Vietnam’s financial sector has become a dynamic part of the nation’s economy, but despite its rapid development, it remains relatively small.
That said, over the last decade, banking, insurance, bonds, and stocks have all seen significant growth.
The expansion has been driven by increased demand for financial services among a growing middle class, enhanced regulatory frameworks, and greater access to technology such as mobile banking and online investment platforms.
However, this is still a sector with considerable room for development.
For instance, Vietnam’s stock market, while growing, remains underutilised compared to other regional markets, with relatively low participation rates among retail investors.
Similarly, the insurance market, though expanding, has yet to achieve deep penetration across the population.
Other financial instruments like bonds and derivative markets are still in nascent stages, with limited volumes and a lack of diversity in products offered.
With this in mind, this article provides a broad overview of the financial service sector in Vietnam, including banking, stocks, and bonds.
Vietnam’s financial sector rankings
Depending on the measures used, Vietnam tends to fall around the middle of most financial sector indexes.
Index of Economic Freedom (IEF)
On the Heritage Foundation’s 2025 Index of Economic Freedom, Vietnam was ranked 61st in the world with a score of 65.2.
Out of 100 points, where higher is more free, on investment freedom and financial freedom, Vietnam received scores of 50 and 60, respectively.
Global Financial Centres Index
Ho Chi Minh City is Vietnam’s financial centre.
Most of Vietnam’s major trading firms are based in the city, which is also home to the HCMC Stock Exchange.
In the Global Financial Centres Index 38 in 2025, Ho Chi Minh City managed to jump ahead 3 places, to be ranked 95 out of 120 countries.
This was up from coming second to last at number 120 in the Global Financial Centers Index 34 published in September of 2023.
Financial products in Vietnam
Stocks in Vietnam
As of 31 December 2025, the VNIndex stood at 1,784.49 points, up 40.9% compared to the end of 2024.
Stock market capitalisation was estimated at VND 9,975.4 trillion (about US$378.6 billion), an increase of 39.1%.
Average trading value reached VND 29,328.2 billion per session (about US$1.1 billion), up 39.8% compared to the 2024 average.
By the end of November, the market had 721 listed stocks and fund certificates, along with 878 stocks registered for trading.
Total listed and registered trading value reached VND 2,637 trillion (about US$100.1 billion), up 14.9% compared to the end of 2024.
See also: Vietnam Securities Industry
Bonds in Vietnam
Bonds in Vietnam are traded on the Hanoi Stock Exchange (HNX).
In the bond market, average trading value per session in 2025 is projected to reach VND 15,300 billion (about US$580.6 million), up 26.1% compared to the 2024 average.
By the end of November, there were 473 listed bond codes with a total listed value of VND 2,623 trillion (about US$99.5 billion), an increase of 13.6% compared to the 2024 average.
Banks in Vietnam
As of 22 December 2025, total means of payment increased 14.98% compared to the end of 2024, versus a 9.15% rise at the same point a year earlier.
Capital mobilisation by credit institutions rose 13.68%, compared to 8.79% in the previous year, while credit growth in the economy reached 17.65%, up from 13.4% a year earlier.
Policy interest rates remained low in 2025, with banks reducing operating costs to support lower lending rates.
In November, average Vietnamese Dong deposit rates ranged from 0.1%–0.2% per year for demand and under one month deposits, 3.5%–4.3% for one to under six months, 4.6%–5.6% for six to twelve months, 4.9%–6.2% for over twelve to 24 months, and 6.7%–7.4% for maturities above 24 months.
Average lending rates in Vietnamese Dong for commercial banks were 6.6%–8.9% per year for new and existing loans, while short-term lending rates for priority sectors averaged around 3.9%, below the State Bank of Vietnam ceiling of 4.0%.
Insurance in Vietnam
Total insurance premium revenue in Vietnam in the fourth quarter of 2025 is estimated to have risen 4.5% year-on-year, with life insurance premiums up 1.1% and non-life insurance premiums up 11.1%.
For the full year, total premium revenue is estimated at VND 237.2 trillion (about US$9.0 billion), up 4.0%, including VND 148.8 trillion (about US$5.6 billion) in life premiums, up 0.5%, and VND 88.4 trillion (about US$3.4 billion) in non-life premiums, up 10.3%.
Insurance benefit payments are estimated at VND 91.8 trillion (about US$3.5 billion), up 13.5% compared to 2024, while total investment back into the economy reached nearly VND 959.0 trillion (about US$36.4 billion), up 10.3%.
Total insurance market assets are estimated at VND 1,113.6 trillion (about US$42.3 billion), up 8.6%, with insurance reserves rising 8.8% and total equity capital of insurers increasing 3.8%.
Gold in Vietnam
Gold in Vietnam is also worth a mention in that it is a very popular investment vehicle relative to elsewhere in the world.
This has come about after decades of economic uncertainty, a cultural affinity with gold, and prices that have been known to fluctuate widely.
There are gold shops all over Vietnam, where gold bars can be bought and sold.
Key financial service providers
Banks
Vietnam’s banking sector is dominated by four state-owned banks dubbed the ‘Big Four’, however, these banks are the four most well-known but necessarily the biggest in terms of dollar value.
Vietcombank (Joint Stock Commercial Bank for Foreign Trade of Vietnam)
Vietcombank is one of the largest and most prestigious banks in Vietnam, offering a wide range of services, including retail banking, corporate banking, and international trade financing.
It is a key player in both domestic and global financial markets.
BIDV (Bank for Investment and Development of Vietnam)
BIDV is a state-owned bank that focuses on corporate and investment banking.
It is known for financing large infrastructure projects and supporting Vietnam’s economic development.
The bank also offers comprehensive retail banking services.
VietinBank (Vietnam Joint Stock Commercial Bank for Industry and Trade)
VietinBank is a leading state-owned bank providing services to individuals, businesses, and government institutions.
It specialises in trade financing, corporate banking, and partnerships with foreign investors.
Agribank (Vietnam Bank for Agriculture and Rural Development)
Agribank is Vietnam’s largest bank by assets, focusing on rural and agricultural development.
It plays a crucial role in financing small-scale farmers, rural businesses, and agricultural infrastructure projects.
Techcombank (Vietnam Technological and Commercial Joint Stock Bank)
Techcombank is a leading private bank known for its digital banking innovations.
It offers a wide range of services, including personal banking, corporate banking, and wealth management, catering to both individuals and businesses.
MB Bank (Military Commercial Joint Stock Bank)
Initially established to serve military personnel, MB Bank has grown into a full-service commercial bank.
It provides retail banking, corporate banking, and investment services, with a focus on innovative digital solutions.
VPBank (Vietnam Prosperity Joint Stock Commercial Bank)
VPBank is a prominent private bank known for its focus on retail banking, SME financing, and consumer loans.
It has a strong presence in digital banking and innovative financial products.
ACB (Asia Commercial Bank)
ACB is a private commercial bank with a strong retail focus.
It provides a wide range of financial services, including personal loans, deposits, and wealth management, while being recognised for its customer-centric approach.
Sacombank (Saigon Thuong Tin Commercial Joint Stock Bank)
Sacombank is a major private bank that serves both retail and corporate clients.
It is well-regarded for its extensive branch network and comprehensive offerings in trade finance and savings products.
SHB (Saigon-Hanoi Commercial Joint Stock Bank)
SHB is a growing private bank offering a mix of retail and corporate banking services.
It is particularly known for its SME financing and partnerships with international financial institutions.
These banks represent the backbone of Vietnam’s financial system, playing critical roles in driving economic growth and supporting individuals, businesses, and industries across the country.
Securities firms
Vietnam has a number of securities firms. Some of the key players are:
SSI Securities Corporation (SSI)
SSI is one of Vietnam’s largest and most prestigious securities firms, offering a comprehensive range of services, including brokerage, investment advisory, and asset management.
It has a strong reputation for innovation and market leadership.
VNDirect Securities Corporation
VNDirect is a prominent player in Vietnam’s securities market, known for its advanced trading platforms and investment research services.
The company caters to both retail and institutional investors.
Ho Chi Minh City Securities Corporation (HSC)
HSC is a leading securities firm specialising in brokerage, corporate finance, and investment advisory.
It is well-regarded for its professionalism and extensive client network.
Viet Capital Securities (VCSC)
VCSC is a full-service investment bank and securities firm, providing brokerage, research, and capital-raising solutions.
It has established itself as a trusted partner for both domestic and international investors.
MB Securities (MBS)
MBS, a subsidiary of Military Bank, offers a wide range of securities services, including brokerage, portfolio management, and financial consulting. Its strong backing from the banking sector enhances its credibility.
BIDV Securities Company (BSC)
BSC is the securities arm of BIDV, one of Vietnam’s largest banks. It provides brokerage, investment advisory, and underwriting services, leveraging its parent bank’s extensive network.
VietinBank Securities (VietinBankSC)
As a subsidiary of VietinBank, VietinBankSC offers brokerage and investment banking services, focusing on corporate clients and institutional investors.
Techcom Securities (TCBS)
TCBS, part of Techcombank, is a fast-growing securities firm specialising in investment banking, wealth management, and structured products. It is known for its innovative financial solutions.
Agribank Securities (Agriseco)
Agriseco, affiliated with Agribank, offers brokerage, corporate finance, and advisory services. Its strong ties to the banking sector support its presence in the market.
KIS Vietnam Securities Corporation
KIS Vietnam is a subsidiary of South Korea’s KIS Financial Group.
It provides a wide range of services, including brokerage, research, and corporate finance, with a focus on international clients.
These securities firms play a critical role in the development of Vietnam’s capital markets, supporting both individual and institutional investors and contributing to the country’s financial ecosystem.
Insurance companies
Vietnam’s insurance market is generally divided into two markets: life insurance and non-life insurance.
The non-life insurance market is the smaller of the two. That said, there are a multitude of both foreign and domestic firms operating in this space.
Bao Viet Holdings
As Vietnam’s largest insurance company, Bao Viet Holdings provides a wide range of life and non-life insurance products.
This state-owned enterprise is a market leader, serving individuals and businesses across the country.
PTI (Post and Telecommunication Insurance Corporation)
PTI is a top player in the non-life insurance market, offering motor, health, property, and travel insurance.
It is known for its extensive distribution network and innovative digital services.
PVI (PetroVietnam Insurance Corporation)
PVI specialises in non-life insurance, particularly for the energy and petroleum sectors.
It is a leader in providing industrial and commercial insurance solutions.
Bao Minh Insurance
Bao Minh is a key non-life insurer offering a broad range of products, including motor, property, health, and liability insurance.
It has a strong presence in both retail and corporate segments.
VietinBank Insurance (VBI)
A subsidiary of VietinBank, VBI provides non-life insurance products, such as health, motor, and property insurance.
It leverages VietinBank’s network to expand its customer base.
Manulife Vietnam
Manulife is a leading foreign-owned life insurance company, offering a wide range of products focused on savings, investment-linked insurance, and health protection.
It is recognized for its strong digital transformation.
Prudential Vietnam
Prudential is one of the largest life insurers in Vietnam, providing comprehensive solutions for life, savings, and retirement planning.
It focuses on customer-centric and innovative services.
AIA Vietnam
AIA Vietnam is a major life insurance provider known for its retirement, health, and savings products.
It emphasises customer experience and technology-driven services.
Generali Vietnam
Generali, an Italian insurance company, operates in Vietnam with a focus on life insurance and wealth management.
It is known for its flexible and tailored insurance solutions.
Chubb Vietnam
Chubb offers both life and non-life insurance products, including property, casualty, and accident insurance.
It serves individuals, SMEs, and large corporations with customised solutions.
FWD Vietnam
FWD is a fast-growing life insurer known for its innovative, customer-friendly products and digital-first approach.
It aims to simplify insurance and make it more accessible.
Liberty Insurance Vietnam
Liberty specialises in non-life insurance, particularly motor, health, and property insurance.
It focuses on personalised products and services for the retail market.
These insurance companies play a crucial role in Vietnam’s financial sector, offering diverse products to meet the growing needs of individuals and businesses while driving innovation and market expansion.
Foreign investment in Vietnam’s financial services sector
Vietnam’s financial services sector is among the most heavily regulated sectors of Vietnam’s economy.
It is, however, also the most lucrative.
As a result, it is also one of the most heavily foreign-invested sectors in Vietnam, in terms of dollar value.
Firms considering an investment in the financial services sector in Vietnam should, therefore, be aware of the limits.
Broadly speaking, foreign ownership limits in the banking sector are between 5 and 20 percent, bonds are open to foreign investors, and there is no cap on ownership of securities firms; however, in general, foreign investors cannot own more than 49 percent of a company listed on the local bourse.
That said, there are often additional regulatory requirements for foreign firms operating in the financial services sector in Vietnam.
Recent, noteworthy foreign investments
These are some Recent, noteworthy foreign investments in Vietnames financial sector.
Sumitomo Mitsui Banking Corporation (SMBC)
In March 2023, Japan’s Sumitomo Mitsui Banking Corporation (SMBC) made a significant move in Vietnam’s financial sector by purchasing a 15 percent stake in VPBank, one of the country’s largest private banks.
The deal, valued at VND 35.9 trillion (approximately US$1.5 billion), marked one of the biggest foreign investments in Vietnam’s banking industry to date.
This strategic acquisition allowed SMBC to strengthen its presence in Vietnam, a rapidly growing market with increasing demand for diversified banking services, while also enabling VPBank to expand its capital base and enhance its operations.
The injection of foreign capital through this partnership is expected to support VPBank’s long-term goals of bolstering its lending capacity, particularly in areas such as retail banking and small and medium-sized enterprises (SMEs).
DB Insurance
Back in February 2023, it was announced that Korea’s DB Insurance had taken a 75 percent stake in Vietnam National Aviation Insurance (VNI).
This was DB Insurance’s second big move in the Vietnam insurance market.
The first was the purchase of a 37.32 percent stake in Post and Telecommunications Joint Stock Insurance Corporation back in 2015.
Challenges in Vietnam’s financial services sector
These are some of the key challenges in Vietnam’s financial services sector.
Controversies
As is common in emerging markets, the speed at which Vietnam’s financial sector has developed has given cover to nefarious actors who have taken advantage of low levels of financial literacy and a lack of understanding of a number of new financial products.
Vietnam’s authorities have been working to isolate and stamp out these practices, but as of writing, there are still a lot of challenges facing the industry.
Bonds
Vietnam’s bond market has been the centre of a major scandal over the past two years after it was revealed that funds raised from bonds were being misused.
Investors discovered that the proceeds were not being applied towards the purposes they had been led to believe, sparking intense scrutiny of the market.
This scandal culminated in a series of high-profile arrests, including corporate executives from large companies, which exposed widespread embezzlement amounting to billions of US dollars.
One of the most significant cases was that of Truong My Lan, the chairwoman of the major property developer Van Thinh Phat.
Investigations revealed that she had misappropriated a staggering US$44 billion, a crime that sent shockwaves through Vietnam’s financial sector.
The funds were allegedly embezzled through complex bond issuance schemes tied to her company.
Truong My Lan was sentenced to death for the aforementioned crimes in April 2024.
Insurance
Vietnam’s insurance sector has faced significant challenges over the past year, primarily due to widespread allegations that banks were misleading customers into purchasing insurance policies.
Reports surfaced that bank customers, believing they were making traditional deposits, were instead being sold insurance policies without their full understanding or consent.
This issue came to light as customers began realising that their money was not being held as savings but tied up in insurance products, which often carried different terms and conditions from what they had expected.
These allegations have severely impacted trust in both the banking and insurance sectors.
Banks were accused of using high-pressure tactics and providing misleading information to borrowers, creating an atmosphere of mistrust between consumers and financial institutions.
As a result, there has been increased scrutiny from regulatory bodies, prompting investigations and efforts to tighten oversight in the financial industry.
The controversy has led to calls for stricter regulations and transparency in the sale of insurance products.
Stocks
Vietnam’s stock market has faced significant controversy in 2024 due to allegations of market manipulation, particularly involving high-profile figures like Trinh Van Quyet, the former head of real estate giant FLC Group.
Quyet is accused of orchestrating a scheme to artificially inflate the price of FLC’s stock by using family members and associates to buy large quantities of shares.
This manipulation created a false sense of demand, driving up the stock price, which allowed Quyet to profit from selling shares at inflated prices.
Reports indicate that he illegally netted around US$176.2 million through this scheme.
The case has had a profound impact on Vietnam’s stock market, raising concerns about transparency and fairness.
In response, regulators have tightened oversight and implemented stricter rules to prevent similar incidents in the future.
Quyet’s actions and subsequent arrest have led to broader efforts by Vietnamese authorities to clamp down on market manipulation and restore confidence in the financial markets.
Trinh Van Quyet was sentenced to 21 years for fraud and stock market manipulation in August 2024.
Vietnam’s financial sector moving forward
A strategy for the development of Vietnam’s finance sector was approved by Decision 368/QD-TTg in 2022.
The strategy outlines a number of key targets and objectives.
These are quite broad, and the strategy lacks detail; however, it does point toward a country clearly aspiring to develop a world-class financial sector.
But whereas the overall direction of the sector is vague, there are a number of key reforms actively being pursued. These include:
Basel Accords
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 II standards by 2025.
Though there are currently no codified requirements to meet Basel II standards, many banks are already pursuing these standards of their own volition.
This is being driven by the demands of foreign lenders and investors.
International Financial Reporting Standards (IFRS)
Vietnam currently operates on its own accounting system known as the Vietnam Accounting Standards (VAS) as opposed to International Accounting Standards (IAS).
Businesses, however, are in the process of switching over to IAS.
This is in large part driven by the increased access to capital that firms using IAS have, with many already meeting IFRS 9 standards.
Emerging market status
The HoSE is considered a frontier market by FTSE Russell standards.
It is, however, poised for an upgrade to a secondary emerging market in September 2026, pending a review in March 2026.
FAQ: Vietnam’s financial sector
These are some of then most commonly asked questions about Vietnam’s financial sector.
What are the main financial products in Vietnam?
Key financial products in Vietnam include stocks, bonds, banking services like savings and direct transfers, insurance (both mandatory and voluntary), and gold as a popular investment.
Who are the key financial service providers in Vietnam?
Key financial service providers in Vietnam include the “Big Four” state-owned banks (Vietcombank, BIDV, VietinBank, Agribank), prominent private banks, numerous securities firms like SSI and VNDirect, and major insurance companies such as Bao Viet and Manulife.
Is there foreign investment in Vietnam’s financial services sector?
Foreign investment in Vietnam’s financial services sector is significant but faces ownership limits, with recent large investments including SMBC’s stake in VPBank and DB Insurance’s acquisition of VNI.
What are the main challenges facing Vietnam’s financial services sector?
Challenges in Vietnam’s financial sector include bond market scandals with fund misuse, allegations of mis-selling insurance by banks, and stock market manipulation cases, leading to stricter regulations.
Where is Vietnam’s financial services sector headed?
Vietnam aims for a world-class financial sector through reforms like adopting Basel II and IFRS, and the HoSE is striving for emerging market status, alongside a broad development strategy approved in 2022.
What’s next?
Vietnam’s financial sector 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 November 30, 2023. Last updated February 28, 2026.