Vietnam Banks Turn to Offshore Capital as Credit Outpaces Deposits

Overview

Vietnamese banks are turning to international syndicated loans, bilateral facilities and planned offshore bond issuance to close medium- and long-term funding gaps as credit growth continues to outrun deposit mobilization. The push was set out by Vietcombank (VCB) chairman Nguyễn Thanh Tùng at a Government Standing Committee meeting with the business community, and frames a sector-wide funding question for VCB, ACB, HDB and VPB.

Key Facts

• Vietcombank chairman Nguyễn Thanh Tùng said GDP growth of 10% or more requires an investment ratio of roughly 40% of GDP, against domestic savings of about 36.5%.
• Total system deposits reached VND 19.5 quadrillion by end-September 2026, up 10.7% from end-2025, per State Bank of Vietnam data.
• Total credit reached more than VND 20.7 quadrillion, up 11.7% over the same period.
• By 14 October 2026, deposit growth had improved to 11.22% against credit growth of 11.44%.
• The credit-deposit gap narrowed from a mid-year peak of about VND 2.8 quadrillion to roughly VND 2.35 quadrillion, still double the level at the start of 2025.
• VIS Rating estimates Vietnam needs about USD 450 billion of infrastructure investment in 2026-2030, of which about USD 150 billion is expected from the private sector and USD 20-25 billion from capital markets.
• In 2021-2025, infrastructure funding raised through bond issuance and equity reached only about USD 3.9 billion.

What Happened

Speaking at the Hội nghị Thường trực Chính phủ với cộng đồng doanh nghiệp, Nguyễn Thanh Tùng, Chairman of the Board of Directors of Ngân hàng TMCP Ngoại thương Việt Nam (Vietcombank), said the core problem is that banks no longer hold surplus capital to supply the many large projects planned in the coming period. He cited Vietcombank’s own macroeconomic team’s estimate that average domestic savings stand at 36.5% of GDP, and noted the shortfall is larger once the informal economy is excluded.

The article, drawing on State Bank of Vietnam statistics and VIS Rating estimates, describes a system where deposit growth has improved but has not closed the gap with credit. The article does not specify the size, timing or lenders involved in any individual offshore loan or bond deal, and does not disclose which of the named banks have mandates in progress.

Market Context

VCB closed at VND 56,300 on 31 October 2026 on HOSE, the highest price among the four banks cited. ACB closed at VND 21,000, HDB at VND 22,400 and VPB at VND 22,950. The funding-gap narrative arrives as Vietnamese lenders balance strong credit demand from infrastructure and property projects against deposit rates that may need to rise to attract household savings, a combination that pressures net interest margins across the sector.

Strategic Significance

The thesis is that Vietnam’s banking system cannot fund a 10%+ growth target from domestic savings alone, which makes access to offshore wholesale funding a competitive differentiator rather than a tactical option. Banks with existing international relationships, dollar funding lines and investment-grade-adjacent profiles, a category in which Vietcombank is typically placed, can secure longer-tenor capital at tighter spreads and support large project lending without straining local deposit competition. Smaller or faster-growing peers such as HDB and VPB face a higher cost of foreign capital and greater reliance on domestic deposits, which could widen funding-cost dispersion across the sector.

What to Watch

• State Bank of Vietnam monthly credit and deposit growth data to see whether the VND 2.35 quadrillion gap narrows further.
• Announcements of specific syndicated loan signings or offshore bond mandates from VCB, ACB, HDB or VPB, including size, tenor and pricing.
• Any sovereign or bank credit rating actions that would change the cost of offshore funding.
• Deposit rate movements at the four banks as an indicator of domestic funding strain.
• State Bank of Vietnam policy signals on foreign-ownership and offshore borrowing limits for credit institutions.