Founded in Hai Phong – the vibrant port city where trade, capital and international commerce flow dynamically every day – Vietnam Maritime Commercial Joint Stock Bank (Maritime Bank), the predecessor of today’s MSB, was established with the aspiration to build a modern, agile banking model closely aligned with the practical needs of the market.

With License No. 0001/NH-GP, MSB became the first joint-stock commercial bank in Vietnam. The number “0001” is not merely part of a bank’s history; it marks the beginning of a long-term transformation within Vietnam’s financial system and stands as a symbol of MSB’s pioneering spirit in advancing modern banking during the country’s renewal era.

From those earliest days, the courage to innovate, the determination to lead, and the aspiration to rise became the foundation for MSB’s journey of “rising from legacy” over the decades that followed.

At a time when most banks operated independently by branch, MSB undertook a technological revolution by implementing Vietnam’s first centralized Core Banking system.

While the market remained cautious, this decisive move removed manual barriers and laid the foundation for an integrated data platform. MSB’s success created a domino effect across the Vietnamese banking sector, reshaping industry thinking and encouraging banks to replace legacy systems with internationally standardized platforms.

This was not merely a technology project, but a comprehensive transformation in banking operations: data became centralized, processes standardized, and transactions faster and more accurate.

This was not simply a journey of more than 100 kilometers from Hai Phong to Hanoi, but a strategic transformation that marked the first time MSB chose change as a catalyst for breakthrough growth and broader ambitions.

The relocation of the Head Office from the Port City to the capital was far more than a geographical move; it reflected MSB’s long-term vision and aspiration for greater scale and impact. By establishing its presence in the nation’s largest economic and political center, MSB expanded opportunities to connect with leading resources, access broader markets, and integrate more deeply into the growth momentum of Vietnam’s economy.

This milestone played a pivotal role in elevating MSB’s market position and expanding its development horizon for a new phase of growth.

MSB pioneered the development of a structured business strategy in collaboration with McKinsey & Company, while progressively transitioning toward a centralized governance model aligned with international standards, laying the foundation for a modern and sustainable operating system.

MSB also made a strong impact on the financial and banking market with the launch of the M1 account package, marking a major step forward in enhancing customer experience. Rather than offering fragmented services that required customers to adapt to rigid operating models, MSB shifted its approach to place customers at the center, building an ecosystem of solutions around genuine user needs.

The year 2010 also marked an important milestone as MSB officially introduced a new brand identity. This was the bank’s first comprehensive rebranding since its establishment, clearly demonstrating its determination to transform its growth strategy, brand positioning, and customer engagement approach for a new era of development.

In 2015, MSB officially completed the merger with Mekong Development Joint Stock Commercial Bank (MDB) and finalized the acquisition of Vietnam Textile and Garment Joint Stock Financial Company (TFC). This was not only the most significant event of the year, but also a major turning point in the Bank’s development journey.

Through these strategic moves, MSB significantly strengthened its capabilities, with charter capital increasing from VND 8 trillion to VND 11.75 trillion and its nationwide network expanding from 221 to 270 transaction points. This positioned the Bank among the Top 5 joint-stock commercial banks outside the state-owned sector in Vietnam in terms of charter capital and network scale.

From this milestone onward, August 12 officially became MSB’s anniversary date. Not because it marked the Bank’s founding, but because it represented the moment MSB expanded beyond itself. A reminder that MSB has been built not only by those who started the journey together, but also by those who joined later and contributed collectively to a longer-term and more sustainable path of growth.

As part of its ongoing transformation strategy, MSB accelerated digitalization through the application of artificial intelligence (AI) and fast, contactless payment solutions.

MSB pioneered the simultaneous integration of the M-QR feature with Vietnam’s two largest payment gateways, VNPay and Payoo, enabling customers to conveniently connect and make payments at nearly 4,500 retail locations and hundreds of e-commerce websites nationwide.

At the same time, MSB became the first bank to apply AI in the verification and approval process for customers’ credit card applications. As a result, customers could receive their cards within 24 hours without requiring proof of income, significantly reducing waiting time while minimizing risks for the Bank.

These milestones reaffirmed MSB’s clear strategic direction in its transition toward digital banking, with technology as the foundation and customer experience at the core.

2019 marked a pivotal year in MSB’s five-year strategy for the 2018–2023 period. Under this strategy, MSB focused on comprehensive transformation, investing heavily in both internal capabilities and external brand identity, integrating technology to digitalize customer experiences, and strengthening core foundations to drive the Bank’s sustainable growth. MSB embarked on a holistic transformation journey, from brand identity to customer experience models, with the ambition of becoming one of Vietnam’s leading banks in trust, customer understanding, and profitability.

During the year, the Bank officially changed its brand identity and abbreviation from Maritime Bank to MSB. This was the second brand transformation in the Bank’s 28-year history, aimed at delivering enhanced experiences to customers.

Alongside the new brand identity, MSB restructured its customer experience model based on four core principles: Simplicity – Proactiveness – Connectivity – Understanding. The model was designed to create an “irresistible banking experience,” where every interaction is convenient, seamless, and personalized to customers’ real needs.

The message “Together We Rise” was officially introduced as MSB’s long-term commitment to serving as a trusted partner, empowering individuals and businesses to manage finances effectively, expand development opportunities, and achieve greater ambitions together.

MSB remained steadfast in its digital transformation strategy, prioritizing investments in technology to enable customers to transact quickly, securely, and free of charge. The Bank officially launched its eKYC feature, allowing individual customers to open account packages and debit cards entirely online without visiting a branch.

Building on these strong foundations, MSB officially listed 1.175 billion shares under the ticker symbol MSB on the Ho Chi Minh Stock Exchange (HOSE), reaffirming its financial strength, transparency, and brand credibility in the capital market.

This milestone marked the beginning of a new stage of development, where MSB continued to elevate operational standards, strengthen competitiveness, and build momentum for longer-term growth in the financial market. The legacy of trust was further reinforced through transparency and market discipline, enabling MSB to confidently participate more deeply in large-scale financial markets in the future.

MSB launched its five-year development strategy for the 2023-2027 period with advisory support from leading global consulting firms such as McKinsey & Company and Boston Consulting Group. The strategy focuses on digitalization, data streamlining, and comprehensive transformation to enhance competitiveness, drive sustainable growth, and elevate MSB to international standards. Long-term collaboration with global consulting partners also reflects MSB’s consistent direction: proactively embracing high standards and continuously learning to elevate itself further.

Built upon its digital foundation, 2023 marked a qualitative leap in MSB’s digital transformation journey. Two major initiatives launched in 2021 — the Digital Factory (DF) and Core Banking Modernization projects — delivered significant achievements. The Digital Factory enabled MSB to effectively engage customers across multiple touchpoints while meeting diverse market demands through fully digital product and service journeys.

At the same time, 2023 was also the first year MSB completed and implemented its Environmental and Social Management System (ESMS) in credit operations, promoting greener lending practices and reinforcing the Bank’s responsibility in adapting to climate change.

These efforts were recognized when MSB became the only bank honored by Financial Times as “Bank of the Year,” a prestigious award recognizing outstanding achievements in business performance, risk management, and product and service development amid a highly volatile market environment.

Digital transformation continued to be one of MSB’s most important strategic drivers in 2025. Beyond serving customers as ordinary users, MSB sought to understand them as individuals with unique needs at every stage of life. To realize this vision, the Bank invested more than USD 4.3 million in its Martech platform to accelerate personalized interactions across every customer touchpoint and establish new standards in customer experience.

During the year, MSB also announced its Sustainable Finance Framework with technical support from International Finance Corporation (IFC) and an independent opinion from S&P Global Ratings. Based on this framework, the Bank successfully issued its first sustainable bonds worth VND 680 billion with a five-year tenor.

Reflecting its strong business performance, operational efficiency, and governance capabilities, Moody’s Ratings upgraded MSB’s international credit ratings in November 2025. Specifically, the Bank’s long-term deposit and issuer ratings were upgraded from B1 to Ba3, while its Baseline Credit Assessment (BCA) was upgraded from b2 to b1, aligning MSB with the ratings level of Vietnam’s leading private-sector banks.

These achievements reflect the Bank’s increasingly solid financial foundation, stable governance capabilities, and growing ability to meet international standards. This marks another important milestone in MSB’s enduring journey of continuously raising standards to keep rising further.