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According to VPBank CEO Nguyen Duc Vinh, the current high level of interest rates could persist for a while longer before cooling in the second and third quarters. Speaking at the bank’s annual general meeting on April 22, he addressed investor concerns about VPBank’s ability to meet its lending and profit targets in a tighter rate environment.
VPBank held its annual general meeting with nearly 500 shareholders, representing more than 62% of voting rights. Attendance this year was higher than last year. At the meeting, shareholders raised concerns about whether the bank can achieve its credit growth plan given elevated borrowing costs.
One shareholder asked: “Will the bank be able to meet the plan to increase lending this year when rates are high?”
This year, VPBank aims to grow credit by 34%, to nearly 1.3 quadrillion dong. In response, CEO Nguyen Duc Vinh said the bank has an ambitious plan and will meet it, adding that VPBank is willing to accept higher funding costs to secure capital for credit growth under the current rate environment.
The rate environment has pushed 12-month deposit rates to around 6.5–7.5% per year at many banks, while some private institutions have offered up to 9% for deposits of several hundred million dong.
At a meeting with Governor Pham Duc An on April 9, banks pledged to reduce both deposit and lending rates. VPBank has cut rates by 0.3–0.5% across all tenors and said it will continue this trend.
Alongside the 34% loan growth target, VPBank projects pretax profit of 41,323 billion dong in 2026, up about 35% from the previous year.
While VPBank has shown steady growth in recent years, a shareholder asked why VPB’s share price remains subdued. Chairman Ngo Chi Dung attributed this to market factors beyond the bank’s control, saying the market will gradually recognize the bank’s intrinsic value in the medium to long term.
On April 22, VPB closed at 27,550 dong per share, down about 7% from the start of the year.
The bank also announced plans to privately place 624 million shares with a foreign investor to support growth. The final price will be disclosed after negotiations and will not prejudice existing shareholders.
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