Banks offer a collection of financial services. All this while ensuring that money is accessible to people and vast capital to businesses and firms. With the financial services market constantly evolving in Vietnam, the banks provide convenient situations for commercial and individual clients. The biggest banks in Vietnam offer certificates of deposit, retail banking. The services include loans, insurance, wealth management, and an extended range of services.
The biggest banks in Vietnam have a straightforward and modern infrastructure. The banks have a reputation worthy enough to attract thousands of residents to trust savings and look out for loans.
The parameters to include these banks in the list of the biggest banks in Vietnam are varied. They consist of the revenue, net income, and total assets of the banks as qualifying factors.
The number of branches and customers also makes them the biggest.
Here is a list of the biggest banks in Vietnam.
Vietinbank
With an asset of 1.24 quadrillion Vietnamese dong in the year 2019, the Vietinbank is one of the biggest banks in Vietnam. The bank plays a crucial role in Vietnam’s banking industry. Split from the State Bank in 1988, the previous name of the bank was IncomBank. It has 1150 branches and transaction offices throughout the country. The services that the bank offers range from deposits, loans, and life insurance to Foreign Exchange & Capital market. It is one of the biggest banks in Vietnam in terms of revenue, net income, and assets. The bank is the first banking institution in Vietnam with an ISO 9001: 2000 certificate.
Vietcombank
As the first state-owned commercial bank in Vietnam, the bank has over 15,000 employees. It has made crucial additions to the stability and growth of Vietnam’s economy. The bank provides the best and advanced facilities with appreciable customer service. The Autobank system of the Vietcombank has 2,407 ATMs along with 43,000 Card receiving units around the country. It has notably become the first bank in the country to make a pre-tax profit of 5 digits. Offering comfortable, fast, yet safe non-cash payment, the bank attracts a large number of customers.
BIDV
BIDV is the biggest bank in Vietnam, according to the domestic and international community. The year in which the bank was open is 1957. However, it matured into a complete financial institution in the year 1995. The bank has more than 1000 branches plus transaction offices. Also, in terms of assets, it has a worth of VND1,283,000 billion. The worth of assets makes it the strongest asset holder amongst all commercial banks in Vietnam.
It is also the first bank to introduce progressive IT-solutions that comprise of enhancing e-banking, BIDV Smart Banking, and cards. The Bidv additionally enables customers to withdraw cash at ATMs even without Credit Cards.
Agribank
Having over 12 million contented customers, the Agribank dates back to 1988. Its previous name was the Vietnam Rural Development Bank. It is a state-owned bank in Vietnam. The bank qualifies to be one of the biggest banks in Vietnam, with its 2,300 branches and 2,500 ATMs. The Agribank adds to the banking industry in Vietnam in implementing monetary policy with services encompassing electronic tax payment. The other services making it worth it are Agribank E-Mobile Banking application and Agricultural loan. Also, the bank has made it to the list of the 500 largest banks in Asia. It is at a rank of 142nd position. Because of the support from the Government, Agribank has the most extensive network in Vietnam. The system is the densest consisting of 2235 transaction offices and branches. Regarding deposit, it happens to be the biggest bank in Vietnam. The bank has an active contribution to the evolving economy of the country.
Vietnam Bank for Social Policies
VBSP is the largest bank in terms of access points in Vietnam. It is comparatively newer than other banks. The bank dates to 2003 as one non-profit financial institution in Vietnam.
Also, the bank has generated ideal circumstances for poor students to pay fees and develop economically. As one of the biggest banks in Vietnam, the VBSP grants favored capital for poverty-stricken families that lack loans. The bank has garnered international recognition as the biggest microfinance providers throughout the world. The service consists of payments, loans, savings, and insurance. The bank provides services at par with other banks. There are programs to encourage small businesses, especially for the disabled. The bank has seven million customers from 11,000 communities throughout the country.
Sacombank
From the year 1991, the bank is one of the first commercial banking institutions in Vietnam. It is also the first one to establish the Vietnam Securities Investment Fund Management Company in 2003. The bank offers cards with bonuses and rewards for booking flights and hotels. It also provides free insurance as well to clients. The bank also has a Platinum Club program. The program provisions to wealthy clients for an exclusive lifestyle. Best of all, the bank had the women-only bank model for the first time in the country.
SHB
Having 53 overseas branches, the Saigon-Hanoi Commercial Joint Stock Bank is one of the biggest private banks in Vietnam. The bank provides exceptional banking services. It has a total asset of VND323,276 billion. With technical advancement and facilities to offer to the customers, the bank attracts customers relying on the facilities of SHB. The bank is making contributions to boost the economy of Vietnam and continues to be one of the biggest banks in Vietnam.
Conclusion
Because of the reliable financial prospects, along with a definite outlook, the biggest banks in Vietnam provide a positive outlook on the economy. The chief factors for the progress of the biggest banks are human resources and evolving technology. As moving forward with technology trends and facilities to attract customers, above is the list of largest banks in Vietnam, according to various aspects. Whether you are contemplating a banking career in Vietnam or just looking for information about the biggest banks in Vietnam, the list is all-inclusive. It consists of state-owned banks as well as private banks.