Banks in Vietnam: Top 10 revealed

Banks in Vietnam serve different purposes and functions. The banking sector in Vietnam was experiencing several notable trends and developments. It is essential to note that the banking industry is dynamic, and new trends have emerged. To get the most current and top 10 banks in Vietnam, let’s dive into this article.

Trends of banks in Vietnam

1. Digitalization and Fintech Integration:

Banks in Vietnam are increasingly embracing digitalization and incorporating fintech solutions into their services. This trend improves customer experience, offer innovative banking products, and enhance operational efficiency.

2. Mobile Banking and Payments:

Mobile banking and mobile payment services are gaining popularity among Vietnamese consumers. Many banks in Vietnam are investing in mobile app development to provide convenient and secure banking services on smartphones.

3. Focus on Retail Banking:

Banks in Vietnam are placing a stronger emphasis on retail banking to tap into the growing consumer market. They offers a broader range of retail products, including loans, savings accounts, credit cards, and insurance services.

4. Increased Foreign Investment:

Vietnam’s attractive business environment and promising economic growth are attracting more foreign direct investment, including investments in the banking sector. This influx of foreign capital has supported the expansion and modernization of banks.

Different types of banks in Vietnam

In Vietnam, there are several types of banks that serve different purposes and functions.

1. Commercial Banks:

These are the most common and widely known banks that provide a range of banking services to individuals, businesses, and organizations. Commercial banks in Vietnam offer services such as deposit accounts, loans, credit cards, and trade finance.

2. State-owned Banks:

State-owned banks are banks that are owned and operated by the government. These banks play a significant role in the Vietnamese banking system and are often involved in financing major government projects and supporting the development of specific sectors, such as agriculture and rural areas.

3. Joint Stock Commercial Banks:

Joint stock commercial banks are publicly traded banks that have a mix of private and state ownership. They are on the stock exchange and have shareholders.

4. Private Banks:

Private banks are banks that are for privately individuals or corporations. They operate independently and cater to a specific segment of customers, such as high net worth individuals or businesses.

5. Foreign Banks:

Foreign financial institutions has established and operated this type of bank. These banks often serve international customers and businesses and can provide specialized services to foreign investors in Vietnam.

6. Policy Banks:

Policy banks are banks that implement specific government policies or support strategic economic sectors. They provide funding and financial support to projects that align with national development goals.

7. Development Banks:

Development banks focus on financing long-term development projects and investments. They play a crucial role in supporting infrastructure development and economic growth.

8. Microfinance Institutions:

Microfinance institutions are specialized banks or financial organizations that provide financial services to low-income individuals and small businesses, often in rural and underserved areas.

The top 10 banks in Vietnam

Vietcombank (Vietnam Joint Stock Commercial Bank for Foreign Trade):

• Established: 1963
• Headquarters: Hanoi, Vietnam
• Overview: Vietcombank is the largest commercial bank in Vietnam and is known for its extensive network and international presence. It offers a wide range of banking and financial services, including retail banking, corporate banking, trade finance, and international banking.

BIDV (Bank for Investment and Development of Vietnam):

• Established: 1957
• Headquarters: Hanoi, Vietnam
• Overview: BIDV is one of the oldest and most prominent banks in Vietnam. It provides a comprehensive range of banking services, including retail banking, corporate banking, investment banking, and insurance.

VietinBank (Vietnam Joint Stock Commercial Bank for Industry and Trade):

• Established: 1988
• Headquarters: Hanoi, Vietnam
• Overview: VietinBank is one of the largest and most diversified banks in Vietnam, offering a wide array of banking products and services, including retail and corporate banking, international trade finance, and treasury services.

Agribank (Vietnam Bank for Agriculture and Rural Development):

• Established: 1988
• Headquarters: Hanoi, Vietnam
• Overview: Agribank is the largest bank specializing in agriculture and rural development in Vietnam. It plays a significant role in providing financial services to farmers, rural communities, and agricultural businesses.

Techcombank (Vietnam Technological and Commercial Joint Stock Bank):

• Established: 1993
• Headquarters: Hanoi, Vietnam
• Overview: Techcombank is one of the leading private banks in Vietnam, known for its innovation and customer-centric approach. It offers a wide range of banking products and services, including retail banking, SME banking, and corporate banking.

ACB (Asia Commercial Bank):

• Established: 1993
• Headquarters: Ho Chi Minh City, Vietnam
• Overview: ACB is one of the leading commercial banks in Vietnam with a strong presence in the southern region. It offers a wide range of banking products and services, including retail banking, corporate banking, and international trade finance.

VPBank (Vietnam Prosperity Joint Stock Commercial Bank):

• Established: 1993
• Headquarters: Hanoi, Vietnam
• Overview: VPBank is a prominent private bank in Vietnam known for its innovative approach to banking and customer-centric services. It offers a comprehensive suite of banking solutions, including retail banking, SME banking, and corporate banking.

MB (Military Commercial Joint Stock Bank):

• Established: 1994
• Headquarters: Hanoi, Vietnam
• Overview: MB is one of the major commercial banks in Vietnam with a focus on providing financial services to both individuals and businesses. It has a significant network of branches and offers various banking products and services.

TPBank (Tien Phong Commercial Joint Stock Bank):

• Established: 2008
• Headquarters: Hanoi, Vietnam
• Overview: TPBank is a fast-growing commercial bank in Vietnam, known for its digital banking services and innovation. It caters to retail and corporate customers and provides a range of banking products and technology-driven solutions.

Eximbank (Vietnam Export-Import Commercial Joint Stock Bank):

• Established: 1989
• Headquarters: Ho Chi Minh City, Vietnam
• Overview: Eximbank is a major commercial bank in Vietnam, specializing in providing financial services to support international trade and exports. It offers various banking products, including trade finance, foreign exchange services, and retail banking.

SHB (Saigon – Hanoi Commercial Joint Stock Bank):

• Established: 1993
• Headquarters: Hanoi, Vietnam
• Overview: SHB is a reputable commercial bank with a wide network of branches across Vietnam. It provides a range of banking services, including retail banking, corporate banking, and trade finance, catering to both domestic and international clients.