Banking in Vietnam 2026: Account Ownership, Credit to the Economy & Key Players

Vietnam’s banking sector has undergone a significant transformation over the past three decades, evolving from a centrally planned system into a rapidly expanding commercial banking market.

Following the economic reforms of Doi Moi in the late 1980s, the sector shifted toward a two-tier structure comprising the State Bank of Vietnam as the central bank and a network of state-owned, joint-stock, and foreign-invested commercial banks.

Today the banking system plays a central role in Vietnam’s economic growth, providing credit to households, businesses, and major infrastructure projects.

State-owned lenders remain dominant in terms of market share, although private joint-stock banks have expanded rapidly through digital banking, retail lending, and partnerships with financial technology firms.

The sector has grown quickly alongside Vietnam’s broader economic expansion, but it continues to face structural challenges.

These include relatively high credit growth, exposure to the property sector, and ongoing efforts by regulators to strengthen capital adequacy, transparency, and risk management.

ATMs can be found all over Vietnam’s biggest cities. The ATMs pictured are in Ho Chi Minh City, and belong to PV Com Bank and Vietcombank .

Despite these constraints, Vietnam’s banking industry remains one of the most dynamic in Southeast Asia.

Continued financial sector reforms, expanding digital services, and rising demand for consumer and corporate finance are expected to support further development in the years ahead.

Vietnam’s banking industry in numbers

Vietnam’s banking sector is projected to achieve a net interest income of approximately US$16.69 billion in 2024, with traditional banks contributing around US$15.63 billion to this total.

This represents a significant portion of the market, highlighting the continued dominance of traditional banking institutions.

Looking ahead, the net interest income is anticipated to grow at a compound annual growth rate of 5.12 percent from 2024 to 2029, reaching an estimated US$21.42 billion by 2029, according to data compiled by Statista.

Key Vietnam banks / net interest income / US$m

Outstanding credit to the economy

Source: State Bank of Vietnam

Vietnam’s central bank

At the heart of Vietnam’s banking system is the State Bank of Vietnam (SBV).

The SBV has powers far broader than many other central banks around the world, but these powers come with much more responsibility, too.

Key objectives of the SBV include:

• Keep the US dollar-Vietnamese dong exchange rate stable;
• Maintain credit growth in Vietnam’s economy of about 14 percent;
• Keep inflation below 4.5 percent. 

To achieve these objectives, the SBV also has a number of tools it can use. Chief among them are:

• Increasing or decreasing multiple interest rates;
• Increasing or decreasing credit growth limits;
• Increasing or decreasing the money supply; and
• Increasing or decreasing the base exchange rate.

Interest rates

The two key interest rates in Vietnam are the Discount Rate and the Refinancing Rate.

However, the SBV has broad powers to set different interest rates for different products if it deems this is necessary.

For example, in October 2022, it set different interest rates for eight different types of borrowed funds.

That said, interest rates generally go relatively untouched in normal circumstances, with the SBV preferring to use other tools to manage economic growth–an interest rate rise in September 2022 was the first change in interest rates in two years.

Credit growth limits

Credit growth limits are common in emerging economies.

These are used to avoid excessive lending and subsequently high inflation.

On this measure, credit growth limits in Vietnam have worked relatively well with inflation around 4 percent a year since their inception. However, this has come at a cost.

For example, in October of 2022, the credit growth limit for the year was reached, which meant that many businesses could no longer borrow.

This impacted cash flows and created a number of problems.

Note that there has been some debate as to whether the use of credit growth limits has run its course and should be done away with altogether.

This has been largely rejected by the SBV; however, this suggestion does have traction in the local business community.

See also: It’s Time to Talk About Vietnam’s Credit Growth Policy…

Exchange rates

Vietnam’s local currency, the Vietnamese dong, is currently on a managed float, sometimes called a managed peg. 

Essentially, each day the SBV sets an exchange rate for the dong to dollars and banks and currency traders can only trade with a certain percentage on either side.

That was 3 percent until October of 2022, when it was increased to 5 percent.

On a side note, Vietnam has a long and storied on-again-off-again relationship with the US Treasury’s currency manipulator watch list.

See also: The Dong’s Wild Ride: Unpacked

Money supply

Vietnam has been known to increase or decrease the money supply through the issuance of treasury bills.

In September of 2023, with the value of the dong getting close to a record low, the SBV began pulling cash from the financial system by issuing short-term treasury bills.

At its peak, there were around US$10 billion worth of treasury bills in circulation.

The SBV is also responsible for printing money if need be.

National Payment Corporation of Vietnam (NAPAS)

NAPAS is the national payment intermediary.

The SBV has a majority stake in NAPAS; however, it is also partly owned by a number of other local banks.

NAPAS offers a number of payment services, but it is probably most well known for facilitating instant transfers between Vietnamese bank accounts–this has become a very popular way to pay for goods, with most businesses accepting instant transfer through QR codes facilitated by NAPAS.

Banking regulations in Vietnam

At the core of Vietnam’s regulatory environment for banking in Vietnam is the Law on Credit Institutions.

Issued in 2010, this has become the backbone of myriad circulars, decrees, and decisions that have guided the development of the sector.

Within this framework, there are two key pieces of legislation that individuals with an interest in banking in Vietnam should be aware of.

These are: Circular No. 41/2016/TT-NHNN pertaining to the implementation of the Basel Accords, and Decree No. 01/2004/ND-CP, which addressed foreign ownership limits in the banking sector.

International banking standards

Most banks in Vietnam have been expected to meet Basel II standards since January 1, 2020, per Circular No. 41/2016/TT-NHNN, with a vision to have all banks comply with Basel III standards by 2025.

Though there are currently no codified requirements to meet Basel III standards, many banks are already pursuing these standards of their own volition.

This is largely being driven by a desire to appear more appealing to foreign lenders and investors.

Foreign ownership limits 

Foreign ownership limits for banks are outlined in Decree No. 01/2004/ND-CP.

This decree limits foreign ownership of a bank to:

• No more than 5 percent for a foreign individual;
• A maximum of 15 percent for foreign institutions;
• A total of 20 percent for ‘foreign strategic investors’; and
• No more than 20 percent combined in the case of multiple foreign investors.

That said, local banks can raise their foreign ownership limits with the approval of the SBV.

(A foreign strategic investor is a foreign organisation with the means to support a local bank and its development over the long term and from which a key executive is willing to sign a declaration to that effect.)

Transferring money abroad

International transfers are monitored and controlled.

To move money out of Vietnam, foreign firms and individuals need to prove that the funds were legitimately earned.

This is usually done with tax receipts or payslips.

Major banks in Vietnam

Vietnam’s banking sector is dominated by four state-owned banks dubbed the ‘Big Four’.

These banks are the four most well-known, but not necessarily the biggest.

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

Vietcombank is one of the largest and most prestigious banks in Vietnam.

It provides comprehensive banking services, including retail, corporate, and international trade financing, and has a strong presence in both domestic and global financial markets.

BIDV (Bank for Investment and Development of Vietnam)

BIDV is a state-owned bank focusing on corporate and investment banking.

It is a leading financier of large infrastructure projects and offers extensive retail banking services, making it a key player in Vietnam’s financial sector.

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

VietinBank is a prominent state-owned bank specialising in trade financing, corporate banking, and partnerships with foreign investors.

It serves individuals, businesses, and government institutions, playing a vital role in Vietnam’s economic development.

Agribank (Vietnam Bank for Agriculture and Rural Development)

Agribank is Vietnam’s largest bank by assets, focusing on rural and agricultural development.

It provides critical financial support to small-scale farmers and rural businesses, contributing significantly to the country’s agricultural sector.

Techcombank (Vietnam Technological and Commercial Joint Stock Bank)

Techcombank is a leading private bank, known for its innovative digital banking services.

It caters to both individuals and businesses, offering a range of financial products, including wealth management and corporate banking solutions.

MB Bank (Military Commercial Joint Stock Bank)

Initially serving military personnel, MB Bank has grown into a full-service commercial bank.

It provides retail banking, corporate banking, and investment services, with a strong focus on digital transformation.

VPBank (Vietnam Prosperity Joint Stock Commercial Bank)

VPBank is a private bank that focuses on retail banking, SME financing, and consumer loans.

It is known for its modern banking solutions and growing presence in the digital banking space.

ACB (Asia Commercial Bank)

ACB is a private commercial bank with a strong retail focus.

It offers a wide range of services, including personal loans, deposits, and wealth management, and is recognised for its customer-centric approach.

Sacombank (Saigon Thuong Tin Commercial Joint Stock Bank)

Sacombank is a major private bank catering to retail and corporate clients.

It is well-regarded for its extensive branch network and a strong focus on trade finance and savings products.

SHB (Saigon-Hanoi Commercial Joint Stock Bank)

SHB is a growing private bank offering retail and corporate banking services.

It is particularly known for its focus on SME financing and partnerships with international financial institutions.

These banks represent the core of Vietnam’s financial system, driving economic growth and offering a broad range of services to meet the needs of individuals, businesses, and industries.

Main banking products in Vietnam

Vietnam’s banks still operate mostly on a more traditional banking system, whereby they use customer deposits to make loans.

When they need more cash, they raise deposit interest rates, and when they are flush with cash, they lower them.

Savings accounts

Savings accounts, in particular, everyday accounts are becoming increasingly necessary with most businesses in key economic hubs paying their staff by direct deposit.

Most everyday accounts are connected to the NAPAS system, facilitating instant transfer quickly and easily.

These accounts, however, are for day-to-day use with lower interest rates than consumers might get with other savings products.

Term deposits

As a savings and interest-generating vehicle, term deposits are a popular choice in Vietnam.

Terms vary, and they are handled in much the same way as term deposits elsewhere in the world. Interest rates on term deposits in Vietnam have historically been quite high, although that changed in 2023 as the economy began to slow down and local businesses stopped borrowing.

Loans

Only about 10 percent of respondents to the aforementioned World Bank survey had taken out a loan from a formal financial institution in 2022.

A further 18 percent of people, however, had borrowed funds from family and friends.

This highlights a cultural phenomenon whereby it is quite normal for Vietnamese to borrow and lend money within their community to friends and even casual acquaintances.

Credit cards

Vietnam is still very much a cash society with most consumers buying their day-to-day goods, like fruits, vegetables, and meat from street-side vendors at price points well below the need for a credit card.

The aforementioned QR code transfers are also quick, easy, and free, and this largely removes the need for a credit card.

Controversies

From time to time, the banking sector in Vietnam has a controversy that takes over the nation.

In recent years, there have been two relatively big ones.

Embezzlement at Saigon Commercial Bank (SCB)

In late 2022, there was a small bank-run on SCB after it was announced that Truong My Lan, the head of Van Thinh Phat Holdings Group, a real estate conglomerate with close ties to SCB had been arrested.

The bank, as a result, was put under ‘special administration’ by the SBV. Just over a year later, it was revealed that Lan was alleged to have embezzled from SCB, upwards of US$12.4 billion.

In April 2024, Truong My Lan was sentenced to death for her alleged crimes.

Bancassurance scam

In early 2023, Vietnam’s banking and insurance sectors were embroiled in a scandal involving the mis-selling of insurance products.

Allegations surfaced that borrowers were misled into purchasing insurance policies under the false impression that they were making regular bank deposits.

These practices were linked to bancassurance agreements, where banks and insurance companies partnered to sell insurance products through banking channels.

Under these arrangements, bank employees were incentivised by commissions from insurance companies, driving aggressive sales tactics.

Many bank customers, unaware of the true nature of these transactions, believed they were securing their savings but were instead sold insurance products, often with less favourable terms and conditions than traditional savings accounts.

This controversy led to widespread criticism of both industries.

The insurance sector, in particular, faced severe reputational damage, as it bore the brunt of public outrage.

However, the banking sector was not left unscathed, as many felt that the mis-selling practices were encouraged or overlooked by bank management.

Banking in Vietnam moving forward

Vietnam’s banking sector has experienced huge growth since Vietnam initiated economic reforms in the 1980s.

It has become a key pillar of the economy and is responsible for billions of dollars of funds each year.

Fintech has also seen exceptional growth in recent years, and this will likely continue as Vietnamese consumers gravitate toward products that better suit their mobile phone dependent lifestyles.

FAQ: Banking in Vietnam

These are some of the most commonly asked questions about banking in Vietnam.

How many Vietnamese have bank accounts?

According to the World Bank’s Global Findex Database, 56 percent of Vietnamese people over the age of 15 had a bank account in 2022.

How popular is mobile money in Vietnam?

Mobile money is significantly more popular in Vietnam than credit cards, with around 16 percent of surveyed individuals having a mobile money account compared to just 6 percent with a credit card in 2022.

What is the role of the State Bank of Vietnam (SBV)?

The State Bank of Vietnam (SBV) acts as the central bank, with broad powers and responsibilities including maintaining exchange rate stability, managing credit growth, controlling inflation, setting interest rates, managing the money supply, and overseeing the national payment intermediary (NAPAS).

What are the foreign ownership limits for banks in Vietnam?

Decree No. 01/2004/ND-CP limits foreign ownership in a Vietnamese bank to a maximum of 5 percent for a foreign individual, 15 percent for foreign institutions, 20 percent for ‘foreign strategic investors,’ and no more than 20 percent combined for multiple foreign investors, although these limits can be raised with SBV approval.

Who are the ‘Big Four’ state-owned banks in Vietnam?

The ‘Big Four’ state-owned banks in Vietnam are Vietcombank (Joint Stock Commercial Bank for Foreign Trade of Vietnam), BIDV (Bank for Investment and Development of Vietnam), VietinBank (Vietnam Joint Stock Commercial Bank for Industry and Trade), and Agribank (Vietnam Bank for Agriculture and Rural Development).  

What are the main banking products in Vietnam?

Main banking products in Vietnam include savings accounts (increasingly used for direct deposits and linked to the NAPAS system), term deposits (a popular savings vehicle), and loans (though borrowing from formal institutions is less common than informal lending within communities); credit card usage remains low.

What’s next?

Vietnam’s financial sector, from its securities industry to its insurance industry and, of course, banking is changing rapidly, and policy and regulations can turn on a dime.

With this in mind, firms and individuals with an interest in Vietnam’s financial sector should ensure they subscribe to the-shiv.

First published December 20, 2023. Last updated March 12, 2026.