Banking system in Vietnam

Published:  04:36 Wednesday - July 18, 2012 Like other countries in the world, at the top of the Vietnamese banking system is the State Bank of Vietnam (SBV), a Government agency responsible for issuing currency, managing money and advising monetary policies for Vietnam's government, preparing draft laws on banking business, etc.

The Vietnamese bank system includes: 5 state-owned commercial banks, 35 joint-stock commercial banks, 4 joint-venture banks, 50 branch offices of foreign banks and representative offices ( according to statistics sbv.gov.vn)

Some of the biggest banks in Vietnam are Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietin Bank), Bank for Investment and Development of Viet Nam (BIDV), Vietnam Bank for Agriculture and Rural Development (Agribank), and Housing Bank of Mekong Delta (Mhb Bank).

Three of the most popular foreign banks in Vietnam are HSBC, Citibanks and ANZ. Each bank has its own advantage and some achievements to boast about, such as Vietinbank was the only bank that was presented “Top 20 Golden Products” award for its card services at the 2011 Golden Products – Golden Services Award held on Nov 6,  at the Vietnam Bank Awards 2012 for their role in promoting electronic payments in Vietnam there are some banks recievered awards for the following categories:

- Leadership in Payment Volume Contributions. Presented to HSBC, Vietcombank and ACB

- Leadership in Merchant Sales Volume Contributions. Presented to Vietcombank, VietinBank, Eximbank

- Leadership in Cardholder Redemption of Visa Promotions. Presented to Sacombank

The system of commercial banks in Vietnam is entering a new competition using modern banking technology developed with the goal of providing quality services, thus greatly benefit

both Vietnamese customers and foreigners. 

HT

(Collected)

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