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Update news banking news
Vietnam’s banking sector reached new heights in 2024 as 26 banks reported total customer deposits exceeding $507 billion, marking a 12.89% increase from the previous year.
More than 87% of Vietnam’s adult population now hold payment accounts at banks while many credit institutions are processing more than 95% of transactions through digital channels.
Despite economic challenges, Vietnam’s banking sector saw impressive growth in 2024. Vietcombank retained the top spot, while VietinBank and BIDV followed closely, each exceeding 30 trillion VND ($1.2 billion) in profit.
New policies and technologies are strengthening security, reducing the chances of scams targeting bank customers.
The four largest state-owned banks in Vietnam have seen their combined profits more than double since 2020, reaching an all-time high of $5.1 billion in 2024.
The State Bank of Vietnam has completed the mandatory transfer of CB Bank, MBV, GPBank, and DongA Bank to leading commercial banks, marking a critical step in restructuring the financial sector.
Once one of Vietnam's prominent banks, DongA Bank has now been placed under mandatory transfer by the SBV, effectively ending the rights of its shareholders, including major institutional investors.
According to an SBV survey, In 2025, 85.1 per cent of credit institutions expect their pre-tax profits to grow positively compared to 2024.
Despite resigning in 2015, former Dong A Bank chairman Cao Sy Kiem remains listed as a board member due to unresolved administrative requirements under Vietnamese law.
After the successful transfer of MBV and CB banks, the State Bank of Vietnam (SBV) is preparing to announce the mandatory handover of GPBank and Dong A Bank to stronger commercial banks.
The State Bank of Vietnam (SBV) will finalize the mandatory transfer of GPBank and Dong A Bank in the coming days, following the successful restructuring of OceanBank and CBBank.
Agribank’s indicators in 2024 proved to be the best in the last four years, NCB gained encouraging results in its restructuring, and other banks saw satisfactory profits.
Restructuring plans for Dong A Bank and GPBank are under government review and expected to be approved before the Lunar New Year, according to the State Bank of Vietnam.
Asia Commercial Bank (ACB) has vehemently denied rumors circulating on social media, which allege that its executives were involved in gambling and transferring millions of USD abroad, calling the claims baseless and harmful.
Commercial banks' pre-tax profits in 2025 are forecast to grow by 14.9% year-on-year, while bad debt has peaked and is expected to decrease next year.
The State Bank of Vietnam has set a credit growth target of 16% for 2025, moving toward eliminating the credit room system to create a more dynamic financial environment.
The model applied in Barbados is believed to be a creative model to consider when Vietnam seeks private financing for development goals.
The banking system is facing major problems in asset quality as bad debt has increased rapidly, while Circular 02 on debt restructuring will expire on December 31, 2024.
With the biometric data update deadline fast approaching, banks across Vietnam are seeing long lines and extended wait times as customers rush to comply.
Starting January 1, 2025, unverified bank accounts will face restrictions on online and QR-based transactions. Customers are urged to update their biometric and identification information before the December 31, 2024, deadline.