Banks 'revive' after forced transfer, report profits again

One year after the compulsory transfer plan was implemented, the banks subject to restructuring recorded their first mark when they officially returned to profit.

Strong move to digital banking

At the end of 2024 and the beginning of 2025, 4 weak banks were forced to transfer, including: Ocean Commercial Bank (OceanBank) forced to transfer to Military Commercial Joint Stock Bank (MB), Vietnam Construction Commercial Bank (CBBank) forced to transfer to Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank), Global Petroleum Commercial Bank (GPBank) forced to transfer to Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Dong A Commercial Bank (Dong A Bank) forced to transfer to Ho Chi Minh City Development Joint Stock Commercial Bank ( HDBank ).

After the mandatory transfer, these 4/4 banks have simultaneously changed their names and have the same development orientation to become digital banks. Accordingly, DongA Commercial Bank (DongABank) officially changed its name to Vikki Digital Bank (Vikki Bank); Vietnam Construction Commercial Bank (CBBank) also changed its name to Digital Foreign Trade Bank (VCBNeo); Ocean Commercial Bank (OceanBank) changed its name to Modern Vietnam Bank (MBV); Global Petroleum Commercial Bank became Prosperity Era Commercial Bank, keeping the abbreviated name GPBank.

According to financial experts, guiding weak banks to switch to a digital banking model is the optimal solution in the context of financial services globalization. This model helps reduce operating costs, increase operational efficiency and minimize the impact of old brands, while creating a flexible financial ecosystem, meeting the digital consumption trend in Vietnam.

Comprehensive changes, from operating models to development thinking, are helping once-weak banks escape their old orbits, affirming a new, more dynamic and transparent image.

After the mandatory transfer, banks will simultaneously orient themselves towards developing into digital banks. Illustrative photo

GPBank, the first unit in the group to announce profits after only 5 months of taking over, made its mark when launching the GP.DigiPlus digital banking application. The minimalist, user-friendly interface suitable for ordinary users demonstrates GPBank's positioning as a popular digital bank, serving the majority of Vietnamese people.

Mr. Nguyen Huy Phach, General Director of GPBank, emphasized: “After the ownership transfer period, GPBank determined that digitalization is not only about applying technology but also about comprehensive change from thinking to operation. The bank is investing heavily in digital infrastructure, upgrading core technology, optimizing internal processes and product and service ecosystems.”

Backed by VPBank 's ecosystem of more than 30 million customers and strategic partner Sumitomo Mitsui Banking Corporation, GPBank has achieved positive profits since the end of the second quarter of 2025, with deposit growth reaching 20% ​​and organic credit increasing by 3%. The profit target of VND 500 billion in 2025 is considered feasible.

VPBank representative shared: “GPBank’s restructuring project does not stop at financial goals. We aim for two parallel goals: creating sustainable financial results and building a modern, reputable bank in the market with a clearly distinct mission.”

In this group, Vikki Bank also started making a profit after only 7 months of conversion. Under the 100% ownership of HDBank, Vikki Bank has attracted more than 1.3 million new customers and launched the Vikki Café branch model combining transaction space and digital service experience.

Previously, Mr. Pham Quoc Thanh, Vice Chairman of HDBank's Board of Directors, said: "HDBank focuses resources to support Vikki Bank in implementing three mandatory transition phases, ensuring the bank operates safely and sustainably, while accompanying staff to build a foundation for long-term development."

On MBV's side, Mr. Vu Thanh Trung, Vice Chairman of MB and Chairman of MBV, affirmed: "After more than 10 years of continuous losses, this year MBV will definitely stop losing money. Business activities are closely following the set plan and goals."

Vikki Bank started making a profit after only 7 months of conversion. Photo: Tuan Nguyen

Continue to speed up progress and remove bottlenecks

According to the State Bank of Vietnam, along with support mechanisms and close supervision from management agencies, the support of parent banks receiving transfers has created an important driving force to help the restructuring process go in the right direction.

In the first year of implementing the plan, the transferring banks have completed their organizational structure, strengthened senior personnel, changed their brand identity, and rebuilt their operating network to optimize costs and expand market share. This is a decisive step to ensure the restructuring process takes place synchronously, without disrupting the system.

Deputy Governor of the State Bank Pham Quang Dung assessed that the initial results achieved have shown the right direction of the compulsory transfer plan. However, this is only the first stage. The parties need to coordinate closely to thoroughly handle difficulties, especially in the process of handling bad debts and strengthening financial capacity.

According to the regulator, the ultimate goal of the program is to bring weak banks back to a healthy financial state, increase competitiveness and ensure system safety. In the next phase, the State Bank will continue to strengthen supervision, require the completion of bad debt settlement, improve capital capacity, and accelerate the process of transforming the operating model towards modern digital banking.

One year is not long in the restructuring process, but it is long enough to see clear signs of recovery. From financial institutions that were once burdened with losses, post-transfer banks are gradually becoming autonomous, growing sustainably and contributing to strengthening people's confidence in the banking system, an important foundation for the stability of Vietnam's financial market.

Governor of the State Bank Nguyen Thi Hong requested: “The banks receiving the transfer and the banks subject to compulsory transfer need to urgently and actively implement solutions so that the approved plan is implemented on schedule and on target. This is an important requirement to bring weak banks back to a healthy financial state, strengthening the confidence of depositors and the entire system.”

Source: https://congthuong.vn/ngan-hang-hoi-sinh-sau-chuyen-giao-bat-buoc-bao-lai-tro-lai-428711.html