Vietnam Top 10 Banks H1 2026 Profit Up 29.1%, VCB Leads at VND 29,222B

Overview

Vietnam’s top 10 banks by pre-tax profit delivered a combined VND 183,125 billion in H1 2026, up 29.1% year-on-year, according to financial statements from 28 banks. The group now accounts for nearly 82% of the entire banking system’s profit, up from 77% a year earlier. Vietcombank (VCB) retained the top spot with VND 29,222 billion, while VPBank recorded the fastest growth at 68%.

Key Facts

• Combined pre-tax profit of top 10 banks: VND 183,125 billion in H1 2026, up 29.1% from VND 141,843 billion in H1 2025.
• Total system pre-tax profit: approximately VND 223,663 billion, up ~21% year-on-year.
• Vietcombank (VCB) leads with VND 29,222 billion, up 33.5%.
• VietinBank (CTG) follows with VND 25,868 billion, up 36.7%.
• VPBank posted the strongest growth in the top 10 at 68%, climbing from 7th to 5th place.
• MB (MBB) rose to 3rd place with +27.1%, surpassing BIDV (BID) which grew 17.9%.
• HDBank grew 31.1% to 8th place; ACB nearly flat at +0.4%, dropping to 9th; SHB edged up 1.6% to 10th.

What Happened

The H1 2026 earnings season for Vietnamese banks shows a clear divergence: large banks are capturing an outsized share of profit growth. According to financial statements from 28 banks, total system pre-tax profit reached about VND 223,663 billion, up roughly 21% from VND 184,848 billion in H1 2025. However, many mid- and small-sized banks saw profits decline, with some falling more than 70% year-on-year.

The top 10 list—comprising Vietcombank, VietinBank, MB, BIDV, VPBank, Techcombank, Agribank, HDBank, ACB, and SHB—recorded combined pre-tax profit of VND 183,125 billion, up 29.1%. This concentration means that for every VND 5 of system profit, more than VND 4 comes from these ten names. The ranking saw notable shifts: MB overtook BIDV for third place, VPBank jumped two spots to fifth, and HDBank moved up to eighth, pushing ACB down to ninth.

Market Context

Vietcombank (VCB), listed on HOSE, closed at VND 59,300 on July 31, 2026, reflecting steady investor confidence in the state-owned lender. Other top-10 banks also show positive momentum: BID closed at VND 38,000, CTG at VND 30,800, and MBB at VND 22,500. The banking sector remains a key driver of the VN-Index, with large-cap banks benefiting from improving asset quality and net interest margins. The widening profit gap between top-tier and smaller banks underscores a structural trend toward consolidation in Vietnam’s banking industry.

Strategic Significance

For long-term investors, the H1 2026 results reinforce the dominance of large, systemically important banks, particularly state-owned giants like VCB and CTG, which continue to deliver robust growth. VPBank’s 68% surge highlights the potential of private banks with strong retail and consumer finance exposure. The increasing profit concentration suggests that scale, capital strength, and efficient cost management are becoming critical competitive advantages. Investors should monitor whether this trend persists, as it may influence sector valuations and capital allocation decisions.

What to Watch

• Q3 2026 earnings reports from top-10 banks, due in October, to see if growth momentum continues.
• Credit growth data from the State Bank of Vietnam (SBV) for Q3, as loan demand drives profitability.
• Non-performing loan (NPL) ratios in upcoming disclosures, especially for banks with rapid profit growth.
• Any regulatory changes affecting capital adequacy or provisioning requirements.
• Foreign ownership limits and potential adjustments that could impact large-cap bank valuations.