The "health" status of the four mandatorily-transferred banks was revealed at a preliminary review conference held by the State Bank of Vietnam (SBV) on the afternoon of October 9th, covering the implementation of the mandatory transfer plans after nearly one year.
The four banks under mandatory transfer are:
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OceanBank, transferred to MB, and renamed Vietnam Hien Dai Bank (MBV).
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Construction Bank (CB), transferred to Vietcombank, and renamed Vietcombank Neo Digital Technology Bank (VCBNeo).
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DongA Bank (DongA Bank), transferred to HDBank, and renamed Vikki Digital Bank (Vikki Bank).
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Global Petro Bank (GPBank), transferred to VPBank, and recently renamed Ky Nguyen Thinh Vuong Bank (GPBank).
Key results and operational improvements
According to the SBV’s assessment, the mandatory transfers have yielded positive results after nearly a year of implementation:
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Organizational Structure and Branding: The transferred banks have finalized their organizational models, reinforced their senior personnel, and successfully implemented changes in names and brand identities, which is gradually building customer confidence.
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Operational Network and Technology: The banks have actively reviewed and reorganized their operating networks, progressively upgrading and transforming their IT systems to meet continuous business needs and ensure security and safety.
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Financial Performance: The business operations of the transferred banks have shown a positive shift. They have recorded high growth in total assets, mobilized capital, and outstanding loans. NPLs are being handled step-by-step, and several institutions are now reporting profits or reduced losses compared to the same period in 2024.
Essentially, the four transferred banks have initially adhered to and executed the plan for the first year of Phase 1 of the mandatory transfer scheme.
Leadership directives and future outlook
SBV Governor Nguyen Thi Hong and Deputy Governor Pham Quang Dung directed and assigned the receiving and transferred banks to urgently and actively implement solutions to ensure the mandatory transfer plan is executed strictly according to the contents approved by the competent authorities.
Individual Bank Commitments
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Vikki Bank (HDBank): At HDBank's 2025 Annual General Meeting of Shareholders (AGM), CEO Pham Quoc Thanh stated that Vikki Bank is undergoing a comprehensive restructuring, specifically transforming from a bank under special control into Vikki Digital Bank. Mr. Thanh confirmed the bank is “changing its skin and bones” without bottlenecks in the transition, and they will deploy a strategy focused on retail and SME segments, aligning with the group's overall development strategy.
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GPBank (VPBank): At VPBank's recent AGM, CEO Nguyen Duc Vinh affirmed that 2025 will be the first year GPBank achieves a profit after a long period of losses. Previously, GPBank lost billions of VND annually; this year, it is projected to achieve a minimum profit of VND 500 billion.
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MBV (MB): At a recent online Investor Conference hosted by MB, Mr. Vu Thanh Trung, Vice Chairman of MB's Board of Directors and Chairman of MBV's Board of Directors, reported that MBV’s business operations are closely tracking the set goals and plans.
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VCBNeo (Vietcombank): Information regarding VCBNeo’s business performance has not yet been disclosed.
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