Attracting international capital
With retail deposit rates hovering at 8–9 percent per year, banks are increasingly leveraging concessional funding from international financial institutions to reduce input costs and secure more affordable long-term capital.
Mr. Tran Khai Hoan, Acting CEO of Nam A Bank, said that the bank’s ability to maintain stable deposit interest rates recently has stemmed from its advantage in long-term funding sources, including international capital flows. In 2025, the bank raised approximately US$300 million from international financial institutions and aims to increase this to US$500 million by the end of the year. On March 25, Nam A Bank signed a memorandum of understanding with Proparco, a subsidiary of the French Development Agency (AFD), to develop and mobilize green finance.
Accordingly, Proparco is considering a five-year US$30 million loan to finance the bank’s green credit portfolio. At the same time, the bank has partnered with the International Finance Corporation (IFC) and officially joined the Global Trade Finance Program (GTFP). As an initial step, IFC is arranging a US$50 million trade finance package to help the bank expand its limits, support import-export businesses in reducing payment risks, and access international markets at more reasonable costs.
Similarly, Techcombank and EIB Global, the investment arm of the European Investment Bank, have signed a €200 million financing agreement. This long-term credit facility aims to promote climate resilience and sustainable development projects, including renewable energy, energy efficiency, and green transportation. Through this cooperation, Techcombank will establish long-term financing packages to supplement capital for green initiatives, particularly in the private sector, said Ms. Nguyen Thu Lan, Vice Chairwoman of Techcombank’s Board of Directors.
Earlier, SeABank secured an additional US$80 million investment from Proparco and the Dutch Entrepreneurial Development Bank (FMO) to strengthen its capacity to support small and medium-sized enterprises, especially women-led businesses, in accessing preferential financing.
Accelerating bond issuance
Alongside international funding, commercial banks are also ramping up bond issuance to supplement medium- and long-term capital. Statistics show that in the first two months of 2026, total corporate bond issuance reached nearly VND8.5 trillion (US$323 million), up 7.4 percent year-on-year. In February alone, issuance totaled approximately VND4.8 trillion (US$182 million), up 29 percent from the previous month and 103 percent compared to the same period last year. The banking sector accounted for a dominant share, with more than VND5.5 trillion (US$209 million), or about 65 percent of the total market.
Specifically, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) led with VND3.3 trillion (US$125 million), followed by VietinBank with VND2.2 trillion (US$83.5 million), offering interest rates ranging from 6.8 percent to 6.85 percent per year. A BIDV representative noted that the bank currently provides about VND2.3 quadrillion (US$87 billion) in funding to the economy, including nearly VND1.2 quadrillion (US$45.5 billion) in outstanding loans to businesses. Moving forward, the bank will continue enhancing its capital arrangement capacity for large-scale projects, developing value-chain financing, expanding international cooperation, and diversifying long-term funding instruments such as bonds and green bonds.
According to Dr. Le Duy Binh, CEO of Economica Vietnam, bond issuance is an effective channel for banks to increase long-term capital, improve capital structure, and reduce reliance on short-term retail funding. Therefore, diversifying funding sources is a key solution to stabilizing interest rates and achieving sustainable growth.
Economic experts estimate that to achieve double-digit growth, the economy will require approximately VND4.9 quadrillion - VND5 quadrillion (US$186 billion - US$190 billion) in capital in 2026. As the banking system remains the primary capital channel, proactively securing stable and low-cost funding sources is particularly critical. In addition to seeking external funding, increasing charter capital for state-owned commercial banks has become an urgent requirement to enhance their lending capacity.
According to Deputy Governor of the State Bank of Vietnam Pham Thanh Ha, the central bank has proposed the early institutionalization of policies outlined in Resolution No. 79-NQ/TW dated January 6, 2026, issued by the Politburo on developing the state sector. It also supports allowing state-owned commercial banks to use retained earnings to supplement capital. This is seen as a key measure to strengthen financial capacity and create room for credit expansion.
Financial expert Le Hoai An noted that state-owned banks play a leading role in the new growth model, guiding capital flows into key sectors such as infrastructure, energy, and technology.
These banks are currently participating in a VND100 trillion (US$3.8 billion) preferential credit package for the 2025–2026 period, with interest rates 1 percent–1.5 percent lower than market levels. However, their capital adequacy ratios remain among the lowest in the system. Therefore, timely capital increases and diversification of funding sources will help ease pressure on profit margins and enable banks to prioritize system stability.
