The 10 private banks leading in tax payment include Techcombank, VPBank, Asia Commercial Bank (ACB), VIBBank, Saigon Hanoi Commercial Bank (SHB), HDBank TienPhong Bank, Sacombank, Maritime Bank and LPBank (formerly named LienVietPost Bank).

Analyses found that some banks in the top 10 had tax payments in 2023 increasing by twofold compared with the year before. This showed that banks have been maintaining stability and growth, thus promoting the development of the banking system.

2023 was a challenging year for Vietnam’s economy and the banking system. Banks had to face a liquidity crisis and corporate bond crisis which began in late 2022 and continued in early 2023.

These led to an economic growth slowdown, lower credit demand, and weaker conditions of enterprises, bringing difficulties for banks.

In such conditions, banks decided to share benefits and risks with the business community by lowering lending interest rates and restructuring clients’ debts in accordance with Circular No0 2.

In 2024, at the 6-month review conference, leaders of the State Bank of Vietnam (SBV) said that credit institutions strictly implemented the tasks assigned to them by the government and SBV, thus helping helping enterprises and an economic recovery. 

SBV Governor Nguyen Thi Hong asked credit institutions to implement solutions to support people and businesses in an open and transparent way.

The institutions were told to improve governance and management, and enhance early anticipation of risks to ensure the safety of the banking system.

Banks’ risk management activities cover all aspects of operations. For credit activities in particular, credit institutions must apply measures to control credit quality, and ensure the safety and effectiveness of credit. Banks need to coordinate with local departments, branches and sectors to update information promptly.

Hong also emphasized the need to enhance the role of the internal supervision board and audit committee.

Credit institutions have been asked to continue to implement the plan on restructuring credit institutions and settling bad debts in 2021-2025, develop credit institutions that are healthy, effective and transparent, and satisfy international standards and follow international practice.

Banks are implementing important plans, including digital transformation, non-cash payment and information technology.

Tuan Nguyen