"Our allocation in banks has generated good returns, but we expect them (HDB, TPB, MBB, CTG) to still perform well going forward," its fund manager Petri Deryng said in a statement.

The fund forecasts net profit growth of 37-38 percent this year for the four banks.

MBBank (MBB) launched a campaign that resulted in signing up one million new customers in just the first quarter.

The lender, along with HDBank (HDB) and state-owned VietinBank (CTG) have already announced plans to issue dividends in shares corresponding to around 30 percent of their 2020 profits.

TPBank (TPB) plans to issue 100 million shares through a private placement to hike its charter capital by 9.3 percent to VND11.7 trillion ($508 million).

Deryng said: "Vietnamese banks have achieved strong earnings growth for a long time. Their earnings growth is highly likely to become more moderate after 2021 but is nevertheless likely to remain very good."

Vietnam’s benchmark VN-Index has gained nearly 26 percent this year to reach 1,390 points. Some analysts have forecast a rise to an unprecedented 1,400 points this year.