VPBank and MB Lead Surge in Customer Loan Growth as Banking Sector Navigates Third Quarter of 2026

As of the close of the third quarter on September 30, 2026, the Vietnamese banking sector has demonstrated significant expansion in credit allocation, signaling a resilient recovery and aggressive pursuit of market share among commercial institutions. Data compiled from 30 major domestic commercial banks—excluding SCB and four entities currently undergoing mandatory transfer—reveals that total customer loans reached approximately 17.47 quadrillion VND. This figure represents an increase of 1.75 quadrillion VND since the beginning of the year, reflecting a robust sector-wide growth rate of 11.13%. While the "Big 4" state-owned banks continue to maintain a dominant foothold in the market, the most notable activity during this nine-month period originated from joint-stock commercial banks, particularly VPBank and MB, which have aggressively expanded their lending portfolios.

The Shift in Market Dynamics: Beyond the Big 4

Traditionally, the Big 4 banks—Agribank, BIDV, VietinBank, and Vietcombank—have dictated the pace of credit growth in Vietnam. However, the first three quarters of 2026 have highlighted a departure from this norm. While the Big 4 continue to command roughly 47.5% of the total outstanding loan volume among the surveyed institutions, their growth rates have largely remained moderate, often trailing behind the more agile joint-stock banks.

VPBank and MB have emerged as the primary engines of credit growth in terms of absolute volume. VPBank, in particular, achieved a milestone by surpassing the 1 quadrillion VND threshold in customer loans, reporting a total of 1.085 quadrillion VND by the end of September. This represents an increase of over 252 trillion VND since the start of the year, pushing the bank’s credit growth rate beyond the 30% mark. Similarly, MB has demonstrated exceptional performance, adding 196 trillion VND to its loan book, reaching a total of 1.215 quadrillion VND. These figures underscore a strategic pivot by these institutions to capture market share in both retail and corporate sectors, taking advantage of the shifting economic landscape.

Chronology of Credit Expansion (Q1–Q3 2026)

The trajectory of lending in 2026 has been marked by a gradual yet steady acceleration. In the first quarter, credit growth was characterized by seasonal adjustments as banks recalibrated their lending policies in line with the State Bank of Vietnam’s (SBV) broader macroeconomic targets. By the second quarter, mid-year incentives and reduced interest rate environments began to spur demand from both households and enterprises.

The third quarter acted as a catalyst for the double-digit growth observed in the latest reporting cycle. During this period, several mid-sized banks, such as HDBank and LPBank, intensified their lending activities to support local infrastructure and small-to-medium enterprise (SME) development. By the end of September, the cumulative data solidified a trend: while state-owned entities prioritized stability and systemic support, private joint-stock banks prioritized rapid scaling and diversification of their portfolios.

Detailed Data Analysis of the Top Performers

The competitive landscape of the banking sector is best illustrated by the disparity in growth rates between established giants and high-growth challengers. According to the data as of September 30, 2026:

• BIDV maintains its position as the largest lender in the country with 2.47 quadrillion VND in outstanding loans, reflecting a steady 8.14% growth.
• Agribank has successfully crossed the 2.1 quadrillion VND mark, achieving an 8.8% growth rate, which is notable given the bank’s historical focus on agricultural credit.
• VietinBank also crossed a historic threshold, exceeding 2.08 quadrillion VND in total loans, with a year-to-date growth rate of 7.28%.
• Vietcombank, often the most conservative of the Big 4, reported negligible growth in its loan book, holding steady at 1.62 quadrillion VND, suggesting a strategic focus on asset quality and liquidity management over aggressive credit expansion during this period.

In the high-growth category, NCB stands out with an impressive 54.5% growth rate, followed by PVcomBank at 30.4% and VPBank at 30.29%. These figures suggest that smaller, more specialized institutions are successfully identifying niche markets that remain underserved by the larger, more traditional banks.

Implications for the Broader Economy

The surge in credit growth has profound implications for the Vietnamese economy. Increased lending is generally correlated with higher consumption, capital expenditure, and business expansion. As banks move closer to their annual credit quotas set by the central bank, the influx of capital is expected to provide a necessary boost to the manufacturing, construction, and service sectors as they enter the final quarter of the year.

However, the rapid growth also necessitates a vigilant regulatory approach. Financial analysts suggest that the central bank will likely monitor the asset quality of banks with the highest growth rates to ensure that the expansion is not driven by high-risk, non-performing loans. The contrast between the aggressive expansion of banks like VPBank and the near-zero growth of Vietcombank highlights a divergence in risk appetite within the industry. While some banks see the current economic environment as an opportunity to secure market share, others are prioritizing the maintenance of their capital adequacy ratios and the mitigation of credit risks in an uncertain global climate.

Official Stance and Market Reaction

While specific executive commentary on individual bank performance is typically reserved for shareholder meetings, the general sentiment within the banking sector is one of guarded optimism. Industry experts note that the 11.13% growth rate across the surveyed 30 banks is in alignment with the government’s targets for sustainable economic development.

The successful navigation of the first nine months of 2026 by these institutions suggests that the digital transformation initiatives—which have allowed banks to streamline the loan approval process—are finally bearing fruit. Furthermore, the diversification of loan products, including green credit and digital lending for SMEs, has played a pivotal role in maintaining momentum despite inflationary pressures.

Future Outlook for the Final Quarter

As the banking sector enters the final months of 2026, the focus will likely shift from pure volume growth to the quality of the loan book and the recovery of interest income. With the Big 4 continuing to hold nearly half of the total market share, their influence remains the primary anchor for the nation’s financial stability. However, the sustained growth of the joint-stock sector indicates a maturing market where competition is driving efficiency.

Looking ahead, banks will face the challenge of managing potential liquidity fluctuations while supporting the seasonal demand for credit in the lead-up to the end-of-year fiscal period. Analysts expect the central bank to continue its flexible interest rate policy to ensure that credit remains accessible to critical sectors while preventing the overheating of the real estate or speculative markets.

In conclusion, the third quarter of 2026 has been a defining period for the Vietnamese banking system. The record-breaking performance of institutions like VPBank and the consistent stability of the Big 4 have created a multifaceted landscape. As the year draws to a close, the sector appears well-positioned to meet its overall annual targets, provided that the current momentum in credit expansion is balanced by sound risk management practices and proactive regulatory oversight. The data clearly demonstrates that while the industry is expanding, the strategies employed by individual banks are becoming increasingly varied, reflecting a dynamic and evolving financial ecosystem.