On August 25, 2025, S&P Global Ratings upgraded Vietnam Technological and Commercial Joint Stock Bank (HoSE: TCB) to a “BB” rating, underscoring its position as the leading private bank in Vietnam with one of the strongest capital bases and most sustainable profitability in the market.
S&P Global Ratings is one of the world’s three leading and most reputable credit rating agencies. The upgrade reflects S&P’s continued recognition of a private joint-stock commercial bank in Vietnam, underlining confidence in Techcombank’s stable outlook over the next 24 months, supported by its retail banking franchise and superior profitability.
In its press release, S&P emphasized that “the bank will maintain strengthened capital levels over the next 24 months,” with capital rising by more than 20% in 2024. Under S&P’s stringent methodology, Techcombank’s capital adequacy ratio and profitability remain at the highest level in the sector, far ahead of peers.
S&P also noted its confidence in Techcombank’s stable risk profile, highlighting that the NPL ratio will “remain lower than the sector average,” despite macroeconomic uncertainties. The bank’s NPL and problem loans remain while keeping provisioning costs at roughly 50% of those of its peers. Excluding qualitative adjustments often applied to state-owned banks, Techcombank’s NPL coverage, risk profile, and stand-alone credit rating are among the highest in the industry.
Being upgraded by one of the world’s most prestigious rating agencies underscores Techcombank’s enduring financial strength and leading role within Vietnam’s financial system. The upgrade will enable Techcombank to broaden access to international capital markets and reinforce investor confidence both domestically and globally. Techcombank remains the only bank in Vietnam to successfully diversify its funding base, securing long-term (3–5 year) financing from top-tier global institutions at highly competitive rates. In July 2025, Techcombank was also recognized as Vietnam’s Best Bank by Euromoney, Global Finance, and FinanceAsia for two consecutive years (2024–25).
Throughout its engagement with S&P, Techcombank not only presented its own strengths but also proactively advocated for a reassessment of Vietnam’s banking sector. For years, S&P’s sector assessment had not fully reflected Vietnam’s progress relative to peers. With the support of the Government and the State Bank of Vietnam, Techcombank facilitated high-level meetings between S&P and senior policymakers, reinforcing the agency’s confidence not only in Vietnam’s achievements but, more importantly, in its future trajectory.
The upgrade reflects recognition of the entire Vietnamese banking system’s resilience, especially during 2020–24, when the sector overcame significant challenges thanks to stronger legal frameworks, decisive regulatory oversight, and improved institutional capacity.
Addressing recent tariff concerns, S&P assessed that Techcombank would face minimal impact, given its very limited exposure to export-related clients.
In the context of global macroeconomic and geopolitical volatility—where most rating actions this year have been affirmations or downgrades—S&P’s decision to upgrade Techcombank outright by one notch (rather than simply revising the outlook) is particularly significant. It underscores firm confidence in Techcombank’s fundamentals as well as the improving prospects of Vietnam’s banking sector.
