An HDBank branch in HCM City. The agency assigned HDBank long-term foreign- and local-currency issuer default ratings (IDRs) of 'BB-' with a "Stable outlook" and a Viability Rating of 'bb-', the highest Viability Rating for Vietnamese banks.
The BB- rating is one notch above the B1 rating previously assigned by Moody's, reflecting HDBank's steady progress in strengthening its financial position and credit quality.
Fitch said the ratings reflect the Bank's strong profitability, stable funding base and growing position in Vietnam's banking sector, while the country's favourable economic outlook is expected to continue supporting banking industry performance.
The agency highlighted HDBank's sustained growth in total assets and lending, alongside its expanding market share in the retail banking and small and medium-sized enterprise segments.
At a glance
- Company
- Ho Chi Minh City Development Joint Stock Commercial Bank
- Ticker
- HoSE: HDB
- Location
- Ho Chi Minh City, Vietnam
Key figures
- Long-term foreign- and local-currency issuer default ratings
- 'BB-'
- Viability Rating
- 'bb-'
- First-quarter 2026 pre-tax profit
- VND6.107 trillion (US$232.1 million)
- Year-on-year pre-tax profit increase
- 14%
- Return on equity
- 24.29%
- Total assets as of March 31
- VND984.2 trillion (US$37.5 billion)
Fitch also noted that HDBank's shareholder-approved capital raising plans will further strengthen its capital buffers and support medium- and long-term growth, while the newly assigned credit rating is expected to improve the bank's access to global capital markets, diversify funding sources and lower funding costs.
Earlier this year, Moody's upgraded HDBank's outlook from "Stable" to "Positive", citing improvements in financial strength, asset quality and growth prospects.
In the first quarter of 2026, HDBank reported pre-tax profit of VND6.107 trillion (US$232.1 million), up 14% year-on-year.
Its return on equity (ROE) remained among the highest in the banking sector at 24.29%, while its Basel II capital adequacy ratio stood at 16.2%, more than double the regulatory minimum of 8%.
As of March 31, total assets topped VND984.2 trillion (US$37.5 billion), up 5.7% from the end of 2025.
The Bank maintained a loan-to-deposit ratio below 70%, while other key liquidity indicators, including the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR), all exceeded Basel III minimum requirements.
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The issuer is solely responsible for the content of this announcement.
In brief
Fitch Ratings has issued its first ratings for Ho Chi Minh City Development Joint Stock Commercial Bank, assigning long-term foreign- and local-currency issuer default ratings of 'BB-' with a Stable outlook, plus a 'bb-' Viability Rating. HDBank says the assessment reflects its profitability, funding base, expanding market presence and capital position. Fitch also cited growth in assets and lending, and the bank’s retail and small-business segments. The release says shareholder-approved capital plans are intended to bolster capital buffers. HDBank reported first-quarter 2026 pre-tax profit of VND6.107 trillion, up 14% year on year, and assets above VND984.2 trillion at March 31. It also reported a 24.29% return on equity and a 16.2% Basel II capital adequacy ratio.
Key takeaways
- Fitch assigned HDBank 'BB-' long-term issuer ratings with a Stable outlook and a 'bb-' Viability Rating.
- The bank reported first-quarter 2026 pre-tax profit of VND6.107 trillion, a 14% year-on-year increase.
- Assets exceeded VND984.2 trillion as of March 31, 2026, according to the release.
- HDBank said capital-raising plans are intended to strengthen capital buffers and support growth.
