The nine wholly foreign-owned banks currently operating in Vietnam are Woori Bank, HSBC, Standard Chartered, ANZ, Hong Leong, Shinhan, Public Bank, CIMB, and UOB Vietnam. Additionally, there are two joint venture banks: Indovina Bank (IVB) and Vietnam-Russia Joint Venture Bank (VRB).

Together, these banks hold a combined charter capital of over 65 trillion VND (approximately 2.55 billion USD). South Korea’s Woori Bank leads the pack, boasting a charter capital of 12.5 trillion VND (about 491 million USD).

Woori Bank established its Hanoi headquarters in 2017 under the legal name Woori Vietnam Limited Liability Bank, initially with a charter capital of 3 trillion VND. By 2024, it had expanded to become the largest foreign-owned bank in Vietnam by capital after increasing its total to 12.5 trillion VND.

This South Korean giant has made clear its ambition to expand its market share, particularly in retail banking, by establishing headquarters in both Hanoi and Ho Chi Minh City. It has also opened branches and transaction offices in key provinces attracting South Korean FDI, such as Da Nang, Ha Nam, Bien Hoa, Vinh Phuc, Thai Nguyen, Bac Ninh, and Binh Duong.

Following Woori is UOB Vietnam, a subsidiary of Singapore’s United Overseas Bank. Operating as an independent entity in Vietnam since 2018, UOB Vietnam was approved to increase its charter capital to 8 trillion VND (about 314 million USD) in 2023.

HSBC Vietnam ranks third, with a charter capital of 7.53 trillion VND (around 296 million USD). The British bank became the first to establish a wholly foreign-owned subsidiary in Vietnam in 2009, headquartered in Ho Chi Minh City.

In fact, HSBC opened its first office in Saigon (now Ho Chi Minh City) in 1870, received its operating license for a full-service branch in 1995, and launched a second branch in Hanoi along with a representative office in Can Tho in 2005.

Similarly, Standard Chartered entered Vietnam in 1904. Its wholly foreign-owned subsidiary, Standard Chartered (Vietnam) LLC, officially began operations in 2009. In 2023, it increased its charter capital to 6.95 trillion VND (approximately 273 million USD), placing it fourth among foreign banks in Vietnam by capital.

Public Bank Vietnam, from Malaysia, ranks fifth with a capital of 6 trillion VND (about 236 million USD). Originally established as a joint venture-VID Public Bank-in 1992 with equal contributions from BIDV and Malaysia’s Public Bank Berhad, it was later restructured into a wholly foreign-owned bank. Today, it operates 40 branches and transaction offices and employs over 1,000 staff, making it the largest foreign bank network by branch count.

Another South Korean entrant, Shinhan Vietnam, holds a charter capital of 5.71 trillion VND (about 224 million USD) and operates under a corporate group model. Known for its strong retail banking focus, Shinhan took over ANZ Vietnam’s retail banking division in 2017.

ANZ Vietnam, although now focused solely on services for multinational corporations, large domestic firms, and financial institutions, remains one of the earliest foreign banks in Vietnam, having entered the market in 1993. In 2008, it became one of the first to receive a license to operate as a 100% foreign-owned bank. In September 2024, ANZ Vietnam was approved to raise its capital to 5 trillion VND (around 196 million USD).

Next is CIMB Vietnam, part of Malaysia’s CIMB Group, which began operations in 2016. It increased its capital to 4.01 trillion VND (about 157 million USD) in 2024 and focuses on services for both individual and corporate clients.

At the bottom of the list is Hong Leong Vietnam, another Malaysian bank, with a charter capital of 3 trillion VND (roughly 118 million USD). It became the first Southeast Asian bank to receive a license to operate as a wholly foreign-owned commercial bank in Vietnam in December 2008.

Apart from the nine fully foreign-owned banks, there are also two joint venture banks in Vietnam: Indovina Bank (IVB) and the Vietnam-Russia Bank (VRB), with charter capitals of 3.38 trillion VND (about 133 million USD) and 3.01 trillion VND (around 118 million USD), respectively, according to State Bank of Vietnam data as of September 30, 2024.

IVB is a 50:50 joint venture between VietinBank and Taiwan’s Cathay United Bank (each contributing 96.5 million USD). VRB is co-owned by BIDV, Russia’s VTB (formerly Vneshtorgbank), each with a 49.5% stake, and the Vietnamese company NGS, which holds 1%.

Tuan Nguyen