Vietnam's Banking Industry Sees Promising Growth, Top Private Banks Submit Largest Budget

Strategic Insights -

Vietnam's banking industry has been experiencing a positive momentum, with the government aiming for an economic growth rate of over 8%. Flexible monetary policy and increasing credit demand have created conditions for banks to expand their operations and contribute significantly to the national budget. The top 20 private banks have submitted the largest budget in Vietnam, with a total of VND 47,300 billion in the fiscal year 2024, an increase of over VND 5,400 billion (about 13%) compared to the previous year.

Key Takeaways:

  • The top 20 private banks submitted a total budget of VND 47,300 billion in 2024, an increase of 13% compared to 2023.
  • Four private banks, Techcombank, HDBank, VPBank, and ACB, exceeded VND 5,000 billion in budget contributions, with Techcombank reaching VND 170,000 billion, a 27% increase from 2023.
  • There are 14 private banks that paid over VND 1,000 billion, a 2-unit increase compared to the previous year.
  • The government aims for an economic growth rate of over 8% and has implemented a flexible monetary policy to support the growth of the banking industry.
  • Banks are expected to promote credit expansion, develop new financial products, and invest in technology to meet the needs of customers.

Statistics:

  • Total budget of top 20 private banks in 2024: VND 47,300 billion
  • Increase in budget contributions compared to 2023: 13%
  • Number of private banks that paid over VND 1,000 billion: 14
  • Number of private banks that exceeded VND 5,000 billion: 4
  • Techcombank's budget contribution in 2024: VND 170,000 billion (27% increase from 2023)

Sources:

  • Private 100 (list of private enterprises paying the budget of VND 100 billion or more)
  • Government of Vietnam ( policy and growth targets)
  • Prime Minister Pham Minh Chinh (speech at the meeting with the Research and Development Team for Economic Growth)