SeABank Cuts 2026 Profit Target by 15% to Fund Lower Lending Rates, Elects New Chairperson

Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) has approved a 15% reduction in its 2026 profit-before-tax target, bringing it down to VND6,008 billion. The adjustment, announced via Media OutReach Newswire, is intended to align 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 carries significant implications for the bank's strategy and for the broader Vietnamese economy. By sacrificing near-term profitability, SeABank is prioritizing policy alignment and customer support over rapid expansion at all costs, a shift that could influence how other lenders balance profit targets with national economic priorities.

The bank has already 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, priority sectors, and green projects. This move is expected to improve access to affordable credit for businesses that have struggled with high borrowing costs, potentially stimulating investment and job creation in key areas of the economy.

In addition to rate reductions, SeABank is prioritizing credit allocation to businesses with sound financial foundations and viable business plans, while leveraging existing customer ecosystems and value chains to provide integrated financial solutions. These measures reflect a strategic focus on growth quality and risk management, rather than volume-driven expansion. The bank's approach may serve as a model for how financial institutions can support government efforts to stabilize the economy while maintaining prudent lending standards.

The bank also announced a leadership transition. 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 approved Mr. Le Van Tan's resignation as Chairperson and is completing documentation to receive SBV approval for his appointment as CEO, succeeding Mr. Le Quoc Long, whose three-year term ends in November 2026. This proactive succession planning is aimed at ensuring continuity and stability in SeABank's 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 of Directors for the 2023–2028 term on April 17, 2024. Her extensive 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 combination of a lower profit target and new leadership signals SeABank's commitment to navigating a challenging economic environment while supporting national policy objectives. The bank's willingness to reduce profitability in favor of lower lending rates and targeted credit allocation underscores the growing pressure on Vietnamese banks to contribute to macroeconomic stability, and it may set a precedent for how the sector responds to government calls for shared sacrifice.