CTG

The State Bank of Vietnam is finalizing a draft circular to replace Circular 22/2019 on safety limits and ratios, moving toward Basel III standards. Banks including ACB, VCB, BID, CTG, TCB, MBB, and VIB are actively discussing the draft at a risk management forum. The new rules will require tighter capital and liquidity management, potentially affecting profitability and dividend policies.

GMD saw proprietary trading desks net buy over VND 300 billion on July 20, accounting for nearly 70% of total proprietary net buying on HOSE. Foreign investors net sold VND 96 billion, with VCB leading the sell-off. The divergence highlights continued foreign outflow pressure while domestic institutions selectively accumulate logistics and real estate names.

National Securities (VCI) swung to a pre-tax loss of VND 97B in Q2/2026 from a profit of VND 42B a year earlier, driven by a 50% revenue decline and a 75% increase in operating costs. The loss was primarily due to a near-total collapse in gains from FVTPL financial assets, which fell from VND 96B to just VND 1B. The weak results underscore the impact of adverse market conditions on VCI's proprietary trading and brokerage income.

The State Bank of Vietnam is accelerating Basel III implementation by replacing Circular 22/2019/TT-NHNN, which governs safety limits and ratios for banks. The new circular will directly impact major state-owned lenders Vietcombank (VCB), VietinBank (CTG), and BIDV (BID), potentially tightening capital requirements and influencing their lending capacity and profitability.

BID, CTG, and VCB will close shareholder lists next week to pay cash dividends of 4.5% each, totaling over 10,500 billion VND. The payouts, scheduled for August 2026, provide a yield of about 4.5% at current prices, reinforcing the banks' capital return policies.

CTG and VCB will each disburse over VND 3,000 billion in cash dividends at 4.5% rate, with ex-date July 23 and 24 respectively. DBM pays the highest rate at 35%, benefiting major shareholder TRA. The payouts reflect strong cash positions but also signal limited reinvestment appetite.

SBV Governor Pham Duc An stated that interest rates are rising due to high credit demand and tight capital mobilization, directly impacting businesses. The central bank is considering expanding foreign currency lending and allowing commercial banks to manage assets for corporate bond issuance. This macro policy shift affects major banks including VPB, BID, CTG, VCB, and TPB.

Foreign investors net sold VND 2,080 billion (USD 83.2M) across Vietnam's market last week, with FPT being the most sold stock at VND 606 billion, while VNM led net buying at VND 328 billion. The sell-off contributed to a 40-point drop in the VN-Index, which closed at 1,787.45.

STB was the most sold stock by proprietary trading desks on July 17, with net selling of VND 78 billion, as part of a broader VND 479 billion sell-off by proprietary desks on HOSE. Foreign investors also net sold approximately VND 690 billion across the market, adding to selling pressure on Vietnamese equities.