Vietnam Tightens Rules on Banks’ Outright Purchase of Documents Under Their Own Letters of Credit
On October 18, 2026, the State Bank of Vietnam required banks to include qualifying outright purchases of documents under their own letters of credit in credit growth controls. Techcombank’s related income rose 334.1% in the first nine months of 2026. SHB reported nearly VND 78 trillion in related receivables, though its disclosure does not separately identify transactions involving letters of credit it issued itself.
On October 18, 2026, the State Bank of Vietnam issued Official Letter No. 9608, requiring banks to manage the risks of outright, non-recourse purchases of documents under letters of credit they issued themselves in a manner similar to lending. Balances from transactions arising in 2026 that fall within the rule’s scope must be deducted from the maximum outstanding credit balance communicated to each bank, making these transactions and other credit extensions draw on the same credit growth limit.
Financial statements from 28 banks show that their combined net service income reached approximately VND 78.705 trillion in the first nine months of 2026, up 62.8% year on year. Techcombank led with VND 10.425 trillion, followed by VPBank with VND 8.644 trillion; Sacombank recorded VND 8.206 trillion, more than 3.5 times the year-earlier figure.
Banks’ net service income in the first nine months of 2026: Techcombank led, while Sacombank’s figure was more than 3.5 times the year-earlier level.（VietVance）
Techcombank earned VND 2.922 trillion from non-recourse outright purchases of documents under letters of credit during the same period, up 334.1% year on year and accounting for 20.3% of its service revenue before costs. But as of September 30, 2026, its receivables from purchases of documents under letters of credit it issued itself stood at VND 24.978 trillion, down 34.3% from the end of 2025. The income figure covers nine months of L/C document purchases, while the receivables figure represents amounts still outstanding at period-end on L/Cs issued by Techcombank itself; the two measures differ in scope and timing.
SHB reported VND 77.943 trillion in receivables related to non-recourse outright document purchases, up 26.6% from the end of 2025 and equivalent to 7.85% of total assets. This disclosure does not separately identify transactions under L/Cs issued by SHB itself, so the entire balance cannot be treated as subject to deduction under Official Letter No. 9608. SHB Deputy CEO Đinh Ngọc Dũng said at an investor meeting on October 15, 2026, that the bank’s related portfolio stood at about VND 75 trillion and that it planned to reduce it gradually.
Receivables related to outright document purchases: SHB approached VND 78 trillion, while Techcombank’s balance related to L/Cs it issued itself fell 34.3% from the end of 2025.（VietVance）
The new requirements will make qualifying purchase balances compete with loans for the same credit limit. Banks’ ability to expand this business will depend on their allocated limits, the balances actually subject to deduction, and how fee income compares with funding costs and repayment risk. The September 30, 2026 receivables data predates the issuance of the official letter and cannot yet show the requirements’ actual effect on future income.
Source: VietVance
