Vietnam Banking System Overview

Central Bank

The State Bank of Vietnam is the central monetary authority of Vietnam. It is responsible for regulating the country's monetary policy, issuing and controlling currency, managing foreign exchange reserves, and supervising the operations of other financial institutions. The State Bank of Vietnam also plays a key role in promoting financial stability in the country.

Regulated by: State Bank of Vietnam

Services typically offered by the central bank include:

• Regulating monetary policy
• Supervising banking system
• Issuing and regulating currency
• Managing foreign exchange reserves

Examples: State Bank of Vietnam

Commercial Banks

Commercial banks in Vietnam are the primary providers of banking services to the public. They offer a wide range of services, including deposit accounts, loans, credit cards, foreign exchange, and money transfer services. Commercial banks also play a key role in financing the country's economic development by providing loans to businesses and individuals.

Regulated by: State Bank of Vietnam

Services typically offered by commercial banks include:

• Deposit accounts
• Loans
• Credit cards
• Foreign exchange
• Money transfer services

Examples: Vietcombank, VietinBank, BIDV

Investment Banks

Investment banks in Vietnam provide services related to capital markets, including underwriting, advising on mergers and acquisitions, and securities trading. They also offer services related to corporate finance, such as debt and equity financing, and financial advisory services.

Regulated by: State Securities Commission of Vietnam

Services typically offered by investment banks include:

• Underwriting
• Advising on mergers and acquisitions
• Securities trading
• Debt and equity financing
• Financial advisory services

Examples: Vietcombank Securities, VPBank Securities, Saigon Securities

Retail Banks

Retail banks in Vietnam provide services to individual customers, such as personal loans, mortgages, and savings accounts. They also offer services related to debit and credit cards, online banking, and mobile banking.

Regulated by: State Bank of Vietnam

Services typically offered by retail banks include:

• Personal loans
• Mortgages
• Savings accounts
• Debit and credit cards
• Online banking
• Mobile banking

Examples: ACB Bank, Techcombank, VietinBank

Foreign Banks

Foreign banks in Vietnam operate as subsidiaries or branches of foreign banks. They offer services similar to those of domestic banks, including deposit accounts, loans, credit cards, and foreign exchange services.

Regulated by: State Bank of Vietnam

Services typically offered by foreign banks include:

• Deposit accounts
• Loans
• Credit cards
• Foreign exchange services

Examples: Standard Chartered Bank Vietnam, HSBC Vietnam, Citibank Vietnam

Credit Unions

Credit unions in Vietnam are member-owned financial cooperatives that offer services similar to those of banks, such as savings accounts, loans, and other financial services. Credit unions are often formed by groups of individuals who share a common interest or occupation.

Regulated by: State Bank of Vietnam

Services typically offered by credit unions include:

• Savings accounts
• Loans
• Other financial services

Examples: Vietnam National Credit Union Association, Hanoi Credit Union

Savings and Loan Associations

Savings and loan associations in Vietnam are financial institutions that specialize in accepting savings deposits and making loans. They typically offer lower interest rates on loans and higher interest rates on deposits than commercial banks.

Regulated by: State Bank of Vietnam

Services typically offered by savings and loan associations include:

• Savings deposits
• Loans

Examples: Vietnam Bank for Social Policies, Vietnam Joint Stock Commercial Bank for Industry and Trade

Online Banking

Online banking in Vietnam is a growing sector that allows customers to access banking services through the internet or mobile devices. Online banking services in Vietnam typically include account management, bill payments, and money transfers.

Regulated by: State Bank of Vietnam

Services typically offered by online banks include:

• Account management
• Bill payments
• Money transfers

Examples: VPBank Online, MB Bank Online, Techcombank Online

Other Financial Institutions

In addition to the above-mentioned financial institutions, there are other types of financial institutions in Vietnam that offer deposit and loan services. These include microfinance institutions, leasing companies, and pawnshops.

Regulated by: State Bank of Vietnam

Services typically offered by other financial institutions include:

• Microfinance services
• Leasing services
• Pawnbroking services

Examples:

• Vietnam Bank for Agriculture and Rural Development (Microfinance)
• Vietnam Prosperity Joint Stock Commercial Bank (Leasing)
• VietinBank Pawnshop (Pawnbroking)

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