SeABank has adjusted its 2026 business plan, reducing its profit-before-tax target by 15% to VND6,008 billion. The move, approved by the Board of Directors, aligns with directives from the Government and the State Bank of Vietnam (SBV) to ease business difficulties, lower interest rates, and support economic growth. The decision matters because it signals a deliberate shift by one of Vietnam's commercial joint stock banks toward policy alignment and customer support over rapid expansion at all costs, a trade-off that could influence credit conditions for small and medium-sized enterprises and priority sectors.
The lower profit target enables three key actions. First, SeABank has cut annual deposit rates by 0.5–0.7 percentage points for tenors of six months or longer, creating room to reduce lending rates, particularly for SMEs, priority sectors, and green projects. Second, the bank is reallocating credit and tightening risk management by prioritizing businesses with sound financial foundations and viable business plans, along with customers in priority sectors. Third, it is leveraging existing customer ecosystems and value chains to provide integrated financial solutions, aiming to enhance customer experience and engagement. These measures reflect SeABank's strategic focus on growth quality rather than volume-driven expansion.
In a separate governance move, the Board of Directors elected Ms. Tran Thi Thanh Thuy, a current board member, as its new Chairperson for the 2023–2028 term, effective October 22, 2026. The board also approved Mr. Le Van Tan's resignation as Chairperson and is completing documentation to seek the SBV's approval for his appointment as CEO, to soon succeed Mr. Le Quoc Long, whose three-year term ends in November 2026. The bank described the leadership transition as proactive, ensuring continuity and stability in governance and executive management.
Ms. Thuy holds a Master's degree in Economics from the Banking Academy of Vietnam and brings nearly 40 years of banking and finance experience. Since joining SeABank in 2015, she has served as Deputy CEO and was elected to the board for the 2023–2028 term on April 17, 2024. Her extensive banking and governance experience is expected to support the bank's safe, stable growth in line with international standards. The board currently has eight members, including two independent members and three foreign members, all with long-standing experience.
The announcement was distributed via Media OutReach Newswire. The implications extend beyond SeABank: the reduced profit target and rate cuts illustrate how Vietnamese banks are balancing profitability against national economic priorities, while the leadership changes aim to maintain stability as the bank navigates lower margins and targeted credit growth.
