Banking sector: Impact assessment of Circular 25/2026/ TT-NHNN & Q2/26 earnings forecasts for banks under our coverage
Posted: Jun 26, 2026
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The SBV has officially issued Circular 25/2026/TT-NHNN, with the key highlight being an increase in the maximum ratio of short-term funding used for medium- and long-term loans (SMLR) from 30% to 40%, effective from 1 July 2026.
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The new regulation helps ease technical pressure on the maturity structure between funding and credit, amid credit growth that continues to outpace deposit growth.
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We believe banks with high SMLR, especially those with a large corporate-loan mix, will benefit more notably, as funding pressure eases when they expand medium- and longterm lending, while NIM pressure should also moderate in 2H26.
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