HANOI, Vietnam — Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) has adjusted its 2026 business plan, reducing its profit-before-tax target by 15% to VND6,008 billion, according to a press release distributed via Media OutReach Newswire. The move aligns the bank with directives from the Vietnamese Government and the State Bank of Vietnam (SBV) to ease business difficulties, lower interest rates, and support economic growth.
The profit reduction is intended to fund 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 lower lending rates, particularly for small and medium-sized enterprises (SMEs), priority sectors, and green projects. Second, the bank is prioritizing credit allocation to businesses with sound financial foundations and viable business plans, as well as customers in priority sectors, while strengthening risk management. Third, SeABank is leveraging existing customer ecosystems and value chains to provide integrated financial solutions, aiming to enhance customer experience and engagement.
These measures reflect a strategic focus on growth quality and customer support over rapid expansion at all costs, the bank said. For readers and businesses in Vietnam, the lower deposit rates may mean reduced returns on savings, while cheaper lending rates could ease financing costs for SMEs and green projects. The emphasis on credit allocation to sound businesses suggests a more cautious lending environment, potentially affecting firms with weaker financial profiles.
In a separate governance development, SeABank's 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 receive the SBV's approval for his appointment as CEO. He is set to 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 its 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 SeABank'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 bank said this composition supports its efforts to unlock new growth drivers and create long-term value.
The dual announcement matters for investors and customers because it signals how SeABank intends to balance profitability with policy compliance amid Vietnam's economic support measures. The profit target cut may temper earnings expectations for SSB shareholders, while the leadership changes could affect the bank's strategic direction. For the broader banking sector, SeABank's rate cuts and targeted credit approach may add pressure on peers to follow suit, potentially influencing borrowing costs across the economy.
