Brian Jeffrey
The major banks in Vietnam, known as the Big 4 – Agribank, BIDV, VietinBank, and Vietcombank – hold over 56% of the nation’s total deposits.
Agribank leads the pack with deposit collections exceeding $78.6 billion, reflecting a growth of 10.06% since last year. BIDV closely follows with $75.8 billion, showing a remarkable increase of 14.48%.
VietinBank ranks third, having attracted $63 billion in customer deposits, an increase of 13.75% year-on-year. Vietcombank, the fourth on the list, stands at $59.5 billion, marking an 8.13% rise since 2023.
These four institutions together account for more than half of total deposits in Vietnam’s commercial banking sector, solidifying their dominance.
In addition to the Big 4, other banks made notable strides in deposit growth. The top 10 banks by customer deposits are as follows:
MB: $28.1 billion (growth of 25.35%)
Sacombank: $22.1 billion (growth of 10.92%)
ACB: $21.2 billion (growth of 11.47%)
Techcombank: $21.1 billion (growth of 17.26%)
SHB: $19.5 billion (growth of 11.57%)
VPBank: $19.1 billion (growth of 9.5%)
The banks with the highest growth rates include:
MB, NCB, and PGBank, each showing more than a 20% increase from last year.
LPBank follows with a 19.28% growth.
BVBank, Techcombank, MSB, and VIB all recorded growth figures exceeding 16%, indicating strong client trust in their offerings.
Despite the overall positive trend, Saigonbank’s deposits only reached $985 million, showing a modest increase of 3.54% from 2023.
ABBank was the sole bank to face a decline, experiencing a 9.31% drop in deposits, making it the only institution with negative growth for 2024.
As per the State Bank of Vietnam, deposit interest rates in November 2024 are as follows:
0.1%–0.2% annually for demand and short-term deposits under one month.
3.0%–3.8% annually for deposits ranging from 1 to 6 months.
4.4%–5.1% annually for deposits lasting between 6 to 12 months.
5.1%–6.0% annually for deposits between 12 to 24 months.
6.8%–7.2% annually for long-term deposits over 24 months.
Loan interest rates also remained competitive, averaging between 6.7%–9% annually. Short-term loans aimed at prioritized sectors were offered at about 3.8%, which is below the federally regulated cap of 4% per year.
With significant deposit growth and stable interest rates, the banking industry in Vietnam is poised to sustain strong performance in 2025, boosting customer confidence and economic stability.
