Minh-Ngoc Nguyen
Research Expert covering Vietnam
Banking industry in Vietnam - statistics & facts
Vietnam’s banking system is relatively young in the Asian financial landscape, having emerged in 1976 with the establishment of the State Bank of Vietnam shortly after the Vietnam War. Despite its late start, the sector has mirrored the country’s rapid economic growth, evolving into one of the fastest-expanding banking markets worldwide. Historically, Vietnam had one of the world lowest rates of banked citizens, but the government has taken steps to improve access to financial services, with an emphasis on digital banking. By 2023, the percentage of Vietnamese adults with bank accounts reached 42 percent. It is also among the leading countries for digital payments across Southeast Asia, signaling a move toward cashless transactions.
Vietnam’s fintech sector has supported traditional banks in this digital transformation by developing products such as mobile wallets and digital lending solutions that enhance the banking experience. This collaboration between banks and fintech companies has helped Vietnam become a leader in digital banking within Southeast Asia. Looking forward, Vietnamese banks are expected to integrate even more sophisticated digital solutions, making the country’s banking sector increasingly innovative and competitive. As a result, digitalization is not only reshaping Vietnam’s banking landscape but also setting the foundation for a more inclusive and future-ready financial ecosystem.
The banking system in Vietnam
The development of Vietnam’s banking sector traces back to the post-reunification period in the 1970s, when state-owned banks dominated the market and were the sole institutions permitted to operate. Over the decades, the country’s banking environment has transformed dramatically. Today, Vietnam has a diverse financial ecosystem composed of state-owned banks, joint-stock commercial banks, and foreign banks operating as joint ventures or independently. Although joint-stock and foreign banks outnumber their state-owned counterparts, government-controlled banks continue to hold a commanding presence, with higher total assets and more extensive branch networks across the country. Prominent examples include BIDV, a major state-owned bank headquartered in Hanoi, which led the Vietnamese banking sector in assets as of November 2024, and Agribank, another state-owned giant with the most widespread branch network nationwide. Meanwhile, joint-stock commercial banks, known for their agility and customer-centric services, have achieved impressive returns on equity and assets, marking them as competitive powerhouses within Vietnam's banking ecosystem.Digital banking in Vietnam
Vietnam’s banking sector has undergone a sweeping digital transformation, driven by both consumer demand and the government’s push for greater financial inclusion. Banks across the country have expanded digital services and are offering more online products to cater to a mobile-first population eager for fast, accessible financial solutions. The COVID-19 pandemic accelerated this trend, as lockdowns and restrictions on in-person services fueled a rapid shift toward digital banking and cashless transactions, leading to a notable rise in both the value and volume of online transactions.Vietnam’s fintech sector has supported traditional banks in this digital transformation by developing products such as mobile wallets and digital lending solutions that enhance the banking experience. This collaboration between banks and fintech companies has helped Vietnam become a leader in digital banking within Southeast Asia. Looking forward, Vietnamese banks are expected to integrate even more sophisticated digital solutions, making the country’s banking sector increasingly innovative and competitive. As a result, digitalization is not only reshaping Vietnam’s banking landscape but also setting the foundation for a more inclusive and future-ready financial ecosystem.
