Vietcap Mobile App 
Vietcap Trading 
Download Vietcap Pro 
Open Account 
Vietcap IQ 
User Guides 
- We attended ACB’s AGM in HCMC on April 8, 2025, with shareholder attendees representing 65% of voting rights for ACB.
- Shareholders approved the bank’s 2025 business guidance, which includes (1) credit growth of 16.0% YoY, (2) funding (including customer deposits and valuable papers) growth of 14% YoY, (3) an NPL ratio below 2%, and (4) 10% YoY PBT growth.
- Shareholders also approved a 25% dividend distribution plan on par value for FY2025, in the form of a cash dividend (10%) and stock dividend (15%). This is the fourth year ACB has paid a 10% cash dividend, and we expect for the dividend to be paid in Q2 2025.
- The Q&A session focused on ACB’s strategy and outlook for 2025.
Despite potential challenges posed by higher tariffs in Vietnam, ACB remains committed to its credit growth target. Currently, ACB's exposure to FDI and large import/export corporations is relatively small, accounting for around 1% of its loan book. The bank has proactively reached out to clients to acknowledge potential difficulties; however, clients of ACB have businesses well-diversified across markets. While the macroeconomic environment presents challenges, ACB does not expect a significant impact on its performance and has maintained its credit growth target for 2025 at around 16-18%. The bank will continue to leverage its strengths in the retail and SME sectors to drive growth.
ACB’s credit growth in 3M 2025 was around 3%. According to the bank, due to the favorable interest rate environment and preferential mortgage loan packages, ACB achieved around 3% credit growth in Q1 2025. While growth was slightly lower than 3.8% growth seen in Q1 2024, this was a solid and acceptable result for the bank. Additionally, asset quality improved QoQ in Q1 2025, with the NPL ratio (before CIC classification) decreasing to 1.35% from 1.39% in Q4 2024. ACB has also observed a clear recovery in the southern real estate market, which is expected to further support the recovery of bad debts.
Q1 2025 preliminary PBT achieved 20% of the bank’s guidance (VND4.6tn; -6% YoY). This result completes 18% of our full-year forecast, which we attribute to potential YoY pressure on NIM.
Powered by Froala Editor
