VPBank (VPB) and SMBC: Three Years On, Deputy CEO Kamijo Hiroki Maps the Next Phase

Overview

VPBank (ticker VPB, HOSE) has completed three years of strategic partnership with Sumitomo Mitsui Banking Corporation (SMBC), the core banking unit of Japan’s SMFG group, following the 2023 private placement of a 15% stake. Deputy CEO Kamijo Hiroki used an 8 October industry forum in Hà Nội to frame the tie-up as a platform for supply-chain, capital and talent cooperation as Vietnam’s FDI inflows become more demanding.

Key Facts

• VPBank signed a private placement agreement in 2023 to issue 15% of its charter capital to SMBC, making SMBC Group a strategic investor.
• Kamijo Hiroki serves as Deputy CEO and Head of Transaction Banking and Foreign Investment at VPBank.
• The remarks came at the “Kết nối doanh nghiệp Việt trong chuỗi cung ứng toàn cầu” forum on the morning of 8 October.
• Kamijo identified five capability clusters now prioritised by investors: supply chains and infrastructure; technology and digital capacity; talent and innovation; sustainability and green growth; and global partnership integration.
• SMBC is described as Japan’s second-largest commercial bank, with a multinational client network and international business relationships.
• VPB shares closed at VND 23,450 on 8 October 2026.
• The article does not disclose the original 2023 transaction value or any new capital commitments.

What Happened

Kamijo said Vietnam’s traditional advantages of competitive labour costs and a favourable manufacturing environment remain important but are no longer sufficient on their own. Investors, he argued, are now asking whether Vietnam can support complex and resilient supply chains, whether treasury operations can run at high speed with full transparency, whether talent for advanced industries is adequate, whether sustainability commitments can be met domestically, and whether the ecosystem can sustain long-term expansion.

He described the VPBank-SMBC relationship as a working example of connecting resources to produce concrete business outcomes. On supply chains, VPBank brings a digital platform, relationships with Vietnamese corporates and an SME ecosystem, while SMBC contributes a multinational client base, international business ties and demand from companies expanding operations in Vietnam, such as sales expansion. The article states the two sides are connecting these networks but does not quantify the resulting loan book, fee income or client numbers.

Market Context

VPB closed at VND 23,450 on 8 October 2026 on HOSE. The bank sits in a sector that has been unusually active in offshore fundraising, with Vietnamese banks raising foreign capital at record levels in 2026, a theme the source article links to in its related coverage. Q3 2026 earnings are also flagged as a potential positive surprise across large listed banks including Vietcombank, VietinBank, MB, Techcombank, VPBank and HDBank. The partnership narrative therefore lands against a backdrop of improving sector sentiment and heavy foreign-investor attention on Vietnamese bank capital structures.

Strategic Significance

The core thesis is that VPBank is converting a capital injection into a distribution and origination channel. SMBC’s Japanese and multinational clients need a local bank with digital infrastructure and SME reach; VPBank needs fee-based transaction banking, cross-border flows and a differentiated corporate franchise that does not rely solely on domestic lending spreads. If the model works, it gives VPB a structural advantage in servicing FDI-linked supply chains, a segment where foreign banks often lack local depth and domestic peers often lack global networks. The five capability clusters Kamijo cites also align with Vietnam’s policy push toward green growth and higher-value manufacturing, suggesting the partnership is positioned to capture policy-driven capital flows rather than just cyclical FDI.

What to Watch

• Q3 2026 earnings release for VPB, with attention to transaction banking and foreign-investment-related income lines.
• Any disclosure of new capital, guarantee or co-lending commitments between VPBank and SMBC.
• Foreign-ownership and charter-capital filings at VPBank confirming the 15% SMBC stake remains unchanged.
• Vietnamese FDI disbursement data and Japanese manufacturing relocation trends into Vietnam.
• Commentary from SMBC or SMFG on Vietnam exposure in their next group results.