Nine Vietnamese Banks Move to Set Up Subsidiaries at VIFC

Overview

Nine Vietnamese banks are advancing plans to establish subsidiary banks at the Vietnam International Financial Centre (VIFC), according to disclosures compiled through early November 2026. Vietcombank (VCB, HOSE), MB, TPBank, LPBank, HDBank, SHB, Nam A Bank, MSB and Techcombank are at various stages of shareholder approval, with MB, Vietcombank and TPBank each earmarking VND 3,000 billion for a wholly owned subsidiary. The move marks the first wave of Vietnamese banks positioning for cross-border financial services under Decree 329/2025/NĐ-CP.

Key Facts

• Nine banks are pursuing VIFC subsidiaries: Vietcombank, MB, TPBank, LPBank, HDBank, SHB, Nam A Bank, MSB and Techcombank.
• Seven banks (Vietcombank, MB, TPBank, LPBank, HDBank, SHB, Nam A Bank) obtained shareholder approval at 2026 annual general meetings; MSB disclosed a resolution confirming shareholder consent.
• MB plans a 100%-owned entity, MB Toàn cầu One-Member LLC, with charter capital of VND 3,000 billion or foreign-currency equivalent.
• Vietcombank and TPBank each plan to allocate VND 3,000 billion for a one-member limited liability commercial bank.
• Techcombank’s board set a 3 November 2026 record date for written shareholder consultation, approved on 22 October.
• Decree 329/2025/NĐ-CP requires parent banks to hold charter capital at least twice the legal minimum, keep NPL ratio at or below 3%, hold an SBV A or B rating, rank among large-scale banks, and report five consecutive profitable years.

What Happened

According to information published through early November 2026, the nine banks have either passed board or shareholder resolutions or are completing written consultations on establishing subsidiaries at VIFC. Vietcombank, MB, TPBank, LPBank, HDBank, SHB and Nam A Bank secured approval at their 2026 annual general meetings, while MSB published a resolution confirming shareholder consent. Techcombank’s board approved a shareholder written-consultation process on 22 October, with a record date of 3 November 2026.

Several banks have disclosed capital plans. MB intends to establish MB Toàn cầu One-Member LLC with charter capital of VND 3,000 billion or foreign-currency equivalent, wholly owned by MB. Vietcombank and TPBank each plan to commit VND 3,000 billion to a one-member limited liability commercial bank. The remaining banks have not disclosed specific capital amounts in the source material. Decree 329/2025/NĐ-CP sets the licensing conditions, including capital adequacy, asset quality and SBV ranking requirements.

Market Context

Vietcombank (VCB, HOSE) closed at VND 53,600 on 7 November 2026, with MB at VND 19,250, TPBank at VND 12,700 and LPBank at VND 35,500. The VIFC initiative sits within a broader policy push to deepen Vietnam’s capital markets and channel cross-border financial flows, drawing comparisons with India’s GIFT City and Dubai’s DIFC. For the banking sector, the plans signal a new phase of institutional expansion beyond domestic retail and corporate lending, though capital outlays remain modest relative to the banks’ balance sheets.

Strategic Significance

The VIFC subsidiary framework gives qualifying banks a regulated offshore-style platform for cross-border lending, trade finance, foreign-currency services and eventually capital-markets activity, without exposing the domestic parent to the full licensing perimeter. The Decree 329/2025/NĐ-CP conditions effectively restrict participation to the largest, best-rated banks, reinforcing the tiering already visible in Vietnamese banking. For Vietcombank, MB and TPBank, the VND 3,000 billion commitments are small relative to charter capital but establish first-mover positioning in a centre intended to attract international capital and counterparties.

What to Watch

• SBV licensing decisions and formal establishment approvals for the first VIFC subsidiaries.
• Techcombank’s written shareholder consultation results following the 3 November 2026 record date.
• Capital commitments disclosed by LPBank, HDBank, SHB, Nam A Bank and MSB.
• Further implementing guidance under Decree 329/2025/NĐ-CP on permitted VIFC activities.
• Q4 2026 earnings commentary on VIFC setup costs and capital allocation.