As of December 2023, the Bank for Investment and Development of Vietnam (BIDV), a state-owned financial institution, was the leading bank in Vietnam, with approximately 2.1 thousand trillion Vietnamese dong worth of assets. Fellow state-owned Vietnam Joint Stock Commercial Bank For Industry and Trade (Vietinbank) ranked second in terms of assets, followed by the Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank), at 1.9 and 1.7 thousand trillion Vietnamese dong, respectively.
Vietnamese financial institution system
The central bank in Vietnam is the State Bank of Vietnam, which also serves as the main regulatory institution of the country’s banking system. Commercial banks are the most prevalent type of banking institutions in Vietnam, including state-owned commercial banks, joint-stock commercial banks, joint-venture banks, and wholly foreign-owned banks. State-owned banks led in terms of total assets and also outperformed other banking models in return on equity in 2022.
Digital banking on the rise
Many consumers in Vietnam still seem to have a stronger preference for traditional banks, as traditional banks are usually associated with trust, reputation, and good customer service, which Vietnamese consumers hold high regard for. As the country is considered quite late in digitalizing the banking system, there remains plenty of room for digital banking to grow in Vietnam. The internet and mobile banking boom during the COVID-19 pandemic is evidence of substantial growth potential, especially among tech-savvy younger generations. In addition to that, the number of FinTech users in Vietnam is also expected to double in seven years.
FAQs
As of the third quarter of 2023, the Bank for Investment and Development of Vietnam (BIDV) had the highest value of total assets among state-owned commercial banks in Vietnam, amounting to approximately 87.88 billion U.S. dollars. BIDV was established in 1957 as Bank for Construction of Vietnam and was renamed in 1990.
What is the largest bank in Vietnam by assets? ›
This milestone makes BIDV the first bank in Vietnam to cross the $90 billion mark, solidifying its position as the largest bank in the country in terms of total assets.
What are the top 10 largest banks in Vietnam 2023? ›
The banks are MB, Techcombank, Vietcombank, MSB, ACB, VietinBank, BIDV, TPBank, SeABank, and Sacombank.
Which bank is based on total assets in Vietnam as of December 2023? ›
BIDV leads in terms of total assets
By the end of 2023, BIDV will continue to maintain the top position in total assets with 2,13 million billion VND, an increase of 0,6% compared to the beginning of the year. The second position belongs to Vietinbank with more than 2 million billion VND, an increase of 2%.
What are the big four banks in Vietnam? ›
Vietnam's four largest commercial banks - Vietcombank, BIDV, Agribank and VietinBank (the Big 4) - in 2023 accounted for 41.9% of total outstanding loans and about 50% of the total deposits of the country's banking system. According to the latest data from the State Bank of Vietnam (SBV), by Dec.
Is Vietcombank the largest bank in Vietnam? ›
Vietnam's biggest lender by market value, also known as Vietcombank, may reach out to potential investors for the offering in the second half of this year, the people said. The share sale is part of the bank's plan to boost its capital, Bloomberg News reported last year.
What is the most popular bank in Vietnam? ›
Vietcombank (32.3) continues to be the best bank in Vietnam, according to Decision Lab Best Bank Rankings 2024. MB (28.2) and BIDV (24.6) also secured their runner-up and third spots, respectively.
What is the total assets of Military bank Vietnam? ›
In 2022, Military Commercial Joint Stock Bank's total assets amounted to over 728 trillion Vietnamese dong, a gradual increase compared to the previous years. MB Bank is one of the key state-owned banks directly under the Vietnam Ministry of Defense.
Which bank has the best interest rate in Vietnam? ›
Data comparing 12-month term interest rates, the highest interest rate in the market today is 11%/year at PVcomBank. The lowest interest rate is 4,7%/year at ABBank. For a 24-month term, the highest rate is 7%/year at DongA Bank. The lowest interest rate is 4,4%/year at ABBBank.
Is there any American bank in Vietnam? ›
U.S. Banks & Local Correspondent Banks
There are five U.S. banks and financial institutions operating in Vietnam. Citibank and Far East National Bank have branches, Wells Fargo and Visa International have representative offices, and JP Morgan Chase has both a branch and a representative office.
It also listed the ten most prestigious private joint-stock banks. They are Techcombank, VPBank, ACB, TPBank, VIB, HDBank, Sacombank, SahaBank (SHB), Vietnam Maritime Commercial Join Stock Bank (MSB), and SeABank.
