Vietcombank is the first Vietnamese bank to participate in the IFC. — Photo vietcombank.com.vn

HÀ NỘI — State-owned lender Vietcombank is preparing to set up a subsidiary bank within the Vietnam International Financial Centre (IFC) as it seeks to expand its presence in the country’s emerging financial hub.

Under a resolution approving preparations for its 2026 annual general meeting of shareholders released this week, the bank’s board of directors will submit a proposal to establish a wholly domestically owned commercial bank operating in the IFC. The AGM is scheduled for April 24.

Vietcombank is not the first Vietnamese bank to participate in the IFC. Nam A Bank, HDBank and digital bank Vikki have received certificates recognising their official membership.

Besides Vietcombank, VietinBank also announced that it is studying either establishing a subsidiary bank or a suitable legal entity to conduct business at the IFC. At a recent meeting with investors, representatives of VietinBank said the bank was closely monitoring the legal process and awaiting approval from the State Bank of Vietnam.

Notably, VietinBank's strategy at the IFC is part of an overall expansion into new areas. Specifically, in the fintech sector, the bank aims to cooperate with start-ups under the ecosystem of its strategic shareholder Japan’s Mitsubishi UFJ Financial Group (MUFG) in payments, lending and insurance according to a pilot programme planned for 2026-27. In the digital asset sector, VietinBank identifies its role as an intermediary payment bank for this market.

With the directions, the IFC can become a ‘launching pad’ for VietinBank to test new business models in a better risk-controlled environment.

At Vietcombank's AGM this year, shareholders are expected to consider several other key matters at the meeting, including a report on 2025 operations and the 2026 business orientation, the audited 2025 financial statements and profit distribution plan, remuneration for members of the board of directors and supervisory board in 2026, and the election of additional supervisory board members for the 2023–28 term. The bank also plans to increase its charter capital using its capital reserve fund, subject to approval.

In 2025, Vietcombank reported pre-tax profit of VNĐ44.02 trillion (US$1.67 billion), up 4 per cent year on year. After-tax profit reached nearly VNĐ35.2 trillion, also a 4 per cent rise.

As of December 31, 2025, total assets rose 17 per cent to more than VNĐ2.4 quadrillion.

For 2026, the bank targets pre-tax profit growth of at least 5 per cent compared to 2025, with the potential to approach 10 per cent if economic conditions improve. Credit growth is projected at a minimum of 13 per cent and could reach 20 per cent if the economy strengthens and borrowers meet lending criteria. The bank said it aims to maintain deposit growth above credit growth to safeguard liquidity.

Vietcombank also plans to issue privately placed bonds in 2026 under an approved scheme to bolster its capital base and maintain its capital adequacy ratio. — BIZHUB/VNS