Top Banking Companies in Vietnam

The banking industry is a crucial sector of Vietnam's economy, contributing to the country's growth and development. In 2022, Vietnam's GDP growth rate reached 6.5%, with the banking industry playing a significant role in the country's economic success. In this article, we will delve into the key statistics, success factors, growth trends, challenges, and future outlook of the banking industry in Vietnam.

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ACB - ASIA COMMERCIAL BANK2,422 +84 1900 545486

ACB là một trong những ngân hàng thương mại cổ phần hàng đầu tại Việt Nam, với hệ thống mạng lưới chi nhánh rộng khắp và gần 10.000 nhân viên, cung cấp nhiều sản phẩm, dịch vụ đa dạng.ACB tập trung nguồn lực trong các lĩnh vực: (i) định hướng khách hàng, (ii) quản lý rủi ro, (iii) kết quả tài chính bền vững, (iv) năng suất và hiệu quả, và (v) đạo đức kinh doanh.Các giá trị cốt lõi của ACB đã được xác định là Chính trực, Cẩn trọng, Cách tân, Hài hòa và Hiệu quả, là nền tảng cho các nguyên tắc hành động cũng như chính sách đối với các đối tượng liên quan bao gồm cổ đông, nhân viên, khách hàng, cơ quan quản lý và cộng đồng.ACB được khách hàng đánh giá là một trong các ngân hàng cung cấp sản phẩm, dịch vụ ngân hàng phong phú nhất. Sản phẩm dịch vụ của ACB được thiết kế dựa trên sự nắm bắt nhu cầu của khách hàng và một nền tảng công nghệ thông tin hiện đại. Sản phẩm được cung cấp đến khách hàng thông qua đội ngũ nhân viên chuyên nghiệp được đào tạo bài bản, am hiểu sản phẩm, dịch vụ được khách hàng tin dùng và đánh giá cao về chất lượng sản phẩm, chất lượng dịch vụ.Từ những thành tựu đạt được trong năm 2018, ACB đã được ghi nhận bới các tổ chức trong và ngoài nước với 7 giải thưởng quốc tế và 3 giải thưởng trong nước, gồm: - Top 50 công ty niêm yết tốt nhất Việt Nam- Top 10 báo cáo thường niên tốt nhất 2017- Top 50 công ty kinh doanh hiệu quả- 03 giải Ngân hàng tốt nhất Việt Nam 2017- Ngân hàng tốt nhất về trách nhiệm xã hội 2017- Ngân hàng có hoạt động bán lẻ cách tân nhất Việt Nam 2017- Sản phẩm huy động tốt nhất Việt Nam- Sáng kiến gắn kết nhân viên tốt nhất

BANKING ACADEMY OF VIETNAM239 +84 24 3852 1305

Banking Academy of Vietnam (BAV) is a public higher education institution governed by the State Bank of Vietnam and the Ministry of Education and Training. BAV has more than 600 qualified lecturers and offer a range of programmes in Banking, Finance, Accounting and Auditing, Business Administration, Management of Information Systems and much more. BAV’s annual student intake is around 20,000 per year enrolling at levels in vocational training, undergraduate and postgraduate programmes.

CREDIT SUISSE49,648 +65 6212 2000

Credit Suisse is a leading global wealth manager with strong investment banking capabilities. Headquartered in Zurich, Switzerland, our operation has a global reach and extends to about 50 countries worldwide across mature and emerging markets with more than 45,000 employees from over 150 different nations.We partner across countries, divisions and regions to deliver holistic financial solutions to our clients, including innovative products and specially tailored advice, aligned to our high ethical standards. We strive for quality and excellence in our work and professional relationships, recognizing and rewarding extraordinary performance among our employees and providing opportunities for internal mobility, dedicated training and leadership. As a global and inclusive community, we benefit from a diverse range of perspectives to create value and drive results for our clients, shareholders and communities. Our values are brought to life through the entrepreneurial spirit of all within our network. We are Credit Suisse.Social Media Disclaimer and guidelines: http://bit.ly/2KCQhO6

BANGKOK BANK3,643 +65 6410 0400

Discover Bangkok Bank – Thailand’s largest commercial bank and one of the leading commercial banks in Southeast Asia. A pioneer bank with long progress of the country. Bangkok Bank has grown and matured with Thai people and their business interests and today is renowned for its size, stability and partnership approach. The bank is driving innovation in new products and services and building on its inherent scale advantages to meet the challenges of a changing financial landscape and consolidate its leadership position for the future.

ING63,250 +65 6535 3688

ING is a pioneer in digital banking and on the forefront being one of the most innovative banks in the world. As ING we have a clear purpose that represents our conviction of people’s potential. We don’t judge, coach, or to tell people how to live their lives. However big or small, modest or grand, we empower people and businesses to realize their vision for a better future. We made the promise to make banking frictionless, removing barriers to progress, and make people confident in their financial decisions. As a global bank we have a huge opportunity – and responsibility – to make an impact for the better. We can play a role by financing change, sharing knowledge, and innovating. Being sustainable is in all the choices we make—as a lender, as a partner and through the services we offer our customers

JULIUS BAER6,482 +65 6827 1999

The Julius Baer Group is present in around 60 locations worldwide, including Zurich (Head Office), Bangkok, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Mexico City, Milan, Monaco, Mumbai, Santiago de Chile, São Paulo, Shanghai, Singapore, Tel Aviv, and Tokyo.Social media terms of use: https://www.juliusbaer.com/en/legal/social-media/

TONIK364 +65 8708 7087

Tonik is a transformative digital bank on a mission to revolutionize the way money works in Southeast Asia.We are addressing the US$140 billion retail deposit and US$100 billion unsecured retail lending opportunities in the Philippines. We believe the existing Filipino banking customers and the 70% of the Filipinos that remain unbanked deserve a better choice – a digital-only bank that is simple, not intimidating, helps them save, all at the click of a button. As the world leader in internet and social media usage, we believe Philippines is ripe for becoming a world leader in digital banking too.We plan to make it happen. We provide retail financial products, including deposits, loans, savings accounts, payments, and cards on a highly secure digital banking platform.Innovation is woven into the DNA of our company. We put customers first. We challenge the status quo. We are relentless. We are passionate about improving people’s financial lives through the use of technology.Tonik is officially the Philippines’ first neobank to secure a digital bank license from the Bangko Sentral ng Pilipinas (BSP). Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).

UBGROUP19 +84 24 3232 1999

UB Group là tên viết tắt của Công ty Cổ phần Đầu tư và Phát triển UB Việt Nam. UB Group được thành lập từ tháng 1/2013 và là đơn vị chủ quản của các đơn vị sau:Trung tâm Đào tạo nghiệp vụ Ngân hàng Tài chính - UB AcademyCộng đồng Ngân hàng & Nguồn nhân lực - U&BankJobsite việc làm ngành Ngân hàng - Banker.VNHệ thống sàn khóa học trực tuyến UBclass.com

STANDARD CHARTERED BANK70,447 +65 6596 7000

We are a leading international banking group, with a presence in more than 60 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

UOB22,218 +65 6222 0031

We’re here to do Right By You. At UOB, we aspire to build a better future for the people and businesses in the region. Through our extensive network and suite of capabilities, we offer financial solutions to the people and businesses within, and connecting with ASEAN. We create solutions tailored to your unique needs through data and relationship-led insights. Our comprehensive regional network and one-bank approach connects your business to new opportunities in ASEAN. We help businesses to advance responsibly and guide personal wealth to grow sustainably. We foster inclusiveness and environmental well-being for stronger societies. This is how we stay committed to forging a sustainable future for generations to come. Note: For the terms of use of our LinkedIn channel, please visit: https://go.uob.com/socialmedia

OCBC BANK15,704 +65 1800 773 6437

OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker. OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services. OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 570 branches and representative offices in 19 countries and regions. These include about 300 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 90 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang. OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals. OCBC Banks insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.

BANK OF AMERICA205,260 +65 6678 0000

Bank of America is one of the worlds largest financial institutions, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company serves approximately 56 million U.S. consumer and small business relationships. It is among the worlds leading wealth management companies and is a global leader in corporate and investment banking and trading.This LinkedIn company page is moderated. For more information, please visit: https://bit.ly/32FDdQr.For account issues, please visit: https://bit.ly/2GeTIeP.

MONETARY AUTHORITY OF SINGAPORE (MAS)2,449 +65 3163 4469

MAS is at the forefront of Singapore’s rapidly growing financial industry, creating new policies and initiatives that address the ever-changing landscape. Work at MAS promises not only challenges worthy of your intellectual abilities, but also the personal satisfaction that comes from building one of Asia’s premier financial hubs. We invite you to take up the challenge and make a difference to Singapore’s economic and financial development! At MAS, we place a great emphasis on developing a vibrant and conducive work environment that motivates each and every employee to make a meaningful contribution to the organisation. Our people recognize the importance of upholding our values to achieve more together. We believe that it is essential that our people enjoy working here with one another.MAS Functions- To act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems and serving as banker to and financial agent of the Government- To conduct integrated supervision of financial services and financial stability surveillance- To manage the official foreign reserves of Singapore- To develop Singapore as an international financial centre

SECURITY BANK CORPORATION10,820 +63 2 8708 7087

Security Bank Corporation is one of the Philippines’ leading universal banks serving retail, commercial, corporate and institutional clients. Established on June 18, 1951, Security Bank was publicly-listed with the Philippine Stock Exchange (PSE: SECB) in 1995. Over the years, the Bank prudently managed to remain one of the most stable in the banking industry and is steadfast in its commitment to serve its clients and stakeholders.Security Bank’s major businesses include retail, commercial and corporate banking, and financial markets. It offers a wide range of services including financing and leasing, foreign exchange and stock brokerage, investment banking and asset management through its subsidiaries: SB Cards Corporation, SB Capital Investment Corporation, SB Equities, Inc., SB Forex, Inc., SB Rental, Security Land Corporation, and SBM Leasing, Inc., a joint venture with Marubeni Corporation of Japan, and Security Bank Savings, its thrift bank subsidiary.In 2014, Security Bank embarked on a rebranding campaign to further strengthen market appreciation of its retail banking business which complements its wholesale banking business. At the heart of this goal is to provide priority service and superior customer experience that resonates with a new brand promise, “BetterBanking begins here”.For the complete list of Security Banks awards, you may visit: https://www.securitybank.com/about-us/awards/

EXPORT-IMPORT BANK OF THAILAND167 +66 2 617 1780

Export-Import Bank of Thailand (EXIM Thailand) is a state-owned financial institution under the Ministry of Finances supervision. It was established with an initial capital of 2.5 billion baht by the Export-Import Bank of Thailand Act B.E. 2536 (1993), which took effect on September 7, 1993. Following rapid business expansion, the Banks capital was increased with the Ministry of Finances additional contribution of 2.5 billion baht and 1.5 billion baht in April and July 1998, respectively. Later in December 2008, the Ministry of Finance injected another 1.3 billion baht in capital to enhance the Bank’s capability to fulfill its mission as a state-run specialized financial institution with a mandate to promote and support Thai exports, imports, and investments, both domestic and overseas. In September 2009, the Ministry of Finance increased the Bank’s capital by another 5 billion baht. The fund was earmarked for export promotion through export credit insurance under the Strong Thailand Scheme 2012. The service helps safeguard exporters against non-payment risk by overseas buyers, thereby boosting exporters’ confidence in their business expansion in the main or emerging markets, particularly in the midst of the 2009 economic turbulence when such risk heightened substantially. Under the Export-Import Bank of Thailand Act, EXIM Thailand is empowered to engage in a broad range of business undertakings. EXIM Thailand can offer short-term as well as long-term credits, either in domestic or overseas markets, in baht or any foreign currency denominations. In mobilizing funds, the Bank can borrow from local or overseas financial institutions, as well as issue short-term or long-term financial instruments for sale to financial institutions and the general public, both domestically and internationally. Essentially, EXIM Thailand can engage in any financial activities customary to commercial bank practices, except for accepting deposit from the general public.

CAKE BY VPBANK - DIGITAL BANK109 +84 315 728 586

WELCOME TO CAKE WORLD! Cake by VPBank is a Digital Bank developed by Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) and BeFinancial Co., Ltd., in order to bring you extraordinarily easy and fast banking experiences in the modern era with a number of outstanding features: + CURRENT ACCOUNT: Register 100% online with a fast and modern electronic identification (eKYC) process; Account number is an easy-to-remember phone number; Enjoy lifetime free services (money transfer fee, withdrawal fee, account maintenance fee, SMS fee...). + DEBIT CARD: Plenty of card designs to choose from according to your preferences. Open card within only 2 minutes, free home delivery and many attractive offers. + TERM DEPOSIT: Deposit from VND 100,000, various tenants with attractive interest rates without complicated papers, no need to go to the bank branch. Easily settle a part of the deposit before maturity without losing interest. + CREDIT CARD: Only 2 minutes to register, 100% online, no income proof, no cumbersome paperwork, limit up to 100,000,000 VND and many attractive incentives from our partners. + UNG TIEN NHANH’: 2 minutes of registration on CAKE BANK application, instant approval, money in minutes without proof of income. Limit up to 20,000,000 VND. + FUND CERTIFICATES INVESTMENT: Start investing with a small capital of 10,000 VND or more with reputable investment funds of Dragon Capital Vietnam Fund Management Company. + UTILITIES PAYMENT: Top-up your phone, pay your Electricity/Water/Internet bills, buy car insurance... right on the CAKE BANK app. + Diverse consumer loans: Unsecured consumer loans for Be drivers and salary advance loans for Vinaphone subscribers with low interest rates, simple procedures, and quick disbursement. CAKE DIGITAL BANK - EASY AS CAKE - ENJOY NOW! CONNECT WITH CAKE: Email: chat@cake.vn Hotline: 1900 636 686 Website: https://cake.vn

WESTPAC16,305 +65 6530 9898

Westpac is Australia’s oldest bank and company, one of four major banking organisations in Australia and one of the largest banks in New Zealand. We provide a broad range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services. We also have offices in key financial centres around the world including London, New York, Hong Kong and Singapore.Westpac Groups portfolio of financial services brands and businesses is focused on our vision, which is To be one of the world’s great service companies, helping our customers, communities and people to prosper and grow.”We welcome your contributions to our page. Please check our guidelines before you join the conversation: https://www.westpac.com.au/contact-us/social-media/ Westpac acknowledges the traditional owners as the custodians of this land, recognising their connection to land, waters and community. We pay our respects to Australias First Peoples, and to their Elders, past, present and future.Westpac Banking Corporation ABN 33 007 457 141. AFSL and Australian credit licence 233714.

DBS BANK31,927 +65 800 852 6186

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The banks AA- and Aa1 credit ratings are among the highest in the world.Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com

HDFC BANK167,960 +65 6108 4900

HDFC Bank is one of Indias premier banks providing a wide range of financial products and services to over 43 million customers.Promoted by Housing Development Finance Corporation (HDFC), Indias leading housing finance company, HDFC Bank began operations in 1995 with a simple mission: to be a World-class Indian Bank. With a single-minded focus on product leadership, customer focus and operational excellence, the bank has accomplished this, emerging as a leading player in all its business segments.From a full range of products to the sheer convenience of their delivery, HDFC Bank today has made significant strides in the banking space. It was recognized as India’s Most Valuable Brand for 5 consecutive years in a study conducted by Kantar, a research agency of the WPP group.HDFC Bank today is a front runner in the digital banking space. It has established itself as a full-service digital bank, with the launch of its ‘Go Digital - Bank Aapki Muthhi Mein’ campaign on the banks of the Varanasi. Since then, the bank has launched a slew of innovative products including the 10-second Personal Loan or payment apps like Payzapp, which place the power of banking in the hands of the customer.HDFC Bank is also taking its branch network deeper into the hinterland, with 53% of its branches located in rural and semi-urban areas. HDFC Bank is extremely proud of its People, the integrity and ethics that they demonstrate and the culture that promotes these values. This culture ensures that the people with the right values are hired, groomed and encouraged. With close to 1 lakh employees, HDFC Bank is a growing organization.The Bank is empowering millions of people, particularly women, across the country through Parivartan, its umbrella brand for all social initiatives. Parivartan as the name suggests means bringing about a change or making a difference through rural development, promotion of education, skills training, health & hygiene and financial literacy.

Top Banking Companies in Vietnam

Key Statistics from 2022

The banking industry in Vietnam has experienced robust growth in recent years. According to the State Bank of Vietnam, the total assets of the banking system reached $640 billion in 2022, accounting for 140% of Vietnam's GDP. Additionally, the sector employed over 300,000 people in 2022, making it one of the largest employers in Vietnam. Moreover, the banking system in Vietnam is considered to be one of the most stable in the region.

Factors Contributing to the Industry's Growth and Success

Government initiatives have played a crucial role in the growth and success of the banking industry in Vietnam. The government has implemented reforms to improve the business environment and attract foreign investment. Additionally, the government has provided support to the banking system through various measures, such as recapitalization and regulatory changes, to ensure the system's stability.

Moreover, Vietnam has signed various trade agreements with other countries, providing access to new markets and boosting investment. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) are two significant agreements that have enabled Vietnam to expand its investment opportunities and increase revenue.

Each Industry's Growth and Comparison to Previous Years

The banking industry in Vietnam includes both state-owned and private banks. In 2022, the state-owned banks accounted for 55% of the industry's total assets, while private banks accounted for 45%. The state-owned banks have experienced steady growth over the years, with a growth rate of 13% in 2022. Private banks, on the other hand, have grown at a much faster rate, with a growth rate of 23% in 2022. Compared to 2021, the industry's total assets grew by 14%, indicating a significant improvement.

Key Trends in the Industry

Technological disruptions have been a game-changer for the banking industry in Vietnam. The industry has embraced digitalization, mobile banking, and other technological advancements to increase efficiency, reduce costs, and improve customer experience. Moreover, the industry has adopted sustainable practices, such as reducing paper usage and energy consumption, to minimize the impact on the environment.

Additionally, fintech has gained traction in Vietnam, with the government promoting the development of a fintech ecosystem. Fintech companies offer innovative solutions in payments, lending, and insurance, among others. The collaboration between banks and fintech companies presents opportunities for innovation and growth in the industry.

Challenges Facing the Industry

The banking industry in Vietnam faces various challenges, such as non-performing loans, cybersecurity threats, and intense competition. Non-performing loans are a significant challenge for the banking system, with the non-performing loan ratio reaching 1.4% in 2022. Cybersecurity threats are also a concern, as digitalization increases the risk of data breaches and other cybercrimes.

Moreover, the industry must compete with other financial service providers, such as fintech companies and non-banking financial institutions, for market share. To stay competitive, the industry must invest in technology, innovation, and customer experience.

Future Outlook

The banking industry in Vietnam is expected to continue its growth trajectory, with the government's support and favorable trade policies. Moreover, technological disruptions and the adoption of sustainable practices will drive the industry's growth and competitiveness. The collaboration between banks and fintech companies presents an opportunity for innovation and growth in the industry.

However, the industry must also address the challenges it faces to sustain its growth. The non-performing loan ratio can be addressed through measures such as loan restructuring and better risk management practices. Cybersecurity threats can be mitigated through investments in cybersecurity technology and personnel training.

Moreover, the industry needs to continue to invest in research and development, innovation, and sustainable practices to stay competitive in the global market. The industry also needs to collaborate with fintech companies and non-banking financial institutions to offer innovative solutions and enhance customer experience.

Furthermore, the industry needs to adopt sustainable practices to minimize its impact on the environment and enhance its reputation as a responsible and sustainable industry. Reducing paper usage, energy consumption, and promoting digitalization can help the industry achieve its sustainability goals.

The potential for digitalization presents an opportunity for the banking industry in Vietnam. The government's promotion of the development of a fintech ecosystem is likely to encourage the adoption of innovative solutions and enhance customer experience. The industry can capitalize on this trend by investing in digitalization and offering a range of digital banking services to meet the changing needs of customers.

Conclusion

In conclusion, the banking industry is a critical sector of Vietnam's economy, contributing to employment, trade, and investment. The industry's growth and success can be attributed to government initiatives, trade agreements, and technological disruptions. However, the industry also faces challenges such as non-performing loans, cybersecurity threats, and competition from other financial service providers. The industry's future outlook is positive, with opportunities for growth and innovation, but it must address the challenges it faces to sustain its growth and ensure its long-term viability.

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By Melissa Goh
Published on 31 May 2023