Impressed by TPBank’s leader’s vivid analogies: from ‘making do with limited resources,’ to ‘being the compass steering the ship across the open sea,’ to ‘doing what has never existed in the dictionary.’

“The narrow blanket” and the credit room challenge

At the meeting, Chairman Do Minh Phu candidly shared management pressures in the context of limited credit growth quotas (“credit room”) from the very beginning of the year, while capital demand from the economy remained high.

According to Mr. Phu, TPBank targets loan growth of around 15% in 2026, in line with the banking sector’s overall direction. TPBank is currently in Group A under the State Bank of Vietnam’s rating system, with a score above 4 out of 5. Based on the formula (rating score multiplied by 2.6%), the bank’s credit growth limit is only around 11.7%.

However, the challenge lies not only in the total number, but also in allocation over time. In Q1, the bank was only allowed to utilize a maximum of 25% of the annual quota, equivalent to around 2.8%.

"I compare it to a blanket that is not wide enough; pull it up to cover the head and the feet are exposed, pull it down to cover the feet and you feel cold above. Therefore, management must remain highly flexible to ensure growth while maintaining strong risk control," Mr. Phu said.

Pressure became even greater entering 2026 with the “after-effects” from the previous year. According to Nguyen Hung, CEO of TPBank, during the final two months of 2025, many banks had exhausted their credit room, causing many customers to wait until the following year for loan disbursement.

However, right at the beginning of 2026, the regulation limiting growth utilization to a maximum of 25% of annual credit room during Q1 made management even more difficult.

"We had to stretch resources very carefully, balancing customer financing demand while complying with regulations," Mr. Hung said.

Beyond general pressure from credit room limitations, the real estate sector also faces specific restrictions. Under 2026 policy guidance, real estate-related credit growth — including business loans and home loans — must remain below the bank’s overall credit growth rate.

"This is also a major challenge," Mr. Hung emphasized, as demand for real estate financing remains strong while capital flows are being tightly controlled to prioritize manufacturing and business sectors.

Mr. Hung added that industry-wide credit growth reached around 19% in 2025, while TPBank recorded 18%. Moving into 2026, the State Bank’s overall direction is approximately 15%, and TPBank has set its target around this level.

"However, actual results may be lower due to economic and geopolitical uncertainties," Mr. Hung noted.

By the end of Q1, TPBank recorded credit growth of approximately 2.8%, nearly reaching the permitted ceiling. Entering Q2, the bank expects additional growth capacity in the absence of new regulations from authorities, while still complying with general restrictions, particularly regarding real estate lending.

“Compass” means governance discipline during turbulent times

Despite market and economic volatility in 2025, TPBank still delivered impressive business performance, strong risk management, and continued focus on service quality.

When asked what “compass” helped the bank stay on course during such a turbulent period, Chairman Do Minh Phu said:

During periods of volatility, if compared to crossing an ocean, facing storms, or conquering mountains, a compass becomes a critical tool for navigation. For TPBank, governance discipline is that compass.

First is resource management, including human resources, physical resources (assets), and financial resources (capital). Effective management enables the bank to overcome challenges.

Second is resource governance. For banks, resources begin with credit. Credit quotas are relatively limited, so they must be managed efficiently, deployed according to direction, and kept away from risky areas. Resources also include data. TPBank identifies itself as a data-driven organization, so data must be accurate, complete, clean, shareable, and controlled.

Third is risk management. Banking is inherently a risk business, so strict controls become even more essential during uncertain periods.

Beyond governance discipline as the “compass,” overcoming challenges also requires people — the board of directors, executive management, supervisory board, and employees.

Having an organizational structure alone is not enough; a “crew” is needed to operate the ship.

Therefore, beyond the “compass,” a strong team is also essential to navigate difficult periods.

A ship crossing vast oceans with more than 8,000 crew members

TPBank leadership further extended the analogy beyond the “compass” toward the image of a ship.

According to Mr. Do Minh Phu, during periods of volatility, having only a compass is not enough. Overcoming challenges also requires a team — including the board of directors, executive management, supervisory board, and employees. Structure alone is insufficient; a “crew” is needed to operate the ship.

Therefore, beyond the “compass,” people are also required to ensure success through difficult periods, just as a ship requires both direction and people to cross vast oceans.

Regarding digital transformation, responding to shareholder questions, Mr. Phu said many people believe AI will replace humans, but TPBank believes AI cannot fully replace people.

In reality, AI will replace certain jobs previously done by people, especially repetitive and simple work. AI will force people to improve capabilities. Those who know how to use AI effectively will work more efficiently, while those unable to adapt may gradually be replaced. This is an inevitable trend.

The second issue is using AI properly. According to TPBank, AI usage must align with ethical standards. In the future, countries will introduce regulations to govern AI usage and avoid risks such as misinformation, fake images, or negative societal impacts.

At TPBank, clear rules already exist regarding AI usage. Employees are not allowed to depend entirely on AI to perform all work. AI is merely a supporting tool, while ultimate responsibility remains with humans.

Another point is customer relationships. Even though processes may become automated, customer experience cannot be fully standardized.

Therefore, the bank must continue ensuring personalization in products and services. TPBank categorizes customers by segment and needs to design suitable experiences rather than applying one model to everyone.

Responding further about the bank’s most important asset, Chairman Do Minh Phu said technology can be purchased, but customer trust cannot.

TPBank currently serves approximately 17 million customers.

For the bank, this is not merely a number, but 17 million expressions of trust, 17 million relationships, and interactions with the bank.

Conquering one mountain peak means the next peak becomes harder

Sharing more about 2026 targets, Chairman Do Minh Phu said 2026 will be a highly challenging year as targets continue becoming more ambitious after previous growth achievements.

"2026 presents significant challenges because after achieving success, future goals become even greater. Like mountain climbing, after conquering one peak, the next one becomes more difficult, and there is always the risk of becoming complacent. However, for TPBank, previous achievements, especially those in 2025, are only the foundation for entering a new development phase," Mr. Phu said.

In 2026, TPBank follows a direction of stable growth alongside risk control.

The bank targets consolidated pre-tax profit of VND 10.3 trillion, up 12%, including standalone profit of VND 10 trillion, up 10% compared to 2025.

Chairman Do Minh Phu emphasized:

"If we achieve this target, TPBank will officially enter the club of banks generating five-digit pre-tax profit figures — becoming a bank earning over VND 10 trillion in profit, something we have never previously included in the bank’s dictionary."