On June 9, 2025, Vietnam Report unveiled the list of the Top 10 most reputable commercial banks in Vietnam. The official announcement ceremony, co-hosted by Vietnam Report and VietNamNet, is scheduled for August 2025 in Ho Chi Minh City.

Vietnam’s banking sector: Cautious growth and sustainable foundation

In 2024, Vietnam’s banking industry achieved steady performance with strong resilience. Credit growth surpassed the target at 15.08%, while interest rates remained low and stable, contributing to a controlled inflation rate of 3.63% and boosting economic growth to 7.09%.

Among commercial banks, the compound annual growth rate (CAGR) reached 14.6% from 2020 to 2024. Total operating income of commercial banks hit approximately USD 29.4 billion (747 trillion VND), rising 13.9% year-on-year. Interest income accounted for 75-78% over the past five years, highlighting continued reliance on credit activities and placing pressure on credit risk management and asset quality.

Profits reached a new high of more than USD 10.2 billion (260 trillion VND), increasing 16.8% year-on-year. However, a growing performance gap was evident between large and small banks. Banks with total assets below USD 12 billion (300 trillion VND) saw post-tax profit decline by 11.5%.

Opportunities and risks ahead

Looking to 2025, the banking sector is expected to grow under state policies promoting development. Vietnam Report's survey identified five major growth drivers: expansion of digital financial products (90.3%), investment in digital transformation (74.2%), positive economic outlook (64.5%), legal reforms (51.6%), and streamlined government management (41.9%).

Despite recovery, controlling credit risk remains a top challenge. Non-performing loans (NPLs) peaked in Q3/2023 but have since moderated, aided by Circular 02/2023/TT-NHNN. However, as of Q1/2025, NPLs totaled over USD 11.8 billion (300 trillion VND), up 16.8% year-on-year and 13.4% from the start of 2025.

Banks proactively allocated USD 10 billion (253 trillion VND) for credit risk provisions in Q1/2025, covering 84.4% of bad debts. While the loan loss reserve (LLR) ratio is generally stable, it has remained under 100% since Q3/2023.

Larger banks (assets over USD 40 billion) consistently maintain LLR above 125%, though still declining. In contrast, smaller banks (assets under USD 12 billion) saw LLR drop below 40% since 2023, hitting a low of 29% in Q2/2024 and recovering to 38% recently.

Human resource restructuring driven by digitalization

Digital transformation has become a strategic focus for the industry, improving labor productivity. Average monthly income per employee at publicly listed commercial banks rose from USD 5,900 (149.2 million VND) in 2021 to USD 7,700 (198.7 million VND) in Q1/2025.

At the same time, workforce optimization has led to significant downsizing. Publicly listed banks reduced 2,147 employees in Q1/2025, reflecting organizational streamlining and a shift towards digital service channels.

Some banks have scaled down physical branches and prioritized mobile and online services. Survey results show that safety and security of transactions (55.2%) and reliable mobile banking apps (53.5%) matter more to customers than branch accessibility (27.6%).

Objective evaluation and ranking methodology

Vietnam Report's Top 10 Reputable Commercial Banks list, published annually since 2016, is based on three core criteria: (1) financial capacity assessed via the latest audited financial reports; (2) media reputation evaluated through Media Coding analysis; and (3) surveys of relevant stakeholders.

The 2025 awards ceremony will be held in Ho Chi Minh City as part of the Vietnam CEO Summit 2025, themed “Digital Branding and the Future of Vietnam’s National Brands”. Distinguished guests will include Harvard Business School’s branding expert Prof. John A. Quelch and leading corporate executives.

Vietnam Report