MB and VPBank Reach VND 100 Trillion Charter Capital: Vietnam Bank Capital Race

Overview

MB (MBB, HOSE) and VPBank (VPB) have become the first Vietnamese banks to reach charter capital of VND 100,000 billion, completing separate capital increases on 25 and 30 September 2026. The milestones land as Techcombank, Vietcombank, BIDV and VietinBank advance their own large capital-raising plans, keeping the sector-wide charter capital race open.

Key Facts

• MB completed its increase on 25 September 2026, lifting charter capital to VND 100,687.5 billion and becoming the first Vietnamese bank above the VND 100,000 billion threshold.
• VPBank completed a dividend-share issuance on 30 September 2026, raising charter capital from VND 79,339 billion to exactly VND 100,000 billion, the first private-sector bank at that level.
• Techcombank plans to issue more than 4.28 billion shares to existing shareholders at a 60% ratio, adding roughly VND 42,876 billion in charter capital, plus over 35.8 million ESOP shares worth nearly VND 359 billion.
• If completed, Techcombank’s charter capital would rise from VND 70,862 billion to about VND 113,738 billion, above the current levels of MB and VPBank.
• VPBank plans a private placement of more than 624 million shares to a foreign investor, which could lift charter capital to about VND 106,244 billion.
• MB plans a private placement of up to 200 million shares at a par value of VND 10,000 per share, adding roughly VND 2,000 billion in charter capital.
• Vietcombank plans to issue up to more than 1.068 billion shares to existing shareholders, adding about VND 10,700 billion, alongside a private placement of up to 543.1 million shares to as many as 55 investors.

What Happened

MB (Ngân hàng TMCP Quân đội) finalised its charter capital increase on 25 September 2026, reaching VND 100,687.5 billion and becoming the first bank in Vietnam to pass the VND 100,000 billion mark. Five days later, on 30 September, VPBank (Ngân hàng TMCP Việt Nam Thịnh Vượng) completed a dividend-share issuance that moved its charter capital from VND 79,339 billion to exactly VND 100,000 billion, making it the first private-sector bank to reach that level.

The two milestones arrive while several large peers run their own capital plans. Techcombank has announced a 60% rights issue of more than 4.28 billion shares plus an ESOP tranche, which together would take its charter capital to roughly VND 113,738 billion. Neither MB nor VPBank has stopped at VND 100,000 billion: VPBank is preparing a private placement of over 624 million shares to a foreign investor, and MB plans to place up to 200 million shares. State-controlled Vietcombank, BIDV and VietinBank are also implementing or awaiting approval for large increases. The article does not disclose pricing or timing for the placements beyond what is stated above.

Market Context

MBB closed at VND 19,050 on 10 October 2026, while VPB closed at VND 23,800, TCB at VND 32,350 and VCB at VND 56,700, according to the price context provided. The capital race sits within a banking sector that has drawn policy attention in recent sessions, with deposit rates moving above 9% and the State Bank of Vietnam issuing new circulars and commenting on the pace of rate increases. Charter capital expansion across HOSE-listed banks is a structural theme rather than a single-event catalyst, and share counts will rise as these issuances settle.

Strategic Significance

Charter capital is the binding constraint on how much credit a Vietnamese bank can extend and how large a buffer it holds against Basel-style capital requirements. Reaching VND 100,000 billion gives MB and VPBank more headroom to grow loans without repeated equity calls, and it strengthens their position in large-ticket corporate and foreign-invested lending where counterparties screen for balance-sheet size. For Techcombank, a completed raise would place it above both on charter capital, resetting the private-bank hierarchy. For state-controlled Vietcombank, BIDV and VietinBank, the constraint is approval and execution rather than ambition, and any delay leaves room for private peers to close the gap. The recurring cost is dilution: each issuance adds shares, so per-share earnings accretion depends on whether the new capital is deployed into assets faster than the share count grows.

What to Watch

• Completion and pricing of Techcombank’s 60% rights issue and ESOP tranche, and confirmation of the resulting VND 113,738 billion charter capital.
• VPBank’s private placement of more than 624 million shares to a foreign investor, including the investor’s identity and any foreign-ownership-limit filing.
• MB’s private placement of up to 200 million shares at VND 10,000 par value and the final subscription outcome.
• Approval progress at Vietcombank, BIDV and VietinBank, including the 543.1 million-share Vietcombank placement to up to 55 investors.
• State Bank of Vietnam circular implementation and any further guidance on deposit rates above 9%, which affects sector funding costs.