Vietnam's listed banks raise the share of medium- and long-term lending

Published 28 Sep 2026Data as of 8 Sep 2026VietnamCompetition & capital

Correction: Headline specifies that coverage is listed banks; circular number and effective timing added. English version: the Japanese draft rendered 'quadrillion' with the Japanese unit kei (ten to the sixteenth), a tenfold overstatement; the English and metric data use quadrillion, consistent with the USD equivalents.

Medium- and long-term loans at the 27 listed banks reached VND 7.29 quadrillion (about USD 276.1 bn), 47.3% of total loans (up 0.9 pt from end-2025)
The SBV raised the cap on short-term funds used for medium/long-term lending to 40% (raised from 30%, effective from the start of Q3 2026)
Net interest margin was 3.15% (up 16 bp q/q), driven by lending rather than lower funding costs

Facts

Loan mix (27 listed banks, end-Q2 2026): long-term loans were over VND 5.1 quadrillion (+11.2%; 33.1% of total loans (growth basis mixed in source)) and medium-term loans over VND 2.19 quadrillion (+11%; 14.2% of total loans (growth basis mixed in source)), for a combined VND 7.29 quadrillion (about USD 276.1 bn) and a share of 47.3% ¹ (up 0.9 pt from end-2025). Total loans were about VND 15.42 quadrillion (+8.9% from end-2025) and short-term loans over VND 8 quadrillion (+6.8%; 52% of total loans). The article mixes end-2025 and year-on-year bases for growth rates, and the exact basis is unverified. Source: Vietstock (2026-09-08).

Regulation: under Circular 25/2026/TT-NHNN, the State Bank of Vietnam (SBV) raised the maximum share of short-term funds that may be used for medium- and long-term lending to 40% (raised from 30%, effective from the start of Q3 2026). Source: as above. The circular text has not been obtained.

By bank and earnings: the medium- and long-term share was 72.5% at NCB, 72.1% at OCB and 60% at VPBank (long-term loans of VND 334.7 trn, +40.5%). The annualised NIM of the listed banks was 3.15%, up 16 bp q/q. Source: as above.

Analysis

Over time, the medium- and long-term share rose up 0.9 pt from end-2025 to end-Q2. The higher cap on short-term funding applies from Q3, so the increase to Q2 began before the easing; the effect of the higher cap is still to come.

ADB notes that relatively thin capital and persistent maturity mismatches narrow the room for rapid credit expansion at Vietnamese banks (September 2026). Easing that lets banks fund more long-term loans with short-term deposits supports margins but tends to widen this mismatch.

Implications

ExecutivesLenders offering long-term credit for housing or durables need underwriting that tests repayment under higher rates, and longer-dated funding becomes more important.

InvestorsIf NIM improvement reflects longer loan tenors, bank valuations should factor in the risk of margin reversal when rates rise.

OperatorsThe more banks tilt towards long-term lending, the more room may remain for non-bank lenders in short-term, small-ticket consumer credit.

Counterpoints and uncertainties

The data cover only the 27 listed banks, not unlisted banks or the full system. Without data on deposit maturities, the actual widening of the maturity mismatch cannot be confirmed. The attribution of NIM improvement reflects the press interpretation.

Figures: see definitions

Medium- and long-term share of loans, listed banks: 47.3% (up 0.9 pt from end-2025). Medium- plus long-term loans / total loans. 27 listed commercial banks (Vietstock compilation). Basis date: 30 Jun 2026. Source: Vietstock: Banks boost medium- and long-term lending (2026-09-08)

Sources

Reports are for information only and are not investment advice. Methodology: sources, verification and definitions