Top 10 Reputable Banks in Vietnam in 2025

Vietnam's banking sector has witnessed significant growth and stability in 2024, with several banks standing out for their financial performance and industry reputation. Here are the top 10 reputable commercial banks in Vietnam for 2024, as announced by the Vietnam Report JSC:

Whether you are starting a business in Vietnam, getting your first job, or have savings to secure, opening a bank account can be immensely beneficial. The banking sector in Vietnam is massive, with many local and international banks firmly established in the industry. Different banks lead the market in various categories, but choosing the right bank can often be cumbersome. Since this is not a “one solution fits all” situation, we have compiled a list of the top 10 banks in Vietnam to make things easier for you.

Overview of Banking in Vietnam

Vietnam's banking sector is full of national and international financial institutions. This sector plays a crucial role in the nation’s economic development, providing a mix of private and state-owned institutions offering services ranging from personal accounts and loans to corporate financing. Along with local and international banks, Vietnam also has banks that focus on Islamic finance.

To open a bank account in Vietnam, you typically need a few documents, including proof of identity and residence, which may vary from one bank to another. While some banks allow you to open a bank account for free, others charge a monthly or annual maintenance fee. Charges can vary significantly from bank to bank. Additionally, getting your debit card and checkbook may take a few days, and using ATM services from other banks usually incurs a fee.

However, the local banking system is generally affordable unless you require a USD account or need to receive money from international sources. In that case, you should check out Elevate Pay.

Top 10 Banks in Vietnam

Before further ado, let’s dive into the top 10 banks of Vietnam in no particular order, highlighting each top bank’s standout features.

Vietcombank

Vietcombank, officially known as the Joint Stock Commercial Bank for Foreign Trade of Vietnam, is the top bank in terms of pre-tax profit, reporting 41 trillion VND ($1.64 billion) in 2024. It has secured the top position for the seventh consecutive year, marking a 1.3% increase in profit from 2023. Vietcombank is well-known for its extensive range of banking services, including corporate and personal banking, along with its strong digital banking capabilities. Its solid financial health and reputation for customer service make it a leading choice among consumers and businesses alike.

Techcombank

Techcombank has emerged as the most profitable private bank in Vietnam, boasting a 29.5% increase in profit, reaching 24.45 trillion VND ($978 million) in 2024. The bank has led the private sector with significant profit growth, reflecting strong lending activities and a commitment to digital transformation. Techcombank is widely recognized for its innovative financial products and excellent customer service, making banking easier and more efficient for its clients.

Vietinbank

As one of the largest state-owned banks in Vietnam, Vietinbank ranks second in terms of pre-tax profit with 30.36 trillion VND ($1.22 billion) in 2024. The bank has experienced impressive profit growth of 25%, overtaking BIDV in the rankings. Known for its robust asset quality and diverse banking services, Vietinbank plays a crucial role in Vietnam's economic landscape, providing essential financial solutions to both individuals and businesses.

BIDV

The Bank for Investment and Development of Vietnam (BIDV) ranks third in pre-tax profit, with a profit of 30 trillion VND ($1.2 billion) in 2024. It has achieved a 12% year-over-year growth, maintaining its status as one of the leading state-controlled lenders. BIDV is recognized for its extensive branch network and a wide array of services, including corporate banking, retail banking, and investment banking, catering to a diverse clientele.

MBBank

MBBank, officially known as Military Commercial Joint Stock Bank, holds the fourth position in terms of pre-tax profit, reporting 27.64 trillion VND ($1.1 billion) in 2024. The bank recorded a 12% increase in profit from the previous year, showcasing its stable financial performance. MBBank is known for its customer-centric approach and offers a comprehensive range of banking services, including personal loans, credit cards, and investment products.

ACB

Asia Commercial Bank (ACB) is a notable performer with a pre-tax profit of 20.12 trillion VND ($805 million), reflecting a 3.5% increase from 2023. The bank’s reputation for strong financial stability and customer trust has contributed significantly to its success. ACB offers a diverse range of services, including individual and corporate banking, and is particularly known for its efficient digital banking platform.

Agribank

Agribank, the Vietnam Bank for Agriculture and Rural Development, is estimated to have achieved a pre-tax profit of 27.57 trillion VND ($1.1 billion), representing an 8% growth in 2024. Positioned among the top five banks, Agribank remains relevant in the agricultural sector, supporting farmers and the rural economy through its various financial products. The bank’s extensive reach in rural areas makes it a critical player in promoting financial inclusion.

VPBank

Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) reported a pre-tax profit of 18.26 trillion VND ($730 million), reflecting a remarkable 35.6% increase from 2023. The bank demonstrates significant growth and improved asset quality, contributing to its strong reputation in the banking sector. VPBank is known for its innovative banking solutions and excellent customer service, making it a popular choice among younger clients.

HDBank

Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) recorded a pre-tax profit of 15.7 trillion VND ($630 million), a 23.3% increase from 2023. HDBank’s strong lending activities and digital transformation efforts have helped maintain its position among the top banks in Vietnam. The bank offers a variety of services including retail banking, corporate banking, and investment banking, with a focus on modern banking technologies.

TPBank

TPBank, or Tien Phong Commercial Joint Stock Bank, is recognized for its stable financial performance, contributing to its reputation as a reliable banking institution. Although specific profit figures are not detailed, TPBank’s consistent growth and customer satisfaction reflect its strong financial standing and industry recognition. The bank is committed to providing innovative financial solutions and excellent customer service, making it a trusted name in Vietnam’s banking sector.

Evaluation Process

The Vietnam Report JSC evaluates these banks based on several factors, including:

• Financial Capacity: Reflected in the most recent financial statements of each bank, updated to May 2024.

• Media Reputation: Assessed through Media Coding methodology, which evaluates the bank's media presence and reputation.

• Survey Results: From relevant stakeholders, providing insights into the banks' performance and industry expectations.

Industry Outlook

A survey conducted by Vietnam Report indicates that a significant majority (67.8%) of experts and banks anticipate industry growth in the second half of 2024, representing a substantial increase from the 14.3% recorded in the same survey for the second half of 2023. These top 10 banks have demonstrated robust financial performance, strong media reputation, and industry recognition, positioning them as leaders in Vietnam's banking sector for 2024.

Why is Elevate Pay the best Choice for USD Bank Accounts?

Freelancers and remote workers earning in USD often face challenges in managing their international income. Elevate Pay is designed to address these hurdles, allowing users to streamline their financial transactions. With Elevate Pay, users can open a free USD account through a simple three-step sign-up process. This account, provided by Bangor Savings Bank, enables you to receive and store USD funds easily.

Elevate Pay focuses on serving emerging markets, providing tailored customer service that aligns with your specific needs. By downloading the Elevate Pay app on your iOS or Android device, you can start using the service immediately, making it an excellent solution for managing your USD income.

Conclusion

This guide should serve as your go-to review when looking for options to open your bank account in Vietnam. With an overview of the top banks, you can find all the information you need to make an informed decision. Vietnam's banking sector is home to some significant names, and your final choice will depend on your personal or business needs. By evaluating these 10 banks, you should identify the unique services of each and make the right decision that works best in your interests.