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Vietnam’s banking sector has experienced significant growth over the last decade, with the country now home to some of the largest banks in Southeast Asia. The Top 10 Biggest Banks in Vietnam 2023 provides valuable insights into who is leading this trend and how they contribute to the nation’s economic development. This article will explore these banks and assess their performance based on total assets and other financial factors.
What are the biggest banks in Vietnam?
Vietnam’s banking sector is one of the most dynamic in the world. In 2023, the top 10 largest banks in Vietnam are set to be some of the most prominent financial institutions in Southeast Asia and around the globe. Given recent developments and trends, understanding who these major players are and their respective roles in the market is of utmost importance. Here are the ten biggest banks in Vietnam:
1. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)
Total Asset: VND 2.048 Trillion (Interim Consolidated Financial Statements as of September 2022)
Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), one of the biggest banks in Vietnam, is among the nation’s most esteemed banking institutions. With total assets of VND 2.048 trillion, BIDV is the largest bank in Vietnam and has become a major player in the country’s economy. The bank provides a wide range of financial services and products, including retail banking, commercial banking, corporate banking, investment banking, and asset management. It also offers international services such as customer remittances and cross-border payments.
BIDV also serves as an intermediary between foreign investors and local businesses by facilitating capital flows from overseas to fund domestic projects. Furthermore, the bank provides loans to small and medium enterprises (SMEs) across Vietnam to help them expand their operations or develop innovative products or services.
About Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)
Ngân hàng Thương mại Cổ phần Đầu tư và Phát triển Việt Nam (BIDV) is the largest bank in Vietnam. Vietcombank is currently the first bank in Vietnam with total assets of USD 50 billion and the highest capitalization among financial institutions listed on the Vietnamese stock exchange. It has been present in the country since its foundation in 1995 and continues to be one of the most popular financial institutions among Vietnamese people.
The reasons why BIDV is so beloved by locals are manifold; from its highly sophisticated banking services that cover both corporate and personal banking needs to its 600 branches scattered throughout the entire country – making it easily accessible to citizens living all across Vietnam—it’s no wonder why BIDV holds such a special place in many Vietnamese hearts. Moreover, thanks to its extensive network of international relationships, customers can easily access funds outside their own country’s borders if need be.
2. Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank)
Total Asset: VND 1.601 Trillion (Interim Consolidated Financial Statements as of June 2022)
Joint Stock Commercial Bank For Foreign Trade of Vietnam (Vietcombank) is one of the biggest banks in Vietnam and has a total asset value of VND 1.601 trillion. This bank is renowned for its state-of-the-art banking services and highly competitive products, making it an attractive option for many customers in the country. Vietcombank offers comprehensive solutions from retail banking services to corporate investments, providing comprehensive resources for local and international customers.
Aside from financial services, the bank has also been known for its social responsibility initiatives, such as helping fund poverty alleviation projects and scholarships for disadvantaged students. It has also contributed to several infrastructure projects that benefit the local community, such as water supply systems and road networks that link rural areas with cities.
About Joint Stock Commercial Bank For Foreign Trade of Vietnam (Vietcombank)
Ngân hàng Ngoại thương Việt Nam (Vietcombank) is one of the largest and most trusted banks in Vietnam. Since its establishment in 1963, Vietcombank has developed a loyal customer base that includes individuals and businesses. As one of the largest banks in Vietnam, it offers services such as banking, insurance, foreign exchange, and credit cards.
The bank’s strong presence throughout the country makes it a great choice for those looking to open up an account or conduct other financial transactions. It provides 24/7 access to customer service via phone and online banking tools, which adds convenience to customers’ experiences with the bank. Vietcombank offers competitive interest rates on products such as loans and savings accounts compared to other Vietnamese banks.
In addition to its convenient services, Vietcombank has become increasingly popular due to its efficient internal operations, highly secure digital infrastructure, and robust risk management systems.
3. Vietnam Joint Stock Commercial Bank For Industry and Trade (VietinBank)
Total Asset: VND 1.531 Trillion (Annual General Meeting of Shareholders 2022)
Vietnam Joint Stock Commercial Bank For Industry and Trade (VietinBank) is one of the biggest banks in Vietnam, with total assets of VND 1.601 trillion. Founded in 1988, VietinBank is the first joint stock commercial bank in Vietnam and has since grown to become a major player in the country’s banking sector.
The bank provides a wide range of retail and corporate banking services, including savings accounts, current accounts, credit cards, and loans for individuals and businesses. It also offers investment banking services such as asset management, treasury services, capital markets services, mergers & acquisitions advice, and financial advisory services. With its network of more than 500 branches throughout Vietnam, VietinBank serves customers from all corners of the country.
About Vietnam Joint Stock Commercial Bank For Industry and Trade (VietinBank)
Ngân hàng Thương mại Cổ phần Công thương Việt Nam (VietinBank) is one of the largest banking institutions in Vietnam and has been a trusted source of financial services since 1988. It is known for its secure banking system, convenient online banking options, and wide range of product offerings. For this reason, it has become one of the most popular choices for individuals and businesses in Vietnam.
Since its establishment over 35 years ago, VietinBank has established itself as a leader among other banks in Vietnam. Its advanced technology allows customers to easily deposit or withdraw money at any branch or ATM location throughout the country. Furthermore, it offers competitive interest rates on savings accounts, credit cards, and loans to meet customer needs.
4. Vietnam Technological And Commercial Joint Stock Bank (Techcombank)
Total Asset: VND 671.35 Billion (Consolidated Statement of Financial Position as of September 2022)
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is one of the biggest banks in Vietnam. With over VND 671.35 billion in total assets, Techcombank has firmly established itself as a leader in banking services within the country. Founded in 1993, the bank has grown to become one of Vietnam’s most reliable financial institutions. It offers a comprehensive range of consumer banking products and services, including deposits, loans, payment cards, and money transfer services.
The bank also provides corporate banking solutions for small-medium enterprises (SMEs) and large corporations alike. These include capital-raising solutions such as equities, bonds, and structured finance instruments; trade finance solutions; cash management solutions; e-banking services; and foreign exchange transactions, among many more.
About Vietnam Technological and Commercial Joint Stock Bank (Techcombank)
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is one of the largest banking institutions in Vietnam, offering a wide range of banking services to its customers. Due to its competitive interest rates and advanced technology, it has become a preferred choice for many Vietnamese people.
The bank’s commitment to providing excellent customer service and a secure online platform has made it popular among tech-savvy individuals who appreciate convenience and efficiency. Techcombank also offers some unique benefits, such as low minimum deposit requirements and no-fee transactions on certain accounts. This makes it an attractive choice for those looking to save money while still accessing quality banking services.
In addition, the bank is well known for its exceptional security measures. All transactions are protected by multiple layers of encryption, making it extremely difficult for hackers or other criminals to access customer data or steal funds from accounts.
5. Military Commercial Joint Stock Bank (MB Bank)
Total Asset: VND 607.14 Billion (Report of the Supervisory Board on 2022 Annual General Meeting of Shareholders April 2022)
Military Commercial Joint Stock Bank (MB Bank) is one of the biggest banks in Vietnam. Established in 1993 as a state-owned bank, MB Bank has now become one of the top five commercial banks in the country and boasts a total asset value of VND 607.14 billion. With 30 years of experience, MB Bank provides financial services such as retail banking, corporate banking, international banking, and treasury services.
The bank has achieved many milestones throughout its history. It was awarded “Most Improved Bank of the Year, Best Digital Loan Product, and Best Automobile Loan Product” by The Asian Banker in 2020 and has consistently ranked among the Top 10 Corporate & Investment Banks in Vietnam in the past decade by several award-giving bodies in Vietnam. Moreover, it has played an important role in supporting Vietnam’s economy by providing long-term financing for large-scale projects such as foreign trade activities, infrastructure development investments, and other major regional investment projects.
About Military Commercial Joint Stock Bank (MB Bank)
Vietnam’s Military Commercial Joint Stock Bank, or MB Bank, is one of the largest banking institutions in Vietnam and has become a favorite among locals. Founded in 1993 as part of the Ministry of Defense, MB Bank has grown to become a major player in the banking industry. This bank offers services ranging from traditional banking products such as deposits and loans to innovative digital services with their mobile banking app.
MB Bank stands out among other banks because it provides users with great customer service, excellent interest rates on deposits, low lending rates for loans, and access to financial products tailored for businesses. Furthermore, this bank is known for its commitment to social responsibility through donations to local charities and its support for environmental initiatives.
6. Vietnam Prosperity Joint Stock Commercial Bank (VP Bank)
Total Asset: VND 547.41 Billion (Minutes of VPBank’s Annual General Meeting as of April 2022)
Vietnam Prosperity Joint Stock Commercial Bank (VP Bank) is one of the biggest banks in Vietnam and is a key player in the country’s banking industry. VP Bank has been providing financial services since 1993 and has seen tremendous growth over the past few years. As of April 2022, it held total assets of VND 547.41 billion, making it one of the largest banks in Vietnam, both by asset size and customer base.
The bank provides a wide range of financial services, such as retail banking, credit cards, loans, wealth management, and investment banking, to its customers. Additionally, it offers online services like mobile banking and internet banking to facilitate transactions for its clients located both in Vietnam and overseas. VP Bank also takes an active role in corporate social responsibility initiatives that have benefited many people living in communities across the country.
About Vietnam Prosperity Joint Stock Commercial Bank (VP Bank)
Vietnam Prosperity Joint Stock Commercial Bank (VP Bank) is one of the largest banking institutions in Vietnam. With 30 years of experience in Vietnam’s banking and finance industry, it has grown to become a major financial institution with hundreds of reliable banking services and products for individuals and businesses alike.
VP Bank offers customers a wide range of convenient banking solutions, such as international transfers, online payments, loans, credit cards, and more. It is also one of the few Vietnamese banks that provide its customers access to ATMs and online. This makes it very attractive for those who travel or regularly make international transactions.
7. Asia Commercial Joint Stock Bank (ACB)
Total Asset VND 527.77 Billion (2021 Annual Report)
Asia Commercial Joint Stock Bank (ACB) is one of the biggest banks in Vietnam and is highly respected for its financial stability. According to a recent financial report, ACB reported total assets of VND 527.77 billion as of the end of 2021. This substantial asset figure puts ACB firmly within Vietnam’s top 10 biggest banks, making it an attractive option for those looking to do business with a secure and established bank.
ACB offers a comprehensive range of banking services, including corporate banking, retail banking, investment banking, and international trade finance. The bank has also embraced digital technology, offering customers access to their accounts via mobile apps and online portals, revolutionizing how they manage their finances.
About Asia Commercial Joint Stock Bank (ACB)
As one of the largest banking institutions in Vietnam, Asia Commercial Joint Stock Bank (ACB) has established itself as a leading financial institution in the country. With a wide range of services and products designed to meet their customers’ needs, it is no surprise that Vietnamese people have come to love ACB.
From convenient 24/7 online banking services to contactless payments and low-cost loans, ACB offers its customers an array of options to make their finances easier to manage. Additionally, they offer competitive interest rates on deposit accounts and provide easy access to international markets with their currency exchange service. Furthermore, ACB’s commitment to customer service is evident with its team of dedicated financial advisors, who are available around the clock. Their skilled staff can provide helpful advice when it comes to making important financial decisions such as investments or retirement planning.
8. Tien Phong Commercial Joint Stock Bank (TP Bank)
Total Asset: VND 292.83 Billion (2021 Annual Report)
Tien Phong Commercial Joint Stock Bank (TP Bank) is one of the biggest banks in Vietnam. As of December 2021, TP Bank’s total assets amounted to VND 292.83 billion, making it one of the largest financial entities in the country. Established in 2008 and headquartered in Ho Chi Minh City, TP Bank provides commercial banking services such as deposits, loans, and remittance services for individuals and corporate customers.
The bank also offers other products such as credit cards, debit cards, internet banking services, mobile banking services, and various insurance products tailored to meet the needs of their clients. Moreover, TP Bank has invested heavily in technology over recent years; this has enabled them to improve their customer experience through a range of convenient digital solutions.
About Tien Phong Commercial Joint Stock Bank (TP Bank)
Tien Phong Commercial Joint Stock Bank (TP Bank) is one of the largest banking institutions in Vietnam. It has been providing banking services to individuals and businesses for 15 years and is a favorite among the Vietnamese. This bank stands out from other banks due to its modern technologies, customer-friendly services, and easy access to accounts.
TP Bank has created an extensive network of branches throughout Vietnam that makes it convenient for customers to get their banking needs taken care of quickly. They have also made sure their customers can access all their banking transactions online, which makes managing finances easier than ever before. By using advanced digital technologies such as mobile applications, TP Bank customers can securely make payments and transfer money without having to leave their homes or offices.
9. Vietnam Bank for Agriculture and Rural Development (Agribank)
Total Asset: VND 1.695 Billion (2021 Annual Report)
Vietnam Bank for Agriculture and Rural Development (Agribank) is one of the biggest banks in Vietnam, with total assets amounting to VND 1.695 Billion as of 2021. Established in 1988, Agribank has grown to become a major financial institution in the country, providing a wide range of banking services in urban and rural areas.
The bank’s services include retail banking, corporate banking, treasury activities such as foreign exchange operations, and investments in the capital markets. It also provides credit for agricultural activities like crop production and livestock farming; small business loans; consumer finance; mortgage loans; domestic remittances; and international payments through its network of nearly 2300 branches and transaction offices throughout the country.
About Vietnam Bank for Agriculture and Rural Development (Agribank)
Ngân hàng Nông nghiệp và Phát triển Nông thôn Việt Nam (Agribank) is one of the largest banking institutions in Vietnam, with a long-standing history dating back to 1988. Agribank is known among Vietnamese for its reliable services that make banking easier, more secure, and affordable.
Agribank has been continually working to provide customers with modern technology that meets their needs while ensuring secure transactions with low fees. This has made it a top choice among the Vietnamese population who need access to financial services and those looking for competitive rates on loans or deposit accounts. The bank also provides specialized products such as agricultural loans and credit cards tailored to rural areas and other underserved communities.
10. Saigon – Hanoi Commercial Joint Stock Bank (SHB), formerly known as Nhon Ai Rural Commercial Joint Stock Bank
Total Asset: VND 761.18 Million (Consolidated Statement of Financial Position as of June 2022)
Saigon – Hanoi Commercial Joint Stock Bank (SHB) is one of the biggest banks in Vietnam, with total assets of VND 761.18 million. This major banking institution provides a wide range of financial services and products to meet the needs of its customers. SHB has achieved significant growth over the past decade due to its consistent focus on innovative solutions, customer service, and responsiveness to changing economic conditions in Vietnam.
SHB has experienced a remarkable period of expansion and development since it was established in 1993. It now serves more than 6 million customers across all provinces in Vietnam through its network of nearly 500 branches and 7,000 staff nationwide. The bank also offers online banking services that allow customers to access their accounts from anywhere with an internet connection, as well as providing mobile banking options for those who need greater flexibility and convenience when managing their finances.
About Saigon – Hanoi Commercial Joint Stock Bank (SHB)
As one of the largest banking institutions in Vietnam, Saigon – Hanoi Commercial Joint Stock Bank (SHB) is a popular choice among Vietnamese people. Established in 1993 and listed on Ho Chi Minh City stock exchange since 2006, SHB has become a major player in the banking industry.
The bank features numerous services that make it stand out from other banks in the country. Aside from traditional banking services such as savings accounts and loans, SHB also offers investment and insurance products, foreign currency exchange services, online banking, and debit cards with 24/7 access to cash withdrawals.
Most importantly, their customer service is top-notch and provides customers with quick response times whenever they have any questions or problems. This is why many Vietnamese people love SHB for its reliable service and wide range of offerings that cater to all their financial needs.
The Future of Banking in Vietnam
The banking industry in Vietnam is changing rapidly, with both opportunities and challenges. The banking sector in Vietnam is growing at a rapid rate and with the current government’s commitment to improving financial inclusion, this growth is set to continue. This presents an opportunity for banks in the country to capitalise on new customer segments, as well as develop innovative solutions that can be used by people from all walks of life.
At the same time, there are also major challenges ahead for banks operating in Vietnam. The rise of digital technology has created a competitive landscape where traditional banks need to compete with mobile money providers, fintech companies, and other non-bank institutions offering financial services. Additionally, the regulatory landscape is still developing, and many of the regulations governing foreign investment remain strict – meaning that compliance costs can be high for some organizations planning to enter the market.
What are the Trends in Banking in Vietnam?
Vietnam’s banking industry has seen many changes over the past decade. As the country continues to grow and develop, so does its financial sector. Banks in Vietnam are using new technologies to increase efficiency, expand customer bases and improve service quality. Several trends can be identified in the banking industry in Vietnam today.
One trend is the move toward digital banking services. Many banks are launching mobile apps and online platforms that allow customers to easily perform all their banking needs from their phones or computers. Additionally, banks have been introducing innovative products such as cryptocurrency trading and blockchain-based solutions that help them stay competitive with other players in the market. Furthermore, banks have also been offering more tailored services, such as wealth management and credit facilities, for small businesses to meet their unique needs.
Conclusion: Top 10 Biggest Banks in Vietnam 2023
In conclusion, the banking industry in Vietnam is expected to experience strong growth and development over the next few years. With an increase in foreign investment and expanding access to technology, the top 10 biggest banks in Vietnam are keeping pace with innovation and meeting the needs of their customers. These banks have adapted their product offerings to meet consumer demands, allowing them to remain ahead of the competition.
These banks have also demonstrated their commitment to innovation, allowing them to be competitive in the ever-evolving banking landscape. This list will likely change as the banking industry continues to develop in the coming years, but these ten banks are leading the way for growth and success. This article has provided a snapshot of the current banking landscape in Vietnam and a glimpse into what the future holds for these financial institutions.
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