SeABank (SSB) Cuts 2026 Profit Target 15% to VND 6,008B, Names New Chairman

Overview

SeABank (HOSE: SSB) has lowered its 2026 pre-tax profit target by 15% to VND 6,008 billion from approximately VND 7,068 billion, according to a board resolution. The same resolution confirmed senior leadership changes: Chairman Le Van Tan is stepping down to be nominated as CEO, and board member Tran Thi Thanh Thuy was elected Chairman for the 2023-2028 term effective 22 October 2026.

Key Facts

• 2026 pre-tax profit target cut 15% to VND 6,008 billion, from about VND 7,068 billion, a reduction of roughly VND 1,060 billion.
• SeABank cut deposit rates by 0.5-0.7 percentage points per year for tenors of six months and above.
• Tran Thi Thanh Thuy, born 1965, elected Chairman for the 2023-2028 term effective 22 October 2026.
• Le Van Tan resigned as Chairman and is being submitted to the State Bank of Vietnam for approval as CEO, replacing Le Quoc Long, whose three-year term runs from November 2023 to November 2026.
• Thuy has nearly 40 years of banking experience, including more than 26 years at Vietcombank, and joined SeABank in 2015 as Deputy CEO before joining the board on 17 April 2024.
• The SeABank board now has eight members, including two independent members and three foreign members.
• SSB closed at VND 16,650 on 23 October 2026.

What Happened

SeABank’s board of directors approved a resolution adjusting the bank’s 2026 business plan and carrying out a series of changes in senior management. The bank said the profit cut reflects a deliberate direction to lower lending rates in support of businesses and households while focusing on growth quality and risk management. To create room for cheaper loans, SeABank reduced deposit rates by 0.5-0.7 percentage points per year for terms of six months or longer.

On leadership, the board accepted Le Van Tan’s resignation as Chairman and is preparing documents to submit to the State Bank of Vietnam to appoint him as CEO. If approved, he will succeed Le Quoc Long, whose three-year CEO term ends in November 2026. The board elected Tran Thi Thanh Thuy, a board member, as Chairman for the 2023-2028 term from 22 October 2026. The bank framed the move as a shift of Le Van Tan from chairman to CEO rather than a departure from senior management.

Market Context

SSB closed at VND 16,650 on 23 October 2026. The guidance cut comes as Vietnamese banks balance government pressure to lower lending rates against net interest margin compression. SeABank’s decision to cut deposit rates and redirect credit toward manufacturing, SMEs, green projects and financially sound borrowers mirrors sector-wide priorities, but the explicit 15% profit reduction is a direct earnings signal for HOSE-listed SSB.

Strategic Significance

The cut reframes SSB’s 2026 story from growth to margin defense. By lowering deposit costs and accepting a smaller profit pool, SeABank is prioritizing asset quality and lending-rate competitiveness over headline earnings. The leadership reshuffle keeps Le Van Tan inside the executive suite as CEO, preserving continuity in strategy while installing a chairman with deep Vietcombank and foreign-exchange experience. The board’s three foreign members and two independents suggest governance continuity, but the CEO transition still requires SBV approval, leaving a period of uncertainty over execution.

What to Watch

• State Bank of Vietnam approval of Le Van Tan as CEO, and the effective date of the appointment.
• Q4 2026 and full-year 2026 earnings, to see whether the VND 6,008 billion target is met or revised again.
• Further deposit and lending rate adjustments, and any SBV policy guidance on rate floors.
• Credit growth composition toward SMEs, green projects and priority sectors.
• Any foreign-ownership or board-composition filings following the chairman change.