Vietnam's Banking System: State, Private and Foreign Banks
Vietnam has four big state-owned banks, a dozen mid-sized private joint-stock banks, and a small but growing foreign-bank presence, all heavily digital.
Vietnam's banking sector is dominated by four state-controlled commercial banks that together hold around 45 per cent of system assets, alongside roughly thirty private joint-stock banks and a handful of foreign-owned subsidiaries. Branch density is high in cities, and mobile banking has reached near-saturation among working-age adults.
What it is / Background
The modern two-tier banking system dates from 1990, when the monobank State Bank of Vietnam was split into a central bank and four specialist commercial banks (Vietcombank for foreign trade, BIDV for investment, Agribank for agriculture, VietinBank for industry and trade). Throughout the 1990s and 2000s, private joint-stock banks were licensed, several backed by state-owned enterprises or industrial conglomerates.
After the 2011 to 2015 sector clean-up that absorbed or restructured weak banks (the SBV bought three for a symbolic zero dong each), the system has been broadly stable. Non-performing-loan ratios at major banks are now in the 1 to 2 per cent range on official figures.
Current state
Total banking assets exceed 700 billion US dollars. Mobile banking and QR-code payments via VietQR have effectively replaced cash for urban under-40s. The most popular app, MoMo, has more than 30 million users for e-wallet payments; bank-native apps from Techcombank, VPBank and MB are equally heavily used.
Bank deposit rates in May 2026 sit around 4.5 to 5.5 per cent on twelve-month VND deposits at state banks, and 5.5 to 6.5 per cent at private banks. USD deposits earn zero by regulation, a policy designed to discourage dollarisation.
Key players / Major firms
State-owned tier: Vietcombank (the bluest of blue chips, market leader in cards and trade finance), BIDV (largest by assets), Agribank (rural network of over 2,000 branches), VietinBank (industrial lending).
Private joint-stock: Techcombank (premium retail and mortgages, backed by Masan-linked shareholders), ACB (conservative retail bank from HCMC), VPBank (consumer-finance leader via its FE Credit subsidiary, part-owned by Sumitomo Mitsui since 2023), MB Bank (military-linked, strong digital), Sacombank (broad retail), HDBank, SHB, OCB and TPBank.
Foreign-owned subsidiaries: HSBC Vietnam, Standard Chartered, Shinhan Vietnam (the largest foreign bank by branches, after absorbing ANZ's retail arm in 2018), UOB, Public Bank Berhad and Woori. Citi sold its consumer business to UOB in 2022.
What's coming / Outlook
The SBV is pushing a digital-banking framework that allows fully online account opening with biometric eKYC, already standard at the private banks. A long-discussed credit-scoring bureau using telco and utility data is expected to broaden access for thin-file borrowers. Basel III implementation is gradually being phased in across the larger banks.
Pressure points include exposure to real-estate developers after the 2022 to 2024 corporate-bond crisis, and the slow pace of state-bank equitisation, with Agribank still 100 per cent state-owned.
What this means for visitors and expats
For short visits, any Visa or Mastercard works at most ATMs; Vietcombank, BIDV and Agribank have the densest networks. For residents, opening an account requires a work permit or temporary residence card; Techcombank, VPBank and Shinhan are the most expat-friendly, with English apps and English-speaking staff at branches in district 1, district 2 and Tay Ho.
International transfers are easiest via Wise or Revolut into a local Techcombank or VPBank account; SWIFT into Vietcombank also works but with higher fees and slower turnaround.
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