Vietnam Bank Stock Valuations Diverge: High ROE Does Not Always Mean a High P/B Ratio
At the November 6, 2026 close, the price-to-book ratios of 28 Vietnamese bank stocks ranged from 0.59 to 2.28, with 10 trading below book value. Some banks with ROE above 20% still had relatively low valuations; profit sources, provisions and nonperforming loan indicators varied.
