The wave of stock issuance spreads throughout the banking system.

The "sprint" of major banks

The final months of the year are becoming the busiest time for the banking market when a series of banks simultaneously activate plans to issue shares to increase charter capital. The "sprint" atmosphere is clearly shown through the speed of approval, information disclosure and completion of documents of banks from state-owned to private groups, showing that the pressure to strengthen financial capacity is stronger than any time of the year.

Since the fourth quarter of 2025, VietinBank has initiated a wave of capital increase by approving the plan to issue nearly 2.4 billion shares to pay dividends, equivalent to 44.63% of the total outstanding shares. After the issuance, the bank's charter capital is expected to increase sharply from VND 53,700 billion to VND 77,669 billion.

Previously, the State Bank approved the policy of adding State capital to VietinBank, and the Government Office also issued a notice approving the dividend payment in shares. These almost consecutive moves created an important driving force for VietinBank to enter the phase of increasing its largest capital scale in many years.

HDBank is the second name to join the race when it approved a plan to issue nearly 1.158 billion shares to pay dividends and issue bonus shares at a total rate of 30%. Of which, more than 965 million shares will be used to pay dividends at a rate of 25%, while nearly 193 million shares will be bonus shares at a rate of 5%. After the issuance, HDBank's charter capital is expected to increase from VND38,594 billion to VND50,172 billion.

Previously, the bank also completed the issuance of nearly 349.3 million convertible bonds to three institutional shareholders, increasing its capital scale by VND3,493 billion. The series of continuous actions shows the determination to expand its capital scale to meet the growth rate of the service ecosystem and business expansion plans.

Saigonbank is also facing the next capital increase through the issuance of more than 22 million shares from undistributed accumulated profits, at a rate of 6.5% for existing shareholders. This is one of the small-scale banks but has a relatively early speed in preparing documents, showing that the need to improve financial capacity does not only occur in the group of large banks.

*The supply of bank stocks in the last quarter of the year became more abundant than ever. Illustrative photo*

Along with these three banks, many other banks such as Vietcombank, BIDV, VIB, Nam A Bank, MB, TPBank, SHB, MSB or LPBank also simultaneously implemented plans to pay dividends in shares or issue bonus shares.

Regarding the State banking sector, the Government has requested to accelerate the progress of increasing charter capital for Vietcombank, VietinBank and BIDV according to Resolution 273/NQ-CP, to ensure that pillar banks maintain capital safety levels in the context of increasingly strict risk management standards.

This continuous wave has made the supply of bank stocks in the last quarter of the year more abundant than ever. However, according to analysts, the previous correction of bank stocks, along with the recovery prospects in the real estate market, is creating room for cash flow to return to large-cap stocks in the short term. Even if the valuation level is no longer as attractive as at the beginning of the year, the medium-term outlook of the industry is still considered positive thanks to the ability to expand the ecosystem and the strategy of boosting non-interest income of many banks.

Capital adequacy pressure and capital restructuring

According to financial experts, under the pressure of Basel II standards and increasingly high risk management requirements, raising charter capital has become an almost mandatory task for all banks, especially in the context of the expected continued expansion of credit growth demand in 2026. The recovery of the economy after a period of strong adjustment, combined with the need to recapitalize businesses, requires banks to have enough capital space to support the economy while still ensuring safety ratios.

For state-owned banks, the pressure is even greater when the State equity capital needs to be supplemented according to the roadmap. Therefore, the requirement to "accelerate capital increase" has been emphasized by the Government in many documents, making the stock issuance plans of Vietcombank, VietinBank and BIDV a key task in the period of the end of the year and early next year.

From a market perspective, the sharp increase in the supply of bank stocks may put short-term pressure on prices. However, experts believe that the legalization of Resolution 42 on bad debt settlement, along with signs of recovery in the real estate market, will improve asset quality, thereby supporting the profitability of banks in the coming year. In addition, the expansion of the service ecosystem and cross-selling strategies of many large banks will create momentum to maintain growth even when net profit margins are under pressure.

Reports from market analysis organizations also show that banking groups are restructuring their operations to diversify their revenue sources. The establishment of life insurance companies, securities companies or the promotion of retail banking are proof of this strategy. The multi-service banking model, interconnected with many fields, is helping banks reduce their dependence on traditional interest income and increase long-term stability.

The overall picture of the banking system at the end of 2025 therefore appears with two distinct colors: pressure on safety standards and opportunities to restructure capital scale. The wave of stock issuance from leading banks to mid-sized banks shows that the market is entering a phase of large-scale capital restructuring. This is not only a simple financial task but also a foundation for the banking industry to prepare for the next growth cycle in the context of a strongly moving economy.

The year-end capital race, therefore, not only reflects the individual strategies of each bank but also marks an important turning point for the entire system on the journey to improve internal strength and adapt to the new context. When issuance plans are deployed simultaneously from the fourth quarter of 2025 to early 2026, the market expects a new capital level to be established, creating momentum for the banking industry to enter a stage of development of higher scale and quality in the coming years.

Source: https://congthuong.vn/lan-song-phat-hanh-co-phieu-lan-rong-trong-he-thong-ngan-hang-431671.html