BUILDING A PIONEERING MINDSET
SPEEDING UP GROWTH
04
BOARD OF MANAGEMENT’S REPORT
Board of Management’s Report and Assessment
Members of the Board of Directors and Board of Management of HDBank and Vikki Bank at the Mid-year Business Performance Review 2025.
2025 marked a period of relative stability for the global economy following a prolonged monetary tightening cycle, as inflation in major economies was gradually brought under control. This environment enabled many central banks to adjust policies with flexibility and caution. Global growth remained above 3%, reflecting a positive yet fragmented recovery, while geopolitical risks, commodity price volatility, and international capital flows continued to pose potential impacts on financial and monetary markets.
Vietnam’s economy sustained its recovery momentum with an impressive GDP growth rate of 8.02%, supported by improved manufacturing and exports, accelerated public investment, a rebound in domestic consumption, and a surge in trade and tourism. Nevertheless, the uneven recovery across sectors, challenges in the real estate and corporate bond markets, and rising capital cost pressures for the corporate sector continued to weigh on the economy.
Against this backdrop, the banking sector persisted as a cornerstone of macroeconomic stability. The State Bank of Vietnam (SBV) managed monetary policy with proactivity and flexibility to stabilize interest rates and exchange rates while controlling inflation and directing credit growth toward systemic safety. Financial institutions focused on fortifying their financial health, managing asset quality, accelerating digitalization, and diversifying revenue streams to enhance operational efficiency and build a safe and sustainable foundation for future development.
View moreImprovements in Organizational Structure and Management Policies
Streamlining the organizational structure toward modernity and efficiency
In June 2025, HDBank launched a new organizational model focused on: streamlining the organizational structure and enhancing executive capabilities; expanding career growth opportunities for every employee; fostering a modern, agile, and customer-centric workplace; and enhancing competitiveness and innovation resilience in the digital age.
DRIVING BANKING INITIATIVES - ENHANCING SYSTEM-WIDE OPERATIONAL EFFICIENCY
In 2025, HDBank deployed hundreds of initiatives, delivering optimal and outstanding efficiency:
View moreSTRATEGIC BUSINESS DIRECTIONS AND OBJECTIVES
2026 Business Objectives
The global economy in 2026 is anticipated to face ongoing challenges, characterized by slowing growth and rising structural risks, particularly from public debt in major economies and prolonged geopolitical tensions. Domestically, given Vietnam’s high degree of economic openness, the economy remains directly exposed to global commodity price volatility, which fuels inflation and exchange rate risks amidst rising trade protectionism and tariff tensions. Additionally, the imbalance between credit growth and capital mobilization, coupled with competitive pressure from alternative investment channels, poses significant challenges to systemic liquidity and funding costs within the banking industry.
In response, the banking sector confronts a dual requirement: ensuring funding balance, risk control, and net interest margin (NIM) maintenance while simultaneously increasing investment in digital transformation, adopting new business models, approaching international governance standards, and promoting sustainable finance. These challenges offer an opportunity to restructure toward a high-quality and efficient growth model. This is an essential screening phase, where credit institutions with solid governance foundations and high risk-control capacities effectively connect large-scale ecosystems to generate synergistic value and long-term competitive advantages.
Accordingly, HDBank has proactively developed our 2026 business plan based on a prudent, safe, and efficient growth orientation, guided by the “5T” core values (Trailblazing, Trustworthy, Thorough, Thoughtful, and Truehearted). We will prioritize restructuring our funding base to optimize cost efficiency, enhancing credit quality through green economy priorities, and strategic supply chains. Furthermore, we will accelerate the development of business models that increase the proportion of non-interest income, with “Happy Digital Bank” as a core strategic pillar. These directions will enable HDBank to enhance our adaptability to market volatility, achieve sustainable growth, and optimize value for our customers, shareholders, and stakeholders.
Unit: VND billion
| Item | 2025 | 2026 | Growth vs. 2025 |
|---|---|---|---|
| Total assets | 931,104 | 1,194,481 | 28% |
| Owner’s equity | 78,286 | 103,088 | 32% |
| Total deposits(*) | 831,504 | 1,060,595 | 28% |
| Including Customer deposits + valuable papers | 648,149 | 821,773 | 27% |
| Total credit(**) | 588,022 | 804,562 | 37% |
| Profit before tax | 21,346 | 30,100 | 41% |
| NPL (per Circular No. 31/2024/TT-NHNN)(***) | 1.66% | ≤ 2% |
(*) Total deposits include borrowings from the Government and the State Bank of Vietnam, customer deposits, valuable papers, trusted investment funds, deposits, and lending from credit institutions.
(**) Total outstanding credit shall not exceed the growth limit approved by the SBV.
(***) NPL ratio: is calculated in accordance with Circular No. 31/2024/TT-NHNN.
2026 Action Goals
01
HDBank remains steadfast in becoming a leader in innovation and digitalization
In 2026, we will focus on developing digital-first financial offers, while promoting technology application to optimize operational processes and continuously enhance customer experience.
02
HDBank will elevate governance standards and system safety
We will continue to refine our risk management framework, ensure compliance, and enhance transparency in products and information, while raising system security and data protection standards, aiming to become a trusted long-term financial partner for customers, investors, regulators, and all employees.
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HDBank places customers at the center of every business decision
In 2026, we will implement synchronized service standards and accelerate the personalization of financial solutions tailored to the actual needs of each customer segment.
Dedication lies not only in service attitude but also in the responsibility to accompany customers throughout the financial lifecycle, thereby facilitating their safe, efficient, and sustainable development.
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HDBank is committed to responsible and human-centric banking
We remain committed to a sustainable growth strategy tied to social responsibility. Business activities must ensure transparency, humanity, and alignment with customers’ financial capacities.
Concurrently, we will continue to contribute actively to the community through social welfare and financial education programs, in line with our philosophy of ethical and responsible business conduct.
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HDBank will strengthen employee engagement and drive sustainable development
We prioritize building a fair and professional workplace, enabling every employee to develop a long-term career, with opportunities for meaningful contribution and personal growth.
We identify people as our most valuable asset, and human capital development stands as one of HDBank’s three core pillars, alongside the pillars of capital and technology.
Explanation of the Board of Management to Auditor’s Opinion
Deloitte Vietnam Company Limited gives no qualified opinion, emphasis of matter or other matter on the 2025 financial statements of Ho Chi Minh City Development Joint Stock Commercial Bank.
