External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

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<ul><li>Credit expansion showed signs of moderation in 3Q25 as lending approached the annual target.</li><li>Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.</li><li>The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Credit expansion showed signs of moderation in 3Q25 as lending approached the annual target.Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking Sector - 3Q25 Update and Outlook - Task on Track

<ul><li>Vietnam’s banking sector remained on a concrete footing in 2Q25, continuing the momentum established in 1Q25. </li><li>Credit growth reached 9.9% YTD in 1H25, marking a sharp acceleration of 6%p (1Q25: 3.9%).</li><li> This surge in credit expansion was not merely market-driven, but also stemmed from decisive policy guidance. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Vietnam’s banking sector remained on a concrete footing in 2Q25, continuing the momentum established in 1Q25. Credit growth reached 9.9% YTD in 1H25, marking a sharp acceleration of 6%p (1Q25: 3.9%). This surge in credit expansion was not merely market-driven, but also stemmed from decisive policy guidance. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking Sector - 2Q25 Update and Outlook - Dual Mandate

<ul><li>Credit growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24, showing a quarterly increase of 3%p (QoQ).</li><li>This aligns with the growth rates seen during high-growth years in the past half-decade.</li><li>Recently, the SBV Governor stated that credit growth reached nearly 10.1% YTD (or 16.6% YoY) by end-October and expressed confidence that the 15% target for 2024 will be met. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Credit growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24, showing a quarterly increase of 3%p (QoQ).This aligns with the growth rates seen during high-growth years in the past half-decade.Recently, the SBV Governor stated that credit growth reached nearly 10.1% YTD (or 16.6% YoY) by end-October and expressed confidence that the 15% target for 2024 will be met. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking Sector - 9M24 Update and Outlook - Letting the Recovery Simmer

External broker reports(aggregated public sources), Vietcap

Vietcap

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<ul><li>Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging.</li><li>Banks under our coverage reported higher credit growth for 9M 2024 compared to the industry average (11.3% vs 9.0%), with standout performances from private banks like TCB (+17.5%), HDB (+16.6%), ACB (+13.8%), and LPB (+16.1%).</li><li>System-wide deposit growth in 7M 2024 remained weak at around 1.7%. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging.Banks under our coverage reported higher credit growth for 9M 2024 compared to the industry average (11.3% vs 9.0%), with standout performances from private banks like TCB (+17.5%), HDB (+16.6%), ACB (+13.8%), and LPB (+16.1%).System-wide deposit growth in 7M 2024 remained weak at around 1.7%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q3 2024 Banking Earnings Wrap-Up - Resilient Earnings Growth Despite NIM Contraction

<ul><li>Credit growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.</li><li>Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.</li><li>While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the period. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Credit growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the period. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking Sector - 1H24 Update and Outlook - So far, so good

Vietnam

Sacombank is a Vietnamese commercial joint stock bank offering a wide range of financial services, including personal and corporate banking, cards, loans, savings, insurance, and digital banking solutions. It provides various products such as credit cards, debit cards, business and home loans, and life insurance. Headquartered in Ho Chi Minh City, Vietnam, the bank was established on December 21, 1991.

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Sacombank (STB VN)

Banking Sector - 3Q25 Update and Outlook - Task on Track

Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of...

Mirae Asset Securities

Banking Sector - 2Q25 Update and Outlook - Dual Mandate

Vietnam’s banking sector remained on a concrete footing in 2Q25, continuing the momentum established in 1Q25. Credit growth reached 9.9% YTD in...

Mirae Asset Securities

Banking Sector - 9M24 Update and Outlook - Letting the Recovery Simmer

Credit growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24,...

Mirae Asset Securities

Q3 2024 Banking Earnings Wrap-Up - Resilient Earnings Growth Despite NIM Contraction

Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging. Banks under our coverage reported higher...

Vietcap

Banking Sector - 1H24 Update and Outlook - So far, so good

According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by...

Mirae Asset Securities

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