MSB targets 8 trillion dong in profit, aims to expand into asset management and upgrade TNEX Finance

MSB (Vietnam Maritime Bank) has released documents for its 2026 Annual General Meeting (AGM), outlining proposals covering its 2026 business plan, profit distribution, capital increase, equity injections, and potential share acquisitions in a fund management company. The bank also plans to seek approval for converting TNEX Finance into a comprehensive financial services company.

2026 business targets and capital plan

For end-2026, MSB targets total assets of 460,000 billion dong, up 13% compared with the start of the year. Deposits and bond funding are targeted at 280,000 billion dong, up 24%, while lending—covering corporate and consumer lending and investments in corporate bonds—is set at 244,000 billion dong, up 18%. The bank also aims to keep the non-performing loan (NPL) ratio below 3%.

MSB plans to increase charter capital by 20% to 37,440 billion dong. The pre-tax profit target for 2026 is 8,000 billion dong, up 13% from 2025. If the capital increase is completed as proposed, charter capital would rise from 31,200 billion dong to 37,440 billion dong.

Proposed share issuance to raise equity

MSB proposes issuing up to 624 million shares, equivalent to 20% of outstanding shares, to raise equity from retained earnings. The shares would be freely tradable, and the issuance is expected to take place in 2026.

The bank states that the funds for the capital increase could come from undistributed profits and capital reserves. These resources would be used to raise charter capital after reserves are fully provisioned in line with the audited 2025 financial statements as of 31/12/2025.

MSB said the capital-raising objective is to strengthen its competitive position through increased scale, improve financial safety indicators, support medium- and long-term lending, upgrade facilities, and invest in core banking systems.

Contributing capital and acquiring shares in a fund management company

MSB also proposes contributing capital and purchasing shares in a fund management company to make it a subsidiary.

The bank cited Vietnam’s sustained economic growth as a favorable environment for further development of the Vietnamese stock market, noting that the market remains an effective channel for capital allocation despite global and domestic challenges.

MSB said fund management activity in 2025 did not grow as fast as the overall market. The number of funds reached 123, roughly unchanged from 120 in 2024, indicating that investor interest has not yet become widespread. It added that under a restructuring plan approved in September 2025, authorities aim to raise the number of equity funds to about 500 by 2030 and target assets under management at around 5% of GDP, reflecting expectations to improve trading quality and market development.

In the longer term, MSB expects urbanization and a growing middle class to support wealth accumulation and asset allocation, driving a shift from traditional channels to professionally managed and transparent investment products. The bank identifies securities and asset management as key growth areas to facilitate stock investing and expand into higher-end wealth management, including products such as open funds, pension funds, equity funds, and bonds.

At the 2025 AGM, MSB approved a plan to contribute capital and acquire shares in the fund management company. The board said it actively pursued opportunities, but none met MSB’s investment criteria, and the investment was not completed in 2025. Based on this, the board proposed proceeding with contributing capital and purchasing shares to establish the fund management company as an MSB subsidiary, enabling activities permitted under securities regulations.

TNEX Finance conversion to a comprehensive financial services company

MSB also proposed converting TNEX Finance from a specialized consumer finance company into a comprehensive financial services company. TNEX Finance is a 100% MSB-owned non-bank financial institution. Under its State Bank of Vietnam license, the company is permitted to conduct consumer finance activities.

In 2025, NHNN approved raising TNEX Finance’s charter capital from 500 billion dong to 1,500 billion dong to support growth. MSB said expanding to a comprehensive financial services model would allow TNEX Finance to operate more flexibly, reach a larger customer base, diversify revenue sources, and reduce risk. The proposal also includes upgrading management and financial capabilities to strengthen competitiveness.

AGM schedule and board appointments

In addition to the business and capital proposals, MSB’s 2026 AGM documents include elections of one additional member to the board and two additional members to the Supervisory Board for term VII (2022–2026). The 2026 AGM is planned for April 24 in Hanoi.