Banking industry in Vietnam - statistics & facts

Vietnam has a relatively young banking system compared to many of its Asian neighbors, which officially started with the establishment of the State Bank of Vietnam after the Vietnam War in 1976. However, the banking industry in the country, like the development of the Vietnamese economy, has been among the fastest-growing worldwide. As Vietnam had one of the lowest shares of the banked population in Asia, its government has been working on making financial services, especially digital ones, more inclusive for all. In 2022, the share of Vietnamese adults with a bank account grew to 66 percent, and the country also recorded one of the highest digital payment values in Southeast Asia.

The banking system in Vietnam

After the reunion of North and South Vietnam in the 1970s, state-owned banks were the first and only type of banking institution to operate commercially. Fast forward to Vietnam’s banking system of today, the industry has seen a diverse mix of banking models, including state-owned banks, joint-stock commercial banks, and joint venture or fully foreign-owned banks. While subsidiaries of foreign banks and joint-stock commercial banks outnumbered state-owned counterparts, banks owned by the Vietnamese government have outperformed private competitors in terms of total assets and banking branch coverage across the country. BIDV, a state-owned commercial bank headquartered in Hanoi, was the leading bank based on total assets as of the beginning of 2022, while Agribank, a fellow state-owned bank, led in the number of branches operating in Vietnam. On the other hand, joint-stock commercial banks recorded the highest return on equity and return on assets within the whole commercial banking sector.

Digital banking in Vietnam

Digitalization has been among the most notable movement within various economic sectors in Vietnam, and the banking industry is no exception. Digital banking services have become essential for many banks to catch up with the demand of connected consumers in the country. Since the COVID-19 pandemic, the usage of cashless payments, which was already taking shape in Vietnam, has accelerated due to restrictions on several offline shopping activities. According to a recent survey, over 70 percent of Vietnamese respondents used online banking more during the pandemic, and a large share of these users was expected to further increase their usage of these services in the coming year. Additionally, the growth of digital banking usage is evident in the substantial increase in both the value and volume of transactions via the internet in the last couple of years. Together with the emerging Vietnamese fintech sector, digital banking will likely continue to evolve and become the future of the banking sector of Vietnam.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Minh-Ngoc Nguyen, Dec 21, 2023

Key insights

Annual change in money supply in Vietnam
6.2%
Deposit interest rates in Vietnam
3.38%
Value of transactions via POS/EFTPOS/EDC in Vietnam
222.6tr VND
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Editor’s Picks Current statistics on this topic

Leading banks based on total assets in Vietnam as of December 2023 (in trillion Vietnamese dong)

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Major banks based on total assets in Vietnam 2023

Year on year credit growth rate of the banking sector in Vietnam from 2010 to the first 11 months of 2022

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Credit growth of the banking industry in Vietnam 2010-11M 2022

Non-performing loan (NPL) ratio of major banks in Vietnam as of November 2023

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NPL ratio of selected banks Vietnam 2023

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