•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
VPBank (HOSE: VPB) has become Vietnam’s first privately owned bank with no state capital to surpass 1 quadrillion dong in credit outstanding. In Q1 2026, the bank’s consolidated credit outstanding reached 1.06 quadrillion dong, up 10.2% from end-2025.
According to NHNN data as of 31/3, system-wide credit outstanding stood at over 19.18 quadrillion dong, up 3.18% from end-2025. This means VPBank’s credit expansion pace in Q1 is more than three times the industry average. With a credit scale equivalent to more than 5.5% of total economy credit, VPBank is playing an increasingly pivotal role in Vietnam’s banking sector.
VPBank’s growth has been rapid but sustained over more than a decade. From 2010 to 2025, the bank has consistently been among the lenders with the highest credit growth in the sector. Over 16 years, credit expanded by 38-fold, with a CAGR of around 25.5%. The bank has grown from a mid-sized institution to become the top private bank without state capital in both assets and credit.
VPBank has maintained safety metrics alongside expansion. Reported consolidated indicators include CAR around 14% and LDR at 82.7%. For funding structure, short-term funding for mid- and long-term lending is reported at 28.3%. On asset quality, standalone NPL remains under 2.5%.
Looking ahead to 2026, VPBank aims to grow consolidated credit by about 34%, targeting nearly 1.3 quadrillion dong. The bank also expects additional growth room following the GPBank transfer, which management says is larger than the sector-wide 15% credit growth target set by NHNN. Management indicated this capacity would support expanding scale, increasing market share, and meeting the economy’s funding needs.
At investor events, VPBank leaders said the bank will continue expanding scale to sustain profit growth despite NIM pressure, while prioritizing high-yield segments within risk controls. They also stated that macro variables—such as interest rates, system liquidity, and real estate market conditions—are being closely monitored.
On real estate lending, Phung Duy Khuong, Deputy CEO and head of the Personal Banking group, said VPBank will maintain a cautious and selective stance. The bank plans to prioritize projects that meet real housing needs, including social housing in major cities and industrial park real estate, rather than pushing credit into speculative or high-end segments.
VPBank also highlighted that an expanded differentiated financial ecosystem could become a growth driver. In particular, VPBankS margin lending is expected to grow 47% to exceed 50 trillion dong by end-2026.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
