Vietnamese Banks and Securities Firms Rush to Establish VIFC Subsidiaries

Overview

Seven Vietnamese banks and several securities companies, including HSC and DNSE, have approved plans to establish wholly-owned subsidiaries at the Vietnam International Financial Center (VIFC). The initiative aims to access preferential policies and international capital, positioning these institutions for long-term competitiveness. The affected tickers include HDB, SHB, VCB, MBB, TPB, LPB, NAB, HCM, and VND.

Key Facts

• Seven banks approved subsidiary plans: Vietcombank (VCB), HDBank (HDB), SHB, MB (MBB), TPBank (TPB), LPBank (LPB), and Nam A Bank (NAB). VietinBank is still studying.
• HSC (HCM) approved a 100%-owned subsidiary with charter capital of approximately VND 800 billion.
• DNSE Securities (VND) approved a wholly-owned subsidiary to offer brokerage, advisory, proprietary trading, underwriting, fund management, and derivatives.
• The VIFC is established under National Assembly Resolution No. 222/2025/QH15, which mandates physical presence for participants.
• Securities firms must form a limited liability company licensed by the State Securities Commission, operating only within VIFC and foreign markets.
• Members receive a unique identifier equivalent to a business registration code and enjoy special forex, banking, capital mobilization, and tax policies.
• DNSE previously invested 1% in Vietnam Digital Asset JSC (VNDA) as part of its digital asset strategy.

What Happened

During the 2026 annual general meeting season, seven Vietnamese commercial banks passed resolutions to establish 100%-owned subsidiary banks at the VIFC. The banks include Vietcombank, HDBank, SHB, MB, TPBank, LPBank, and Nam A Bank. VietinBank is still in the research phase. Separately, securities companies HSC and DNSE have also approved plans to set up wholly-owned limited liability companies at the VIFC.

According to HSC’s leadership, establishing a presence at the VIFC will expand access to international capital, clients, and partners, while leveraging preferential mechanisms and policies to align with global operational and governance standards. DNSE plans to offer a full range of securities services, including brokerage, advisory, proprietary trading, underwriting, fund management, and derivatives. The moves are driven by National Assembly Resolution No. 222/2025/QH15, which requires financial institutions to establish a legal entity within the VIFC to participate and benefit from special policies.

Market Context

On April 15, 2026, VCB closed at VND 60 (+1.01%), HDB at VND 26 (+1.15%), SHB at VND 15 (-0.33%), and MBB at VND 27 (-0.37%). The banking and securities sectors on HOSE have been under pressure from global rate uncertainty, but the VIFC initiative offers a potential catalyst for long-term growth. The affected tickers are all listed on HOSE, except for some securities firms on HNX or UPCOM.

Strategic Significance

The VIFC subsidiaries represent a structural shift for Vietnamese financial institutions, enabling them to operate under international standards and access cross-border capital flows. For banks, this could reduce reliance on domestic funding and improve foreign-currency capabilities. For securities firms, it opens avenues for derivatives, digital assets, and global clientele. The move aligns with Vietnam’s broader ambition to become a regional financial hub, potentially attracting foreign investment and enhancing market depth.

What to Watch

• Q2 2026 earnings reports from HDB, SHB, VCB, MBB, TPB, LPB, NAB, HCM, and VND for initial cost impacts.
• Further regulatory clarifications on tax and forex incentives from the State Bank of Vietnam and Ministry of Finance.
• Progress of VietinBank’s study and potential approval of its VIFC subsidiary.
• Announcements of additional securities firms or foreign institutions joining VIFC.
• DNSE’s digital asset developments through its stake in VNDA.