NCB, VietinBank to Arrange Financing for Two HCMC Mega-Projects

Overview

Ngân hàng TMCP Quốc Dân (NCB) signed a strategic cooperation agreement and a tripartite memorandum of understanding on 23 October to arrange financing for two flagship Ho Chi Minh City projects: the Bến Nhà Rồng - Khánh Hội cultural park (approximately VND 29,317 billion) and the Rạch Chiếc national sports complex (over VND 145,600 billion). The agreements, announced at a regional banking conference on the 2026-2030 Southeast Vietnam growth plan, also involve VietinBank (CTG) as a co-arranger on the Rạch Chiếc project.

Key Facts

• NCB signed a strategic cooperation agreement with Công ty TNHH Dịch vụ du lịch Bến Nhà Rồng (BNR) covering the Bến Nhà Rồng - Khánh Hội cultural park and Bến Bạch Đằng public green space.
• The Bến Nhà Rồng - Khánh Hội project carries a preliminary total investment of about VND 29,317 billion across roughly 73.3 hectares of land and water surface.
• NCB signed a tripartite MoU with VietinBank and Công ty TNHH Mặt trời Vũng Tàu for the Rạch Chiếc national sports complex.
• The Rạch Chiếc project spans more than 186 hectares in Bình Trưng ward, Hồ Chí Minh City, with total investment exceeding VND 145,600 billion.
• NCB’s role includes guarantees, trade finance, domestic and international payments, and cash-flow management for BNR and project contractors.
• The agreements were announced on 23 October at the Hội nghị giải pháp tài chính ngân hàng phục vụ tăng trưởng kinh tế vùng Đông Nam Bộ giai đoạn 2026-2030.
• The filing does not disclose committed credit amounts, interest terms, or the split of financing between NCB and VietinBank.

What Happened

At the regional banking conference, NCB general director Tạ Kiều Hưng presented the agreements as an extension of the bank’s infrastructure and urban development lending. Under the first agreement, NCB will provide BNR with guarantees, trade finance, payment services and cash-flow management across the project cycle, from investment preparation through construction, acceptance and operation. The Bến Nhà Rồng - Khánh Hội scheme is intended to create a continuous cultural, historical and landscape corridor along the Sài Gòn River, linking the existing city centre with Thủ Thiêm.

The second arrangement is a three-party MoU between NCB, VietinBank and Mặt trời Vũng Tàu, the developer associated with the Rạch Chiếc complex. The two banks will coordinate capital arrangement and provide financial solutions aligned with the project’s needs, with implementation phased to the actual schedule of each project. Rạch Chiếc is planned as a multi-purpose sports complex with a stadium designed for international events and convertible for large-scale entertainment and concert use. The source is the conference announcement and company statements; no regulatory filing with detailed financing terms was cited.

Market Context

NCB is listed on HNX, while VietinBank (CTG) trades on HOSE. CTG closed at 31 on 23 October 2026, up 1.31% on volume of 8,481,600 shares, a modest move that suggests the market treated the MoU as incremental rather than a re-rating event for the larger bank. The announcement fits a broader Vietnamese policy push to channel bank credit into public infrastructure and urban renewal through the 2026-2030 period, a theme that has supported construction, real estate and state-linked bank valuations. For NCB, a smaller joint-stock bank, participation in projects of this scale is a positioning move in corporate and project finance rather than a near-term earnings driver.

Strategic Significance

The strategic question is whether NCB can convert headline participation into fee income and low-cost corporate deposits. Arranging finance for a VND 145,600 billion complex alongside VietinBank gives NCB access to contractor payment flows, guarantees and trade finance that typically generate fee revenue without requiring the bank to hold the full credit exposure on balance sheet. The Bến Nhà Rồng - Khánh Hội mandate, meanwhile, ties NCB to a riverfront cultural project with long construction timelines and public-sector stakeholders. For CTG, the MoU reinforces its role as a lead arranger for national infrastructure, but the absence of disclosed ticket sizes means the earnings contribution cannot yet be sized.

What to Watch

• Disclosure of committed credit amounts and the NCB-VietinBank financing split for Rạch Chiếc.
• NCB and CTG third-quarter and full-year 2026 earnings, including corporate lending and fee income lines.
• Formal credit approval or syndication announcements from either bank for the two projects.
• Progress on land clearance and investment approval for the 73.3-hectare Bến Nhà Rồng - Khánh Hội site.
• Any State Bank of Vietnam guidance on credit growth quotas for infrastructure lending in the 2026-2030 plan.