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Following Moody’s Ratings’ decision to upgrade Vietnam’s sovereign credit outlook, the agency has revised the outlooks on six leading Vietnamese banks from “Stable” to “Positive,” citing their solid funding structures and resilience to macroeconomic volatility. The change also signals that the banks may gain greater access to international capital markets with a competitive advantage.
In a report dated 05/05/2026, Moody’s named the affected banks as ACB, Vietcombank, BIDV, Agribank, VietinBank, and VPBank.
The bank outlook revisions follow Moody’s confirmation of Vietnam’s sovereign rating at Ba2 and a change in the sovereign outlook from stable to positive on 04/05/2026.
Moody’s said Vietnam’s improving economic competitiveness is being supported by faster digitization, infrastructure investment, higher workforce skills, and development of capital markets, all of which contribute to banks’ credit profiles.
Moody’s also noted that if Vietnam’s sovereign rating is upgraded further in the future, it is likely that these banks would be upgraded as well, supported by improved governmental support to the banking system.
A key common feature Moody’s highlighted is the strength of these banks’ funding structures, supported by a large, diversified deposit base and high funding stability.
Moody’s retained ACB’s Ba3 long-term deposit rating and Ba3 BCA. The assessment reflects good asset quality, diversified loan books, and solid capitalization, with funding and liquidity remaining stable. Moody’s also pointed to improvements in profitability as a potential positive factor for its BCA assessment.
For Vietcombank, Moody’s cited a solid financial base, with profits and asset quality supported by a large and stable funding base. For the BCA, Moody’s indicated it would consider an upgrade if the ratio of tangible common equity to risk-weighted assets (TCE/RWA) rises above 13%. It also said improvements in profitability and core liquidity would support a higher BCA.
Moody’s said the three state-owned banks—BIDV, Agribank, and VietinBank—are maintaining Ba2/b1 ratings, with capitalization constraints offset by expectations of very high government support.
For Agribank, Moody’s highlighted a stable funding base and said it could upgrade Agribank’s BCA if TCE/RWA improves above 11% and return on tangible assets exceeds 1.5%.
For BIDV, Moody’s said its BCA could be upgraded if it strengthens TCE/RWA above 11% and achieves ROA above 1.5%.
For VietinBank, Moody’s maintained a Ba2 deposit rating and a b1 BCA, reflecting a solid funding base and liquidity.
For VPBank, Moody’s said the long-term deposit rating remains Ba3 and the BCA remains Ba3. The ratings reflect improving asset quality and earnings alongside stable funding, despite rapid loan growth that may pressure capital buffers.
Moody’s overall signal indicates a potential improvement in the international standing of Vietnamese banks, tied to the sovereign outlook and bank-level credit metrics.
Mr. Nguyen Quang Huy, CEO of the Department of Banking and Finance at Nguyen Trai University, said Moody’s decision to lift the outlook on major Vietnamese banks reflects not only credit metrics but also a positive signal from the international financial community regarding Vietnam’s macro prospects, governance, and banking-system resilience.
He added that, despite ongoing volatility in global economic conditions, the improved credit outlook for Vietnamese banks reflects continued sector reforms, enhanced risk management, and stronger capital bases that support sustainable growth. He said banks have become more proactive in restructuring loan portfolios, building loan loss reserves, improving asset quality, and strengthening governance as they digitalize and diversify revenue sources to better withstand future cycles.
The outlook shift, he said, points to a longer-term trajectory toward a more transparent, safer, and internationally aligned financial system in Vietnam, even as the industry continues to face challenges from global macro shifts and domestic credit cycles.
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