Brian Jeffrey
As Vietnam and the U.S. engage in discussions about possible tariff changes, Vietnamese banks are proactively crafting strategies to respond to any new tariffs on Vietnamese exports.
Eximbank, a key player in trade finance, is taking significant steps forward. Chairman Nguyen Canh Anh stated during the bank’s General Shareholders’ Meeting that recent developments have led Eximbank to concentrate on both potential and existing clients while utilizing its expertise in retail and export-import lending.
“Thanks to our strengths in export-import financing, Eximbank will carry out thorough evaluations to maintain asset quality,” Nguyen Canh Anh remarked.
Similarly, Vietcombank, which commands a 20% share of the market for international payments and domestic trade finance, is preparing for possible repercussions. Chairman Nguyen Thanh Tung mentioned that the bank has been proactive in helping clients diversify their export markets and has worked closely with regulatory agencies to develop customized responses for various sectors.
On May 1, a Vietnamese delegation visited the U.S. to participate in trade negotiations. This journey underscores the U.S.’s acknowledgment of Vietnam as a committed trade partner while addressing Vietnam’s concerns.
MB Bank’s Chairman Luu Trung Thai highlighted Vietnam’s adaptive and proactive stance, backed by its labor force, natural resources, and open economy. He expressed confidence that Vietnam can manage potential economic challenges and continue its growth trajectory.
Additionally, CEO Pham Nhu Anh indicated that MB aims for a modest 10% increase in profits this year, citing decreasing lending rates and challenges from global trade disputes. The bank plans to adjust its profit goals when conditions improve and will continue to assist businesses affected by U.S. tariffs.
VPBank CEO Nguyen Duc Vinh conveyed a positive outlook on the trade talks but recognized that increased tariffs might impact businesses, including foreign direct investment (FDI) firms and traditional exporters. He noted that loans to exporters selling to the U.S. represent only 3% of the bank’s credit portfolio, indicating that the direct impact would be minimal.
Currently, VPBank services around 500 FDI companies in collaboration with SMBC. The current outstanding FDI loans exceed VND 10 trillion (about USD 400 million), with new lending estimated at over VND 6 trillion (approximately USD 240 million). Thus far, these clients have not faced immediate effects from the tariff discussions.
Nevertheless, Vinh emphasized the importance of caution regarding industrial real estate firms. “Most exporters are small and medium-sized enterprises. Our primary concern is consumer purchasing power. If industrial zones are affected, it could result in job losses and reduced consumer demand,” he added.
During HDBank’s general meeting, acting CEO Pham Quoc Thanh reported that the bank has evaluated its loan portfolio to identify clients that might be affected by U.S. tariffs. HDBank’s exposure to exporters targeting the U.S. is limited, accounting for less than 1.5% of its total loan portfolio, but it plans to implement supportive measures for those impacted.
KienlongBank’s acting CEO Tran Hong Minh shared that the bank is focused on credit for the Mekong Delta, especially rice producers. In light of the new tariff risks, KienlongBank is pivoting toward green financing solutions to minimize the impact of U.S. tariffs.
At LPBank, Vice Chairman Bui Thai Ha reported that the bank has evaluated its risk exposure and implemented various response strategies. “Only 0.3% of LPBank’s total outstanding credit relates to businesses affected by U.S. tariffs, making us confident that credit quality will remain unaffected. Furthermore, positive developments from ongoing tariff negotiations between Vietnam and the U.S. lead us to anticipate a favorable outcome for Vietnam,” said Bui Thai Ha.
