This research is conducted by MA. Pham Thi Kieu Khanh (QNU), Assoc. Prof. Dr. Pham Thi Bich Duyen (QNU), and Assoc. Prof. Dr. Le Thanh Tam (National Economics University, Vietnam). This is published on Thailand and The World Economy, Vol. 44, No.1, January – April 2026.

This article examines the impact of ownership concentration on bank profitability, with the sample of 28 Vietnamese commercial banks in the period 2009–2022. Bank profitability is assessed using both return on assets (ROA) and return on equity (ROE). The main regression methods include the least squares method (OLS), fixed effects model (FEM), random effects model (REM), and generalized least squares method (GLS). To perform robustness checks, the study examines endogeneity and uses the system generalized method of moments (S-GMM) for estimation. The interaction variables are added in regression models to reflect the role of intermediary factors such as mergers and acquisitions (M&A) activities and listing status on the relationship between ownership concentration and bank profitability. Key findings are: (i) the hypothesis of the negative impact of ownership concentration, represented by the largest shareholder, on bank profitability. (ii) the adverse effects of ownership concentration on profitability are mitigated in banks engaged in M&A activities and those listed on the stock market. The implications of this study extend beyond Vietnam and may hold relevance to countries sharing similar ownership structures and legal frameworks.