Vietnam Banks See 54.3% Surge in Service Fees, Digital Push Drives Non-Interest Income
This Aveluro analysis covers TCB (Techcombank) on HOSE in the Banks sector. The classified event type is sector sentiment, with positive sentiment and a deterministic market-impact score of 4.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Tài chính ngân hàng, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Vietnamese banks are experiencing robust growth in non-interest income, particularly from service fees, driven by digital transformation and AI adoption. In Q2 2026, service fee income for tracked banks rose 54.3% year-on-year, according to SSI Research. Techcombank (TCB) leads with VND 6,811 billion in service income, highlighting the sector’s pivot away from traditional lending.
Key Facts
- Service fee income for tracked banks increased 54.3% YoY and 27.9% QoQ in Q2 2026.
- Total non-interest income grew 17.7% YoY and 33.2% QoQ in Q2 2026.
- Net service income for 27 banks reached VND 49,248 billion in H1 2026, up 58% YoY (VNBA data).
- Techcombank reported VND 6,811 billion in service income, the highest among peers.
- ABBank’s service income surged from VND 22 billion to VND 1,263 billion, a 57-fold increase YoY.
- VIB and SHB saw service income nearly quadruple; Sacombank rose 2.4x; VPBank and PGBank more than doubled.
- NIM is expected to stay below 3% in 2026, pressuring interest income (FiinRatings).
What Happened
According to SSI Research, Vietnamese banks’ service fee income jumped 54.3% year-on-year in Q2 2026, contributing to a 17.7% rise in total non-interest income. The Vietnam Banks Association (VNBA) reported that net service income for 27 banks reached VND 49,248 billion in H1 2026, up 58% from the same period last year.
Banks with the largest service income include Techcombank (VND 6,811 billion), VPBank (VND 5,555 billion), and VietinBank (VND 4,116 billion). Growth leaders include ABBank, whose service income multiplied 57 times, and VIB and SHB, which nearly quadrupled. This trend reflects a strategic shift toward fee-based revenue as net interest margins (NIM) face pressure, with FiinRatings projecting NIM to stay below 3% in 2026.
Market Context
Techcombank (HOSE: TCB) closed at VND 32,400 on September 9, 2026, while VPBank (HOSE: VPB) traded at VND 27,400. The banking sector is increasingly focusing on non-interest income to offset narrowing NIMs, driven by high capital costs and competitive lending rates. Digital transformation and AI are enabling banks to boost transaction volumes and cross-selling, supporting fee income growth across the sector.
Strategic Significance
For long-term investors, the acceleration in non-interest income signals a structural shift in Vietnamese banking profitability. Banks that successfully leverage digital platforms to grow service fees—such as Techcombank and VPBank—are better positioned to sustain earnings growth despite credit margin pressures. This diversification reduces reliance on cyclical lending and enhances resilience, making digital capability a key differentiator in the sector.
What to Watch
- Q3 2026 earnings reports for major banks (Techcombank, VPBank) to confirm sustained fee income growth.
- NIM trends in upcoming quarters; if NIM falls below 3%, fee income becomes even more critical.
- Regulatory updates on digital banking and AI adoption that could impact cost structures.
- ABBank’s ability to maintain its 57-fold service income growth, which may be one-off.
- Cross-selling performance in bancassurance and wealth management segments.