Vietnam’s largest banks recorded sharp increases in deposits and loans in 2025, reinforcing balance sheets and creating room to expand credit as the economy moved into a recovery phase, banking executives said last week.
State-owned lenders Vietcombank, VietinBank, BIDV and Agribank, which dominate Vietnam’s financial system, all reported strong growth in assets, deposits and credit, reflecting renewed confidence among households and businesses.
At Vietcombank’s annual business review, chairman Nguyen Thanh Tung said total assets reached VND 2.48 quadrillion (about USD 98 billion) by the end of 2025, up nearly 20 per cent from a year earlier.
Outstanding credit rose by more than 15 per cent to VND 1.66 quadrillion, while customer deposits climbed to VND 1.68 quadrillion, up over 10 per cent year on year, ensuring what the bank described as a safe balance between lending and funding.
VietinBank also posted strong results. Chairman Tran Minh Binh said total assets increased by about 18 per cent in 2025, while credit expanded roughly 16 per cent and deposits rose 12 per cent compared with the end of 2024.
BIDV, Vietnam’s largest bank by assets, reported a balance sheet exceeding VND 3.25 quadrillion, up 20 per cent year on year. Customer deposits increased nearly 14 per cent to more than VND 2.4 quadrillion, while credit outstanding grew more than 15 per cent to over VND 2.3 quadrillion.
Agribank, which operates the country’s largest rural lending network, said total assets rose 20.3 per cent to more than VND 2.6 quadrillion. Deposits climbed 17.6 per cent to VND 2.38 quadrillion, while its loan book approached VND 2 quadrillion, up 14.7 per cent.
Bankers described the surge in deposits as the strongest in several years, giving lenders greater capacity to extend credit without relying on more expensive wholesale funding.
“This creates room for banks to support production, trade and consumption as the economy continues to recover,” one senior banker said.
Profit outlook brightens
The rapid growth in deposits and lending is translating into stronger profits across much of the banking sector, analysts said, although gains remain uneven.
MB Securities said industry earnings were on track for another strong year, with several large private banks expected to post sharp profit growth in the final quarter of 2025 as borrowing demand rebounded.
Techcombank’s profit was forecast to rise 81 per cent year on year in the fourth quarter, followed by HDBank at 41 per cent, VPBank at 37 per cent and TPBank at 31 per cent.
“These banks share strong capital positions and the ability to expand credit quickly, allowing them to capture rising demand from businesses and households,” the report said.
The final quarter is traditionally the busiest period for banks, as companies borrow to finance production, exports and consumption. This effect was more pronounced in 2025 amid stabilising economic conditions and relatively low interest rates.
If rates remain near current levels, full-year banking sector profits could rise by more than 20 per cent, MB Securities added.
Growing gap within the sector
Despite strong headline growth, analysts warned that the recovery remains uneven.
Large banks with low-cost funding, extensive branch networks and diversified customer bases are widening their lead, benefiting from stronger margins and deposit inflows.
Smaller lenders and foreign-owned banks, by contrast, face higher funding costs, narrower margins and heavier provisioning pressures.
“This cycle increasingly rewards scale and balance-sheet strength,” one analyst said. “Banks that can mobilise deposits cheaply and deploy them efficiently are pulling ahead.”
With credit demand rebounding, policymakers are closely monitoring lending to ensure funds flow into productive sectors rather than speculative activities, as Vietnam seeks to sustain growth without reigniting financial risks.
