raise its charter capital to over 106,000 billion VND.
Data cited in the article indicates that more than a dozen banks still have foreign ownership below 5%, leaving room for additional deals in the period ahead.
According to Do Quang Vinh, Vice Chairman of SHB’s Board, the rationale for stake sales and mergers and acquisitions has changed. “The sale of stake or mergers and acquisitions today no longer stem from financial distress or a weak position, but is a proactive choice to reach international markets,” he said.
Experts point to the need to strengthen financial capacity as the main driver. Resolution 79-NQ/TW sets targets for state-owned economic development by 2030, including at least 3 state-owned banks in the Asia top 100 by total assets. Achieving this requires banks to improve their capital adequacy ratio (CAR) as Basel III is increasingly applied.
In addition, Decree 69/2025/NĐ-CP allows banks involved in disposing of weak banks to raise foreign ownership caps to up to 49%. The article frames this as a strategic shift: when many bank stocks have long been constrained by foreign ownership limits, expanding the cap can help attract long-term funds—particularly as the market upgrade cycle becomes more pronounced.
Le Anh Tuan, CEO of Dragon Capital, said upgrading Vietnam’s stock market from frontier to emerging is not only a technical milestone but also the start of a cycle that attracts long-term foreign capital. He noted that institutions such as FTSE Russell and MSCI focus on market access and foreign ownership barriers. In that context, opening foreign room to 49% in some banks is described as both a policy signal and a reflection of growing confidence in integration.
The article notes that upgrading Vietnam’s stock market to the secondary emerging tier is expected to take effect from September 2026. In that broader picture, banks are presented as one of the pillars likely to attract foreign capital, supported by large scale and high liquidity. It also highlights that banks such as Vietcombank, BIDV, and VietinBank have capitalization in the hundreds of trillions of VND, which could absorb large inflows from funds.
Governance improvements and upgrade-related pressure are also expected to push banks toward greater transparency and alignment with international standards, potentially reducing risk discounts. Analysts cited in the article suggest that Vietnam could attract several billions to more than 10 billion USD in foreign capital after the upgrade, with banks as major beneficiaries.
Attracting foreign capital is described not only as a way to supplement funding, but also to strengthen internal capacity. Dr. Chau Dinh Linh of Ho Chi Minh City Banking University said that bringing in foreign strategic investors with strong capabilities can enhance banks’ long-term strength, supplement and stabilize funding, and better support mid- to long-term lending needs. He added that foreign investors can also share governance experience and help shape modern business models.
Dr. Nguyen Quoc Hung, Secretary General of the Vietnam Banks Association, said foreign investor participation has brought positive changes in finance, technology, and governance, helping Vietnamese banks move closer to international practices. He argued that raising foreign ownership caps is necessary to call more capital, boost financial capacity, and lay the foundation for sustainable growth.
Update referenced in the article: Q1 2026 results for seven banks as of the afternoon of 21/4.
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