BVBank’s new milestone

BVB stock's 12-month trailing P/E ratio compared to the median 12-month trailing P/E of the VN-Index.

The listing of BVB on HOSE has been nurtured by the bank for quite some time through several General Meetings of Shareholders in recent years. However, due to unfavourable market conditions, the plan had been postponed until now.

Favorable conditions for a new strategy

Despite positive macroeconomic indicators, the stock market remains under weak cash flow conditions, facing net selling pressure from foreign investors and being dominated by a few large-cap stocks, while many other stocks continuously fall to low valuations.

However, against the backdrop of a low-valuation market in the medium and long term, a bright future remains ahead as credit expansion promises to stimulate investment cash flow into the economy and open opportunities for banks. The trend of anticipating capital flows from the upcoming market upgrade starting in September—and further towards higher standards—remains fully relevant. In this context, BVBank, which is positioning itself as a universal digital retail bank focused on customer segments with good cash flow, stands to gain greater opportunities by choosing the right timing for listing.

The advantages for BVBank broaden further as it targets elevated valuation and liquidity through its presence on HOSE, opening doors to transparency and brand elevation. By enhancing access to foreign investment funds and large institutions—while simultaneously unlocking retail investor capital through future margin trading eligibility—it will contribute to uplifting BVB’s valuation and stock value.

BVBank’s philosophy of "timing meets opportunity" aligns seamlessly with leadership’s vision of a broader stock market held in high expectation, alongside the role of the banking system affirmed by leading officials that "the country's growth brings massive opportunities and requires major contributions from banks."

What does BVBank have?

Ahead of its listing, BVBank received a credit rating of B with a "Stable" outlook from the international rating agency Fitch Ratings. This rating holds positive significance on its journey to approach institutional investors and major strategic partners—the bank's international counterparts.

On July 21, 2026, more than 640 million BVB shares of Ban Viet Joint Stock Commercial Bank (BVBank) were officially listed and traded on the Ho Chi Minh City Stock Exchange (HOSE).

Fitch Ratings highlighted BVBank's rating outcome based on three main factors: safe liquidity management with tight risk governance, an effective digitalization strategy, and a strengthened capital position. In the context of a system emphasizing liquidity, capital capacity, and new LDR calculation methods that significantly dictate competitiveness, BVBank's recognized capability in safe capital management, alongside a portfolio with high-quality collateral and a moderate loan-to-value (LTV) ratio, stands out as a key highlight.

Furthermore, BVBank's digitalization strategy is no longer just a discussion topic regarding a bank's survival amidst broader trends. It is not merely a "weapon"; the bank itself must become a machine driven by digital technology. Today, BVBank's digital ecosystem has become its primary growth engine.

In 2026, BVB aims to build a comprehensive ecosystem, enhancing convenience and synchronizing with the Digistore and Digimi platforms to expand its customer base by over 30%—an ambitious yet feasible target given that its digital channel growth reached 27% in Q1 2026, proving BVB's precise strategy targeting the retail segment.

In Q1 2026, BVBank reported a pre-tax profit of VND 215 billion, a 170% increase year-on-year, while post-tax profit reached VND 172 billion. For the full year 2026, BVBank plans to present a pre-tax profit target of VND 700 billion to the AGM, representing a 34% increase compared to 2025. Thus, in Q1 2026 alone, BVBank completed approximately 30.71% of its full-year pre-tax profit goal.

As of early July 2026, BVB’s P/E relative to the VN-Index closed at 17.4%, indicating that the stock is trading at a 17.4% valuation premium compared to the general market. Coupled with expectations of creating additional headroom for capital raising, improving stock liquidity, enhancing information transparency, and approaching major funds and institutions, BVB stock is eagerly watched by investors seeking to build alpha portfolios.

Nevertheless, given BVBank's credit growth momentum (15% in 2025, lower than overall market growth) and its heavy reliance on net interest income (accounting for 92% of profit), investors should continue monitoring its progress in leveraging policy benefits and managing non-performing loans (NPLs) to achieve synchronized targets in this new growth phase.