Good afternoon, ladies and gentlemen. Welcome to Techcombank and Techcom Securities Third Quarter 2026 Financial Presentation.

Today's session will begin with opening remarks from Jens Lottner, CEO of Techcombank. Alex Macaire, the Group CFO, will then provide a detailed overview of Techcombank financial results and key business updates.

After that, Mr. Xuan Minh will present Techcom Securities' performance, followed by a Q&A session.

Management will present in English, a live Vietnamese translation is available via a separate link, and as usual, a dedicated Vietnamese session for retail investors will be held tomorrow. The session is expected to last approximately 90 minutes.

With that, I would like to hand over to Jens to begin the presentation on Techcombank.

Thank you and good afternoon, everyone. Thanks so much for joining us today.

As usual, I would start with just some overall remarks, and then Alex will go in details through the numbers. Overall, I think it's fair to say that third quarter was actually very, very good quarter for us.

It was a record quarter in terms of PBT, but I think what is probably much more important is actually that in relatively turbulent times where we have seen a lot of GDP growth, but also some macroeconomic headwinds, that we're actually doing quite well in balancing profitability with solid risk management, which I think is very important during this period of time. You can see the number for yourself.

I think TOI was relatively strong, 18% year-on-year growth, supported by all dimensions: NII and NFI, and a broad set of drivers. PBT even stronger, grew roughly 24%.

The main reason is that we had opex as well as provisions pretty much under control, and return on equity, return on assets, NIM are all seeing relatively stable performance over the year. As I said, strong performance when it comes to PBT and P&L, but I think also the balance sheet looks still very, very strong.

We've grown credit at around 16.3%, that's roughly in line with what we've seen in the years beforehand. The NPL ratio has gone up a little bit, but these are actually more in non-target sectors, some individual accounts, there's nothing structurally, and it's still something we're managing.

As you can see, the loan loss coverage ratio actually has come down, which is in line with what we're always saying is we provision the moment we're seeing troubles, and then ultimately the credit cost is actually not changing even if NPL numbers are going up. Then CAR still at a very, very strong level of 15%, and we were at 15.8% beforehand.

You will see that this number might actually be coming down a little bit, as we start shifting over time from VAS to Basel III reporting, under which our CAR would actually be substantially higher, over time, as we start shifting it over, you might see that the VAS number comes a little bit down, but again, we're still maintaining that we're looking at roughly 15% to 16% core Tier 1 as a ratio we want to maintain. Then CASA has come down a little bit.

We're still I think market leading or amongst the top three. However, with the very high interest rates on term deposits, people are moving more money into term deposits, and that has taken a toll.

We have seen the same in 2022. As this starts normalizing a little bit, we will probably see that there will be also support going forward to bring the CASA ratio back up.

From that perspective, very, very strong quarter. From the management perspective, we're actually pretty much on track to achieve what we have set out for 2026.

As I said, we're doing this in a responsible manner of balancing risk and returns. With that, let me hand it over to Alex to walk us in detail through the numbers.

Thank you, Jens, and good morning or good afternoon, everyone. First, I will look, as always, at the macroeconomic environment, and the short take, as you can see, is that there is very strong economic momentum.

We reported a GDP growth rate of 9.9% for the third quarter. The export growth accelerated to 13.2% year-on-year.

FDI disbursement reached $8 billion, both metrics show significant improvement compared to last year. PMI averaged 52.7, which points again to a very strong industrial activity.

From a banking perspective, an interesting and important development is the fact that liquidity pressure has started to ease a bit, at least at the short-term end of the curve, which is a positive development. You can see as well that the funding gap between the asset growth and the deposit growth narrowed a bit this year compared to the previous years.

Banking system credit grew 10.9%, which is close to the growth in banking system deposit of 9.8%. Inflation, however, was a bit high at 4.8%, and in general, despite the fact that short-term liquidity is now a bit more affordable, the pressure on long-term funding remains entirely there, and there hasn't been any decrease yet in long-term deposit rates.

However, the macro picture is clearly supportive both for the economy as well as for the banking sector. Moving on now to the financial results for Techcombank.

As Jens said, it was a very strong quarter. We published record earnings exceeding, for the first time, 10 trillion in terms of profit before tax, which is up 25.8% year-on-year.

Our nine-month PBT reached 28.9 trillion, growing 23.7%. We had strong contribution across most income lines.

NII grew 16.9% for the first nine months of the year. NFI recorded an even stronger growth of 40% across nearly all fee lines.

You can see as well that our provision expenses reduced by 30% owing to our prudent approach to risk management. Importantly, therefore, earnings growth this quarter came from a wide range of income sources, which increases the resilience of the bank in adverse market environments.

We look now at our two key growth engines, which are wealth and digital banking. Our wealth bank continued to show strong momentum, as you can see here.

Despite an adverse market condition, our TOI improved both quarter-on-quarter and year-on-year, reaching 5 trillion for Q3. You can see as well that a number of affluent customers increased 30% year-on-year, reaching 307,000.

AUM moderated a little bit this quarter, largely due to the weaker market sentiment. However, we continued to gain share in capital markets.

For the first time, our equity brokerage market share reached 10% on both the Hanoi and the Ho Chi Minh Stock Exchange. Meanwhile, on bond advisory, we maintained a market share of 46%, which showed significant improvement compared to 2025.

Our operating leverage continued to improve as well. You can see a cost-income ratio of 30.5%, which compares to 32% last quarter.

The same progress in customer engagement and performance metrics is also visible in our digital bank, as you can see. We had a very strong growth in our TOI, plus 47% year-on-year.

The number of digital customer reached 14.8 million, which is up 19% on 2025. 99% of retail transactions are now conducted via the digital channel, which means that our banking propositions are deeply integrated into the daily life of our customers.

We maintain our leading position on transaction banking, reaching 16.2% market share for transaction banking by volume on the NAPAS 24/7 platform. Overall, this shows very strong momentum and provides a transition for the next important topic for investors, which is margin performance.

As Jens mentioned, the key message is a strong earnings, resilient, and continued margin recovery despite funding pressure. Asset yields increased significantly this quarter, as you can see, from 8.1% in the second quarter of 2026 to 8.4% in the third quarter.

This was achieved thanks to asset repricing, but also thanks to an optimization of our asset mix. The cost of funds also increased from 4.9% to 5.2%.

However, in total, the NIM continued to improve for the second consecutive quarter, reaching 3.5% on both a quarterly as well as last-12-months basis. We believe that our full-year performance on NIM will also be in the same ballpark.

On the funding side, you can see that we increased our funding balance by 10% year-to-date with a balanced profile. We raised funding on overseas market at a cost which is among the lowest in the banking sector and shows the quality of our balance sheet.

If we move now to the growth of our credit books, you can see that we increased our credit exposure by 17% on a consolidated basis, including TCBS. Bank only, we grew our credit portfolio by 16%.

If we focus on loans on the left-hand side of the slide, you can see that the growth was broadly balanced between the corporate and the retail segments, between 13% and 14% year-to-date in both cases. Credit yields improved quite significantly, from 8.9% in the second quarter to 9.5% in the third quarter, reflecting both repricing as well as credit mix optimization.

Medium- and long-term loans increased a little bit faster this quarter due to the disbursement in the infrastructure projects. However, we continue to monitor the term structure of our balance sheet very carefully in order to ensure flexibility in our balance sheet.

The next slide shows where this growth is coming from across products and sectors. Retail and SME credit grew 13% year-to-date, and within this, unsecured credit grew 95% and SME credit grew 39%.

Those are very significant growth rates. The growth was softer for mortgages this quarter.

The key challenge we're facing is a more cautious approach from our customers in the face of high interest rates. However, I would still highlight the fact that our mortgage balances show strong resilience in the current environment with a satisfactory level of new disbursements.

On the corporate side, national agenda projects have started to become significant engine for credit growth, expanding steady growth. These numbers are reported under the construction sector, which, as you can see, grew from 8% of our corporate balances to 12% in the third quarter.

We will focus on this infrastructure portfolio in the next slide. Finally, I would highlight the fact that we resumed our progression toward the diversification of our credit books.

The proportion of real estate assets in our total credit exposures reduced to 30% this quarter, which compares to 34% last year. Given the interest in our infrastructure strategy, I will spend a moment discussing national agenda projects now.

In short, we believe that these projects, these so-called national agenda projects, represent a very significant opportunity both for Vietnam as well as for Techcombank. Clearly, given the magnitude of the investment effort, they will contribute very meaningfully to the GDP growth of Vietnam, and beyond that, will also support activity in a variety of sectors, including infrastructure, construction, transportation, energy, logistics, and so on.

Having said that, Techcombank will keep applying a very disciplined, very selective approach. We will focus on projects with identifiable assets, reputable sponsor, resilient cash flows, and also, importantly, attractive risk-adjusted returns.

Second comment I would make that we have a clear originate-to-distribute business model in mind, which means that every time we originate a new transaction, we have in mind the necessity and the desire to syndicate, distribute, or refinance the exposure later down the line. This will ensure that we can control our liquidity risk, concentration risk, capital consumption, as well as tenor risk.

For this reason, the intended holding period on those loans is typically less than 5 years. With that, I will now turn to another important area of investor focus, which is the mortgage market.

There's no denying that there's been some cooling off in the real estate market in both Hanoi and Ho Chi Minh in particular. However, our outlook for this market remains very constructive.

The buyers are more selective. I mentioned that.

At the same time, the supply is also getting tighter. We did see some reduction in average primary market prices.

However, I would highlight the fact that this is mostly linked to the launch of new projects in suburban areas which are offered at a lower price point, and this therefore does not reflect any reduction in primary prices in existing projects. Therefore, for me, it's more of a favorable factor, which shows that the supply is gradually shifting toward meeting more of the demand of households for affordable housing.

Despite the softer transaction activity on the market, Techcombank's mortgage business remains stable. You can see that new disbursements exceeded repayments every quarter, which allowed our books to continue to grow.

We continue to view the residential market as a fundamentally healthy opportunity for Techcombank, supported by urbanization, by income growth, and by household formation. We will now move to how asset growth translates into funding mobilization.

As I mentioned earlier, the competition for funding between banks remains intense, and this directly affects also the behavior of our customers that would typically look to shift more of their savings toward term deposits instead of keeping them in cash in their CASA accounts. This explains why our CASA ratio moderated this quarter to 35.5%.

However, there are some important nuances behind this headline number. If you look at our retail CASA, then you can see that the balances remained broadly stable quarter-on-quarter, thanks to good progress on customer engagement as well as ecosystem propositions.

Therefore, most of the decline in CASA balances came from corporate CASA and was linked to timing of business cash flows. The initial trend for the fourth quarter of the year is more favorable, particularly on retail.

Deposit rates reached 4.7% on average, reflecting a shift from CASA to term deposit and certificate of deposit. Clearly, I think there's no denying that we continue to face pressure from funding market conditions on our CASA, and it's not just us, but I think pretty much most banks in the market.

In face of that, our strategy remains unchanged. It's about building customer engagement and building ecosystem integration as the way to drive transactional balances.

The achievements of our digital bank, which I presented earlier, show us that our strategy is probably the right one. We will now turn to our fee income.

Fee income was clearly a bright spot in our performance at 40% year-on-year growth. Increasingly, as you can see, it's coming as well from a wide range of products, which is great and allows us to overcome the NIM pressure.

Most fee lines showed a strong growth this quarter. Insurance was up 106%, allowing us actually to achieve number one position among bancassurers.

Very strong growth higher than 100% as well for LC, cash, and settlement fees on the back of very strong adoption for our structured LC solutions. Then FX, credit also grew close to 30% year-on-year.

The only area where we showed a decline is investment banking fees, and this is mostly linked to the competition from higher term deposit rates, which forced us to reduce our distribution margin. We did that very intentionally because we always try to have a customer-centric approach, and this actually allowed us to preserve investment returns on bonds, and as a result, our bond distribution volumes remained strong, growing 19.4% year-on-year in the first nine months of 2026.

We will turn now to our operating costs. As you can see on this slide, we continued investing for growth in our business while maintaining a strong cost and efficiency discipline.

Our operating expenses increased 18.7%, and our spending was mostly directed toward technology, AI adoption, customer acquisition, and customer engagement. Despite this level of investment, our cost-to-income ratio remained very strong at 30.5%, which is at the lower end of our target range.

AI adoption also showed early signs of productivity improvements. However, we expect most of the benefits to come in 2027 as we continue to scale AI adoption across the organization.

I will now turn to credit risk metrics. The short take is that asset quality remains strong despite some migration in certain pockets of our credit portfolio.

Organic NPL remained contained at 1.26% at the end of Q3. If I include CIC-related impacts, then it stood at 1.36%, reflecting the migration of individual cases in non-target portfolios.

If I look at our key strategic sectors, and they continue to perform in line with our expectations. Our coverage ratio, as you can see, continued to stay above 100%, achieving 107% at the end of Q3, while the proportion of secured loans stood at 89% of our total outstanding balance.

Despite our prudent provisioning and this high coverage ratio, you can see that the credit cost continued to moderate to 0.4% only, from 0.5% previous quarter, and even 0.3% if we take recoveries into account. We recognize that investors will pay attention to the moderate increase in NPL this quarter.

However, I would encourage you to look at asset quality across several quarters instead of focusing on one quarter in isolation, and I would reiterate the fact that when we look at the overall strength of our asset books, then we do not see any sign of systemic deterioration, and the underlying risk formation remains completely in line with our risk appetite and our expectations. This is just another slide which confirms what I said earlier.

NPL balances did increase a bit during the quarter. However, the movement was mainly driven by a limited number of identified cases, and this does not come from a broad base of stress in our portfolio.

Meanwhile, you can see that collection, upgrades, and recoveries continued to offset a significant part of the new problem loan formation, which is a satisfactory sign for the future. For all these reasons, we maintain our outlook for credit cost and believe that they will remain broadly unchanged compared to the current situation.

This conservative risk profile is also reflected in our capital and liquidity position. You can see that our capital adequacy ratio was maintained at 15% despite the strong growth in our new loan disbursements, and at the same time, our Tier 1 ratio improved from 14% to 14.1%.

Liquidity remains also comfortable. Our LDR improved from the previous quarter and stood at 77.7% at the end of September.

The short-term funding to medium-long-term loans ratio remained also broadly stable at 27.9%, and significantly below the regulatory limit. Once more, our strong capital and liquidity position gives us the flexibility to allocate balance sheet resources to areas of growth and allows us to do that in a way which maintains prudent risk discipline.

This combination is relatively rare in the banking sector and translates into our differentiated position relative to peers. You can see that our performance in terms of funding, efficiency, profitability, risk metrics was significantly ahead of the rest of the market.

Let's look now at our outlook for the remainder of the year. GDP growth clearly was strong at 9.9%.

It was a positive surprise, and it leads us to revise our forecast for the full year to 9.5%, up from 7.9% previously. The reasons for revising our forecasts are the strong public and private investment, particularly in infrastructure, with public disbursement increasing as much as 49% year-on-year in the first nine months of the year.

We can see also very strong momentum on exports and robust FDI inflows. Overall, we believe that the macro environment will continue to be very supportive for credit demand, investment activity, as well as, more generally, banking services in general.

How does this translate into the bank's performance? You can see that we are quite optimistic about our ability to grow our books at least in line with 2025, if not most probably even higher than that.

This will be supported by the financing of quota national agenda projects. Our cost of funding is significantly higher than last year, and will probably remain so just as a consequence of the heightened competition among banks for deposit collection.

Our CASA ratio has gone down. We still believe we can manage to improve it between now and the end of the year.

However, it's very unlikely that we will reach the 40% that was the level registered at the end of 2025. Our NIM is currently 3.5%, and will probably remain in the same ballpark.

NII growth will definitely grow at robust double digits, thanks to balance sheet expansion and NIM resilience. Very strong performance expected as well on NFI, much better than '25, due to the deeper cross-selling opportunities and also the benefits of the expansion of our ecosystem, particularly across insurance and investment banking.

Cost-income ratio, NPL ratio, credit costs will remain very controlled. The short take is that our outlook remains centered on disciplined growth and high-quality earnings.

We are clearly not pursuing growth at any cost. I think it's very clear in the numbers.

We are able to achieve, obviously, a very high level of balance sheet expansion and profitability, but we are also able to do that in a controlled manner from a risk perspective. Overall, we believe Techcombank remains well positioned to capture the attractive growth opportunities coming from the revised agenda of the government and its willingness to get Vietnam to double-digit GDP growth, and we believe that we will be able to do that while maintaining very strong returns and very strong balance sheet.

With this, I will now hand it over to Xuan Minh for presentation of the results for TCBS. Thank you.

Thank you, Alex. Basically, Alex mentioned we are having a very good macro picture in general in Vietnam.

You have very good GDP and also the FDI number in Vietnam. The fact is that we also have a very high interest rate environment.

Usually in a high interest rate environment, then it's not very good for business, and for securities businesses are very similar. Usually, we will be stronger and we will grow faster and more profitable when we have an declining interest rate environment.

Having said that, our business continue to grow for this year. We grow about 13% in terms of profit before tax for the nine months.

In general, we continue to see our expansion in our market share for the key businesses. For our business, we continue to expand into new line of businesses within our domains, a new asset class for the customer in general.

In terms of bond, for example, we continue to have about 50% market share in the market, continue to be the number one. We are expanding about 0.5% market share in terms of securities trading in HOSE or in Hanoi Stock Exchange per quarter.

Basically, we continue to capture market share from our competitors, and we are currently number three, but we are closing the gap, and we expect that we can become number one next year with the current increasing in terms of market share. We continue to be number one in margin lending.

We have been growing margin lending very strongly this year, about 30% in general. In terms of bond issuance as well, we are also seeing a very strong demand from our corporate clients in general, and we see a grow of about 40% year-over-year on this.

TCBS, or TCX is the ticker, has been included into the FTSE Global Equity Index Series, which is good for our clients and our investors in general as well. Alex talked about the macro, I don't repeat it, but basically in the high interest rate environment, and also the global uncertainties, especially on the oil price and Middle East geopolitical issues, we have a very flat market in terms of index.

VN-Index almost flat year-to-date in general, but we also see a very strong decline in volume trading. Investor has been quite quiet in general, especially the retail investor.

Many of the money has been flowing into high TD and high interest rate deposit in general instead of going to the stock market for this year. A few structural new reforms has been in the market in general.

For example, we are going to merge the two stock exchanges in Vietnam, the Ho Chi Minh City and Hanoi Exchange into single exchange. We have the Vietnam International Financial Centre framework that we at TCBS also intend to apply for our subsidiary in there.

The FTSE market upgrade and then MSCI potentially in next few years. We also have the new law in the crypto, which is a new asset class for us, and we TCBS also try to get the one of the first license in the market in the coming months.

In terms of business performance, I think as I mentioned before, we continue to grow. The key highlight here is probably the interest expense, as I mentioned before.

In an high interest rate environment, then our expenses has been quite high, and has been eating a little bit into our profitability in general. Otherwise, most of the products or most of the business line, the key business line for us is still growing quite solidly in general.

Our cost-income ratio has been declining, which is I will talk about this later on, but which is a result of higher productivity, and the very aggressively apply AI into our business to try to stream down our costs in general. Nine months, I think the same picture.

The most increase is the interest expense, the financial expense for our business, and that is the key reason why our profit has not been growing at the same line as the TOI in general. Far, for the nine months of the year, we achieved about 76% of our annual plan, we should be very comfortable toward the end of the year to achieve over 100%.

The bond business, we have been continued to see a very strong demand. Our market share still about 50% market share in general.

We're quite dominant in general, and we see a very strong demand from our corporate clients. For the fourth quarter, for example, all the book has been settled down already, we are even seeing the next year demand is pretty strong in general.

For the nine months, we grow about 70% in terms of corporate advisory business. Wealth distribution has not been exciting as the advisory business in general.

I think the key highlight here is that we still continue to see a good growth in the retail distribution market for us, for the wealth products. We grow about 20%.

The key highlight is that we have been expanding our institutional distribution. Basically, we have been distributing a lot of wealth products, fixed income products to institution.

As you can see, that the ratio now is already 60/40% between retail and institutional, which is very good for the business and very stable for the business in general. We become more diversify in general.

The other products, FundMart, we have a supermarket for funds. We are seeing equity fund has been growing, the sale has been growing, the volume also growing, but the fixed income is declining.

Fixed income funds has been suffering because of the high interest rate environment, and many of the smaller banks has been offered very high interest rate environment, and people tend to switch into that products. We have a new product called IPO online.

We started to come in this year, we started to come into the ECM business. This is a new line of business that we are trying to offer some IPO products for our corporate clients, as well as our retail investors in general.

We try to put that on our TCInvest app for online distribution, and so far we have been I think the biggest distributor to the retails in terms of online distribution. Far, we manage a big IPO in Vietnam.

I think that will be the key trend in the coming years. Brokerage, as I mentioned, we have been increasing on average about 0.5% per quarter in terms of market share.

Our market share now is about 10%. I think back to 2023, 2023, we only have about 4% or so, 4%.

We have been increasing quite steadily in general. Margin lending, we have about over 11% market share, and are currently the number one in the market for many quarters already.

Cost is in a tough business environment, one of the very good way is try to optimize your costs, and that is exactly what we are doing now. In the past maybe 1 and 1/2 year, 1 and 1/2 year with the opportunity of the agentic AI, we try to apply across our businesses, and try to optimize our costs.

As you can see that the number of employee at TCBS, even we are very lean, has been declining in general. We need less and less people for our business, except for the new business lines.

We see the cost-income ratio has been declining. We see our profit per employee of course has been increasing in general compared to 2024 and 2025.

This is a good thing. We try to leverage a lot of AI into our business across the board, from operation, to research, to trading, to product development, to coding, to building our infrastructure and platforms, and apps in general.

In terms of asset mix and funding, basically, the margin lending is still the majority of our asset, accounting for about 55% of the asset that we are using in things. Margin-to-equity for us is currently about 1.2% 1.2 times, which is still way below 2 times level set by the Security Commission.

It means that we still have a lot of more room for our business or our margin business to grow, and we intend to continue to grow that business in the next couple of years. Capital structure, again, the structure is quite diversify.

We try to fund our funding costs about 50% from offshore syndicated loans and bank loans from offshore in general, and about 50% from domestic market, including banks, our TCBS bond selling to retail investor, for example. Our debt-to-equity is less than 1, basically 0.9%.

Customer, we have been increasing our customer about 14% year-over-year. We would like to increase more in general, this is something that we try to push a lot more in the next coming quarters to increase our customer base.

I would say about 20%, 25% of our customer are high-net-worth and affluent customer, which are the people having a lot of AUM with us. Employee declined about 11%.

We continue to use a lot of AI for our business operations, and many departments in the business, and we can see a lot improvement in the productivity of the company. This is just a few rewards that we have been achieving, especially on the innovation, new products, and also AI use for the business.

In terms of outlook, I think we achieved about 76% of our business plan in general, and I think the visibility for the last quarter is quite clear. Basically, I don't see any issue for us to achieve over 100% of our plan for the year 2026.

For the year 2027, hopefully we can see a decline in the interest rate environment, and if that's the case, then the business should boom. Otherwise, we continue to be very prudent in general.

If the interest rate environment is high, I don't think that the market will be react very positively in general, and therefore it could be continue to be a challenging year for us in general. In terms of investment banking business, especially on the advisory, both for fixed income or DCM market, and also starting for ECM, which is the IPO and equity fundraising advisory in general, we still seeing a very strong pipeline on both on the debt and equity side.

The wealth distribution, as I mentioned, if in a declining interest rate environment, then the wealth distribution will be a lot stronger compared to a high interest rate environment level. Margin lending will continue to be strong.

We continue to expanding our market share in general. Our brokerage as well, currently we have about 10%.

Our aspiration is about 20%, it's still a lot of room, and we still have a long way to go, and we try to become the top number one in the market. Financial expense, I explained before, our funding cost is high in a high interest rate environment, if it's declining, then that would help the profitability.

Technology and GenAI is something that is already in our BAU in general, we continue to apply that and continue to optimize our business. With that, I think I just stop it here, and start the Q&A.

Thank you.

Thank you, Jens, Alex, and Xuan Minh. Before we begin the Q&A, I would like to highlight a few housekeeping notes.

To keep the session focused and flowing smoothly, we may consolidate overlapping questions and may not repeat detailed financial metrics or guidance already covered in the presentations. The presentation materials will be posted online shortly after today's event.

The Investor Relations team will also be available for follow-up questions after you have reviewed the materials. With that, let us begin the Q&A session.

The first question is for Jens, and concerns funding capacity for infrastructure projects. Given the current market liquidity conditions, does Techcombank have sufficient access to stable long-term funding to support the infrastructure projects currently in its financing pipeline, and how is the bank managing the potential maturity mismatch between its funding sources and long tenors of these projects?

Thanks for the question, and I think that is indeed an area of management. I wouldn't say of concern, but of management.

In the end, we have indeed a somewhat new situation in the market that private sector companies are financing infrastructure projects, which usually were done by the public sector and therefore also financed out of the budget, which means tax revenue, the whole maturity mismatch was not so much of an issue, which now is different. I think the way how we're looking at it is we're managing, of course, duration mismatch in our portfolio very, very, very tightly.

I think we're looking at it, and we have as the guidance by the regulator, who extended actually the short-to-medium-long-term funding ratio from 30% to 40%, in order to help banks to deal with that. However, we are working very much with our own targets.

The way how we look at it is, when we enter into some of these projects, we are very, very clear how we will finance not just the immediate demands, but actually how would that look over time. Alex has talked about the originate-to-distribute model.

We're thinking already in the beginning how might we actually distribute it out to other investors who are much better positioned than we are to hold these assets for the long term. The way how we think about it is probably a bridge financing, getting something bankable.

In the beginning, it might be a little bit too risky for certain investors to participate. That is probably rather a 2- to 3-year horizon.

For that one, we have the funding. We do the right mix between deposits, which have, let's say, a longer maturity than what's a nominal amount.

We also have wholesale funding, and we have US dollar funding. We put this all together, then I think we have a relatively fair mix in terms of the duration which we're lending to the duration in which we're funding.

Then when it comes to the longer term, let's say after 2 or 3 years, we will actually see that we find other partners to either syndicate the loan, to create new instruments, potentially refinance it through bond issuance. All of that is basically what we're currently doing, and that is why I'm saying there's a 2- to 3-year horizon, and then probably there's a 15-year horizon when you start having a functional asset.

If you have an operating asset, then that is actually much easier to refinance, and there are a lot of investors who are actually interested in these kind of assets, being it a power plant or an airport or a seaport or a toll road. From that perspective, our own funding is fine.

The originate-to-distribute, finding additional investors, that's what we're currently working on. We're building the team.

We're also expanding our own connectivity to international finance organizations. What we are seeing is that there's a lot of demand to participate, maybe not immediately, but after a certain period of time.

A lot of trust actually also in our name, given the fact that we actually take some of the risk by investing in it from the onset. In addition to the regulatory requirements, there's, of course, now also a new directive, Circular 50, which talks about also Basel III, the requirements for Basel III, regular LCR, NSFR, which are new liquidity ratios.

We're already managing our own balance sheets, observing these numbers, and that not just measure the medium to long term funding, but it also actually looks into short-term capabilities for managing the short-term funding requirements. We are pretty much on top of that.

We are complying already. We are doing intraday liquidity.

We're doing stress tests, everything in order to make sure that we have a very good handle on our liquidity position. Therefore, again, I think there's a combination of securing sufficient funding in the beginning to actually finance the initial period, then building our capabilities and working together with partners to secure the longer-term funding once these projects become really operational, while at the same point in time managing short-term liquidity, overall liquidity management according to the existing regulations, but also future regulations.

I think with that one, I think the numbers are probably speaking for themselves. We're probably pretty much in control on the risk side while still keeping funding costs under control.

Thank you, Jens. The next question is for Alex on the evolving regulatory framework that you just mentioned as well, Jens.

So: How does the management assess the broader impact of Circular 50 on the Vietnamese banking sector, and Techcombank particularly in terms of balance sheet growth, funding strategy, profitability, and competitive dynamics?

Thanks for this opportunity to address an important question relating to the liquidity management framework in Vietnam. For those who may not be aware, Circular 50 is actually going to implement the Basel III regulatory framework for liquidity in Vietnam.

It will introduce some concept like LCR, NSFR, as well as a revised methodology for LDR. All this will be implemented gradually from 2028 through 2033.

In general, the circular will require banks to hold a higher amount of high-quality liquid assets, as well as so encourage banks to have a better matching between assets and liabilities. It is a significant step toward increasing the resilience of the Vietnamese banking sector, and from this perspective, we think it's very valuable and meaningful initiative.

What does it mean for us? The first point to highlight that this Circular 50 is to be seen in conjunction with the new rules allowing an internal rating-based approach for the calculation of risk-weighted assets.

More concretely, if a bank wants to apply the internal rating-based approach to calculate RWAs, then it will also have at the same time to fully comply with the LCR and NSFR requirements. In our case, as moving to IRB is a big prize.

We estimate that it could translate into a 300 basis points improvement in our capital adequacy ratio. Instead of 15%, our capital adequacy ratio would typically stand at around 18%.

This is the reason why we will look to anticipate the implementation of the Circular 50 and start applying it in 2028 at the same time as transitioning to the internal rating-based approach for RWA calculation. In the short term, obviously, the other banks will be free to adopt a more gradual approach, and for this reason, we believe that shorter impact will remain manageable.

However, over the long term, and back to the competitive and dynamic context in the question, we believe that there will obviously be a premium for banks which, like Techcombank, have a strong funding mobilization capacity, as well as the ability to manage the complexity of Basel III regulations. All in all, we clearly see Circular 50 as a positive development for us, A, because it will somehow ensure a level playing field in the sector when it comes to liquidity management, and B, because it will reinforce our competitive positioning in the market.

Thank you, Alex. Let us now turn to Xuan Minh for a capital markets question.

What is the long-term outlook for Vietnam's equity and debt capital markets in bridging the country's funding gap?

Basically, internally we estimate that with the current agenda set by the government in terms of infrastructure and building and try to grow the economy at about 10% per year in next 5 years, then we would need about $200 to $300 billion form the capital market. Capital market here means the equity capital market and also the debt capital market.

Basically, the opportunity is there. There's a lot of it.

The demand is huge in general of our business lines. That's why we decided to enter into the equity capital market as well.

Having said that, it doesn't mean that it doesn't have any challenges. Basically, as that most of the sector that the government or the country will try to invest in or spend in is more like logistics, infrastructure, the airport, on the transportation, the looking, for example, those requires long-term capital investment and also that the yield in general in the first few year are not very high.

Then the challenge is that if you just go with the traditional, for example, the straight bond as we used to be doing in the past few years, then it's not working. You cannot sell in general.

That's why we need a lot of creative solution, or we need to engineer a lot of structure product, a lot of hybrid product between equity and debt, for example, in order to be able to market to the institutional investor as well as the retail investor in general. We need to work as a group together with Techcombank as well, so that we are able to introduce this kind of hybrid products or structural product into the market, and also to serve our corporate clients' needs.

The opportunity is huge, as I said, but we also need to be very creative, as we have been always do, and trying to be the pioneer into a more structured products for the investors.

Thank you, Xuan Minh. The next question is for Alex on Vietnam's real estate market.

How do you assess the outlook on Vietnam's real estate market, particularly in the light of evolving interest rates and legal and regulatory reforms? What will be the key drivers of a sustainable recovery, and what risks could continue to weigh on the sector?

Thanks. I already touched on the real estate market during my presentation.

As I said, the long-term fundamentals remain very strong, right, based on urbanization, based on income growth, based also on new household formation with a population which is still relatively young, with a median age of around 33. The long-term fundamentals remain strong.

The short-term, immediate situation is that of cooling off in Hanoi and Ho Chi Minh. How do we bridge the two?

For me, the key point is that a number of factors are already in place for the market to recover. The first one, first factor, is the increased investment in transportation infrastructure, particularly in Hanoi and Ho Chi Minh, which will support the development of new urban corridors and will expand the potential for housing developments in connected areas.

The second factor is the stable macroeconomic environment, the strong growth, which means the purchasing power of households will increase, and this will be good, obviously, for housing demand. The third factor, which is maybe more specific to Techcombank, is that we will continue to focus on very selective on developers with strong reputation, strong execution capabilities, which have the potential to restore or support confidence from both investors as well as home buyers.

Even if home buyers are increasingly selective, we believe that there is still ample capacity to address the demand of household for affordable projects which are in the right locations, which are with the right developers, and which are offered at the right price point. This is exactly what our 2027 strategy will be about.

Thank you, Alex. The next question's for Jens on Techcom Wealth, which TCB just launched towards high-net-worth clients.

Could you please elaborate on the strategic rationale behind the initiative, how Techcom Wealth differentiates itself from existing private banking and wealth management offerings in Vietnam, and how do you expect it to contribute to customer engagement, fee income growth, and the bank's overall profitability over the medium to long term?

Thanks for the question. Let me share a little bit our thoughts when it comes to wealth management, development of wealth management and Techcom Wealth.

I think it's probably very well known that the story of Vietnam over the last decades is a story of wealth generation. I think there was, of course, if you're growing a country on a GDP trajectory, 6%, 7%, 8% for decades, there's a lot of wealth created.

I think we always have been in this wealth generation business, because we have helped customers to invest, we basically helped companies to grow. That is shifting now a little bit, because on the one hand, we're still accelerating, and again, if we grow 10%, even more, customers are basically getting into wealth or becoming wealthier.

Now it's also the question of not just wealth generation, but also preservation, and ultimately transfer of wealth, which makes it a much more intergenerational question. I think for that one, there are no real solutions in the market.

I think if you talk about wealth management here, in a lot of situations, I think it's a rather limited offering. It's also actually a lot of what people refer to as red-carpet banking, which is actually a nice lounge and coffee and somebody who has some extra privileges.

I think when it comes to holistic wealth management, to diversified portfolio management, discretionary portfolio management, wealth transfer and inheritance, legacy planning, and tax optimization, I think that's a completely different exercise, and I think that, as an integrated offering, is actually not existing in any bank. I think it's also not what a bank is usually just doing on their own, but I think there are partners, there are asset management partners, there are tax lawyers, and there are accountants who are all helping to create these solutions.

I think that is what we're trying to do with Techcom Wealth. We're basically bringing all these partners together, creating really one wealth perspective, where we are taking an end-to-end perspective on your assets and how to invest these assets, taking the business side, the private side, how to optimize that, some of that not just domestically, but also in some situations even overseas, because kids are studying overseas and some have businesses overseas, how do you think about that very holistically.

That is the reason why we went into Techcom Life, why we are expanding in Techcombank Securities, because we need more asset classes, more product classes. Then that needs to be delivered with a real professional advisory service, which is coming to portfolio allocation.

For that one, we will actually build a team, we will get overseas talents in to really build a Chief Investment Officer office, who can help with that portfolio allocation, which will advise customers and clients on individual portfolio allocations. Then we will also have partners like law firms, international law firms, accounting firms to help transfer that money to next generations, and making sure that we actually maintain a unique Vietnamese approach to legacy planning, continuation of businesses in the family tradition of this entrepreneurial generation which actually has built that wealth in the first generation.

That is what we are building up. It's a complete new business model, and we have separated that a little bit out into a different unit.

We believe it will be adding quite substantially to our business over time. It's reflecting already probably around 10%, 15% of all the assets under management in the retail bank.

Again, it will probably grow quite significantly. That wealth management, as I said, is very different to what you currently have in the market, and it's rather building something which you would otherwise only get overseas, but building it here onshore with the same capabilities what you would expect if you go to the financial centers in Hong Kong, Singapore, London, or New York.

Thank you, Jens. We now turn back to Xuan Minh for a question on TCBS.

What are the primary drivers behind TCBS's brokerage market share and margin growth?

Basically, if you look at our business, currently we are giving free trade to our retail investor. For us, in its own sense, our brokerage market share is not really meaningful for us in general.

For us, the name of the game is AUM. The name of the game for us is wealth in general.

It's not only stock. For us, today could be stock, tomorrow could be bond, next day could be future, could be derivative, could be equity-linked structured product, could be any other asset or asset allocation that investor want to diversify, and for their wealth, they invest in many of the products, and stock is only a portion of it.

Having said that, stock is one of the hooking product for us in general for the client who trade a lot with us. Even though we don't have any meaningful brokerage fee collecting from retail investor, but we can cross-sell a lot of other products in our ecosystem and in our platform in general.

That's why in our app, the key main driver for us is to develop into a one-stop shop in general where the investor when they come in there, not only they trade the stock today, but they can buy a lot of other wealth products for us, and we collect fee from those products in general. For us, it's wealth, it's not only stock, and we try to develop a one-stop shop in our app to attract the customer.

They don't have to go anywhere, they have all the full research, they have all the AI features, they have all the trading, all the investment tools in general to invest, all the marketplaces, for example, for us, the bond, the fund, the stock, in the future will be the crypto and many other asset classes in general. We are expanding the institutional trading business with our institutional investor, or funds in general, and the way we try to gain market share is also from that front, and then we also develop a lot of tools to help our institutional investor that many other competitor don't have it.

The research capability has been improving a lot in the past half a year. We developed dark pool, which is the only one we have in the market, DMA, direct market access in general, so that investor can link their platform, the trading platform, with directly and fit their order directly into the stock market in Vietnam in general.

Those features has been helping us to gain more and more institutional investor, and therefore also helping our market share in general. Margin lending is a part of it as well, is for us, at the end of the day, as I said, is AUM.

We focus on how to increase our AUM, or our customer AUM at TCBS in general.

Thank you, Xuan Minh. The next question is for Jens on credit growth.

Has Techcombank received any additional credit growth quota for 2026, and what is the bank's full-year credit growth target? Could you please also elaborate on the key customer segments and sectors expected to drive growth for the remainder of the year?

Thank you for the question. No, we are still within the limit which has been granted at the beginning of the year, and we're managing well within.

Of course, there are certain sectors which are outside of the credit quota, and or also customers and projects which are outside of this credit quota, and we are participating in some of that, so that is also allowing us at this point in time to grow the book around 16% instead of the allocated quota, which is for the normal book. Far, no, we haven't seen any additional allocation.

The areas which we are focusing on for the remainder of the year: first, I think it's the infrastructure projects, if these are the right projects, national agenda projects. We think they are actually very important, they are clear why they need to be done.

It's just a question of how you managing and structuring the cash flows in order to make sure that they become bankable. The second one is SME.

I think it's also clearly an area of focus of the government, especially those SMEs which are linked to some of our key clients and which are in the value chain, so that we have a pretty good understanding about the risk, and the cash flow situation, and therefore can also manage the risk, and bring credit costs as well as risk costs down. The last one is still on the retail lending, maybe not so much on the mortgage, which at this point in time, given the relatively high interest rates, is probably a little bit subdued, as Alex has described in detail, but I think there's still unsecured lending opportunities to high-quality customers, stable income, and who might actually still have certain needs.

Again, from our perspective, and that is actually also still a good segment with good risk-adjusted returns and return on risk-weighted assets. We are just maintaining our stance, and yes, we probably could grow even more aggressively, and I think we are comfortable with the loan growth we are currently seeing.

You should expect a similar number like what we had in the past, but we will just be very clear in terms of where are we allocating our funds to, what's the right risk-adjusted return, and how can we actually manage the risk. We will continue on that trajectory if the central bank is allocating more credits.

Pretty sure we could disperse it, but that really is the prerogative of the regulator how and when they want to allocate such quota.

Thank you, Jens. The next questions are for Alex on real estate developer financing and mortgages.

For Techcombank's real estate developer loan portfolio, how could the higher interest rate environment affect the credit demand, loan growth, borrowers' debt serving capacity, and overall asset quality? Then similarly, what impact does the bank expect on its mortgage portfolio in terms of new loan demand, repayment capacity, delinquency trends, and credit costs?

Thanks. I will answer first the question on developers.

From our experience, what we can see that the financially strong developers with high-quality projects generally maintain a capacity to execute projects and continue to support sales performance even in the face of higher funding costs or weaker customer demand. For this reason, we are still quite confident about the performance of our developer credit books.

That there is one compartment of our asset book that we are monitoring more closely, and it's this flexible pricing book, which is still not delivering a level of profitability in line with our target. However, this problem is not new.

It's relatively circumscribed, and the size of the book is also gradually shrinking. If I look beyond this flexible pricing book, then clearly our credit portfolio with regard to project financing and real estate financing is healthy, performing well, and we do not anticipate any deterioration, whether it is as a result of the higher interest rates or as a result of any other factor.

When it comes to the mortgage market, we discussed at length about the slowdown in the market activity. I would still highlight the fact that we were able to preserve a satisfactory level of disbursements between 5 and 8 trillion per month.

September was actually at the higher end of this range, reaching 8 trillion, which was the highest level in 6 months. This shows that the demand for housing is still there as long as the products are offered at an attractive price point, which is exactly what we are doing.

Regarding now the quality of our books, we have seen some movement in selected indicators. However, as I commented on earlier, we haven't seen any broad-based deterioration at this stage, and the mortgage books continue to perform in line with our expectations.

This is due to, first, the quality of our customer base, but also our conservative approach to loan-to-value management, and importantly, our capacity to put in place robust indicators for early warning detection as well as recovery management. For all these reasons, again, we do not see at the moment any emerging trend of stress in our mortgage or project financing portfolio.

Thank you, Alex. The next question is for Xuan Minh on corporate bond advisory.

TCBS delivered an impressive 119 trillion in bond advisory over the nine months of 2026. What does your pipeline look like for Q4?

Furthermore, we noticed some of your traditional top-tier clients executing recent bond deals through other banks' backed peers. Is this a sign of rising competition impacting your market share and fees?

Basically, for the whole year, we expect to have about 150 billion 1,000 billion, which is about 75% to 80% grow in general. Competition is always rising.

Basically, I think, as I mentioned before, the market demand for funding will be a lot bigger in general. The cake is a lot bigger, and I don't think we can serve the whole market, and we don't want to serve the whole market in general.

We tend to be more selective. Doesn't mean that we serve all the demands and all the needs from our corporate clients, and also from other additional clients in general.

We tend to be selective on certain deals, and that's exactly what we are doing. We continue to see our business to grow, but yes, competition is there, and I think the objective for us is not to just sit and concern about the competition, but the objective for us is try to continue to extend the gap between ourself and the competitors, and if we can grow faster, we can go faster, especially into new structured product or new solution in general, more innovative solution for the market, then we will be extending our gap between ourself and competition.

For example, as I mentioned before, the traditional bond will be more and more getting commoditized in general, the straight bond environment, and we would be needing a lot more creative or innovative hybrid solution. We need to engineer more structured, blended between ECM and DCM products, and that is something very new in Vietnam, and we're currently the pioneer to get into that and try to develop that market, and so try to create a certain solution for our corporate clients as well.

I think that market is something we are pursuing, trying to extend the gap between ourself and our competitors.

Thank you, Xuan Minh. The next question is for Alex on infrastructure financing.

Could management please share the current size of TCB's infrastructure project financing portfolio as a percentage of total credit, together with the bank's growth ambitions for this segment over the coming years? From a profitability and capital efficiency perspective, how do the portfolio's NIM and return on risk-weighted assets compare to those of other lending portfolios?

Thanks. First, the infrastructure portfolio represents around 7% of our overall credit balances.

As I mentioned, this proportion is likely to increase in the future because of the opportunities for national participation in national agenda projects, and because also these financings toward national agenda projects are not part of the regular credit quota. We can expect the proportion of assets in the infrastructure sector to increase in the coming quarters.

As I mentioned during my presentation, we will maintain a very selective and disciplined approach. We will ensure that the project have a clear legal framework, resilient cash flows, and attractive risk-adjusted return.

At the beginning, the project will be mainly dealing with financing needs, but over time, as they move to operating phase, then that will start having more sophisticated banking needs, and this is where there will be opportunities for the bank to cross-sell and increase the amount of fees generated both with the customer itself being the sponsor, but as well as the various participant in the value chain, including contractors and suppliers. That's why, all in all, when we look at the profitability of these infrastructure projects, we expect that the return on risk-weighted assets will be in the same ballpark as our real estate portfolio, which is well in excess of our targeted returns.

Thank you, Alex. This next one's for you as well on lending rates.

In light of SBV's request for banks to lower lending rates, how does Techcombank plan to balance customer support and credit growth while protecting NIM, particularly amid continued competition for deposits?

First, the intention of the government and the regulator is very clear, right? Because of the intensity of the investment in infrastructure projects, there is a real risk for certain parts of the economy to be crowded out, right?

In other terms, to have more difficult access to funding. From that point of view, we completely understand the intention of the government, and we will take part in this effort.

At the same time, we do not anticipate that the participation in this effort will have a significant impact on our profitability, and the reason for that is threefold. First, we believe that we will be able to link interest rate concessions to also a deeper penetration of customer wallets, in other terms, we might offer concession on interest rates, but at the same time, we should be able to offset the negative impact on our NIM through the cross-selling of products like FX, letters of credit, letters of guarantees, and other fee-based services.

When we look at the total economics of the relationship, and then we look beyond just the lending spread. Second, in many of the priority sectors identified by the government, our return on risk-weighted assets currently is largely constrained by fixed costs related to investment made in the past.

In other terms, as we disburse more in these sectors, and then the proportion of costs relative to our total income reduces, which means that our return on risk-weighted assets should still be very satisfactory even if we expand our books at a lower margin going forward. Finally, and this is probably specific to Techcombank, our strategy has never been built around NIM alone.

As we are very realistic about the fact that there is a long-term trend for NIMs to go down in the banking markets as they grow and as they move toward a higher level of sophistication. That's the reason why we have started to invest very resolutely in our ecosystem, be it TCBS, be it the new insurance subsidiaries.

This will increasingly insulate the bank against the possibility for NIM to be compressed either as a result of market dynamics or as a result of regulatory intervention as is the case here.

Thank you, Alex. This next question is for Jens on the preliminary outlook for '27.

In light of the bank's nine-month '26 results and prevailing macroeconomic conditions, could management share its preliminary expectations for 2027, and what are the key drivers and risks underlying this outlook?

Thanks for the question. Alex already has shared how '26 probably will look like, and so I'm not repeating that.

I think we are on a pretty good trajectory, I would expect that somewhat to continue. 2027 has probably its unique challenges.

It's a little bit too early to talk about it, but the main themes which were here this year are probably still with us in the next year, right? I think there will be still very, very strong GDP growth, there is a lot of supportive momentum by the overall economy, and I think we will still see global trade, we will still see production, we will still see exports, and there's probably still volatility surrounding us.

I think net-net probably will have the same macroeconomic environment what we had this year, so that would probably mean we should still be in a pretty good environment. I think funding might get a little bit tighter at one point in time as more and more of these big projects are really hitting the road, and I think we will see that even more credit disbursement is actually required, and then the question is how funding will look like.

Then overall funding environment across the world with the AI boom and the Fed still being relatively tight, I think that might not be so much supportive environment from the outside, but again, we also still have the state who has disbursement capacity. Again, overall probably a little bit shift, but the macroeconomic environment we would still seen as being supportive.

Then for us, this is still banking, right? This is the financial services.

I think credit growth and non-interest income expansion, operational efficiency are still the same stories, the same truth, which were always true. That means we need to just be focused, we need to make sure that the quota which we've been granted by the government plus potentially special treatment of certain sectors that we can participate in that, that we are actually able to fund the right funding, manage the risk accordingly, and then from there develop our business.

I think, as we have shown this year, but even in the years beforehand, we have a very, very resilient business model, and we can participate in very different forms of markets, we can react to different situations, high interest rate scenarios, low interest rate scenarios, on balance sheet, off balance sheet, syndication, originate-distribute. I think overall, we're actually looking very positive to 2027.

Again, you never know what is happening, but even, as I said, in kind of volatile environments, in some environments which look maybe not so constructive, the fact that Vietnam actually has pulled through, and that within Vietnam, we actually have managed to perform, I think gives us a lot of confidence. Last point I want to make is we will continue doing the right risk-return trade-off.

This is not about growth at all costs, this is about finding the right capital allocation, the right opportunities, making sure that we handle and deploy capital as efficiently as possible, and that we actually also continue to invest in the capabilities of our people, AI, all the things we've done in the past. Again, 2027, we will be more precise at the beginning of 2027, but overall in our current planning exercise, we are relatively constructive in terms of how we would expect '27 to play out.

Thank you, Jens. A final question for Xuan Minh on TCBS.

Could you please provide an update on your new initiatives, specifically the Vietnam IFC and TCEX? What meaningful contributions can we expect from these platforms towards your 2027 earnings?

Basically, to summarize, for us initiatives is just only three things: new customer, new AUM—where can you get new AUM in general, where can you get new customer—and then new asset class or new offering to our clients. Everything that we try to do, or any initiative we try to do will be just for the three.

For VIFC, for example, we try to set up VIFC because of the new market access. We try to use VIFC as a platform, to set up a subsidiary as a platform so that we can reach out to more customer overseas, to many other markets, especially in the region, for example.

Also with the VIFC subsidiary, then we are able to develop more innovative products, I give you an example, some performance-linked product that link to any other international market or any other commodity, for example. This is something we try to develop so that we can offer to our retail and corporate clients in general.

Therefore, also because of that, that could bring more AUM to our platform. For TCX, we are among the first one to get the first-round license.

Now we are getting very soon the license for the securities for this level four security clearance before we can get the final license or the official license to run the business. We have been building our platform so that we can hopefully open for trade in the first day when we have the license.

Come back what is the initiative and how that help our business is also three things. That the crypto in Vietnam, basically, currently we have about 20 million accounts overseas for crypto, for Vietnamese people.

That is a huge pool of customer, especially the affluent and mass affluent customers that we try to attract. If we have a license, a very chance that we can bring a lot of new customer to our Techcombank ecosystem, TCBS and Techcombank in general.

That is very good. Also, they also have a lot of AUM in many of the form, in stablecoin, in crypto, for example, that can bring back into our exchange, under our management and custody in general.

That also bring a certain new AUM for our business, and therefore we can cross-sell and up-sell as well many other products within the ecosystem. Of course, the new access, with the TCX, hopefully we can also attract more international customer, both retail and institutional investor, into the new asset classes, and therefore also expand our clients.

Those are the initiative and those are the objective that we are aiming for.

Thank you, everyone. On behalf of Techcombank and Techcom Securities, thank you to Jens, Alex, Xuan Minh, and the broader management team for today's insightful updates.

We also thank you, all analysts and investors, for their questions and continued support. This concludes our third quarter 2026 financial results presentation.

The presentation materials and replay link will be posted shortly on the Investor Relations section of our website. If you have any follow-up questions, please contact the Techcombank or TCBS Investor Relations team.

We look forward to continuing our dialogue and delivering sustainable value to our stakeholders. Have a great day.