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Navigating Vietnam’s banking system as a foreigner may initially appear daunting due to unfamiliar processes and regulations. However, choosing the right bank can significantly simplify financial management while living abroad. Many banks in Vietnam now cater specifically to expatriates, offering a variety of services such as streamlined account opening, international transfers, and English-speaking support. In this guide, we will explore the list of bank in Vietnam for foreigners, highlighting their unique features, benefits, and why they stand out in the competitive Vietnamese banking landscape.
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Vietnam’s banking industry has undergone significant transformation over the past few decades. The system now includes a mix of state-owned banks, private banks, and foreign bank branches. This diversity provides ample options for individuals and businesses, especially foreigners looking for reliable financial services.
Key Characteristics of the Banking System in Vietnam:
Vietnam’s banking sector is also influenced by the country’s rapid economic growth, increasing demand for financial products, and the rising number of expatriates and foreign businesses. These trends have led to fierce competition among banks to attract both domestic and international clients. As a result, you’ll find banks offering attractive interest rates, streamlined account opening processes, and innovative banking solutions tailored for diverse needs.
Whether you’re an expat or a business professional, this list of banks in Vietnam highlights the best options for managing your finances with ease and security.
Vietcomabk was established on April 1, 1963, following a split from the State Bank of Vietnam. Initially, it operated as a specialized bank tasked with managing foreign trade financing and international payments. Vietcombank played a crucial role in supporting Vietnam's economic development during its early years, focusing on facilitating trade between Vietnam and its international partners.
Key Features:
As one of the best banks in Vietnam for foreigners, Vietcombank combines traditional banking reliability with modern features, making it a preferred choice for expats. Its strong presence in major cities makes it a convenient choice for foreigners who want reliable access to banking services.
Why Choose Vietcombank?
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Established in 1993 during Vietnam's Đổi Mới (Renovation) economic reforms, Techcombank was founded by Vietnamese entrepreneurs returning from Russia. Over the years, it has attracted significant foreign investments, including a 20% stake by HSBC in 2008, which was later divested in 2017. In 2018, U.S. private equity firm Warburg Pincus invested $370 million, underscoring international confidence in the bank's growth potential.
Key Features:
Techcombank’s focus on digital banking has revolutionized the way customers interact with their finances. Its mobile app allows users to perform various transactions, monitor their accounts, and even invest in mutual funds from the comfort of their homes.
Why Choose Techcombank?
VietinBank, another state-owned institution, is known for its robust financial services and wide branch network. The bank officially known as the Vietnam Joint Stock Commercial Bank for Industry and Trade, is a prominent state-owned financial institution in Vietnam. Established in 1988, it has played a pivotal role in the country's banking sector.
Key Features:
With over 1,100 branches and transaction offices nationwide, VietinBank ensures accessibility for its customers. It also offers tailored products for expatriates, such as remittance services and foreign currency accounts.
Why Choose VietinBank?
BIDV, officially known as the Bank for Investment and Development of Vietnam, was established on April 26, 1957, making it one of the oldest and most established financial institutions in Vietnam. Initially, BIDV was founded to support the country's infrastructure and economic development, particularly focusing on post-war reconstruction and development projects.
Key Features:
BIDV’s commitment to financial inclusion is evident in its partnerships with international banks, making it easier for foreigners to access cross-border banking services. Its competitive loan products are particularly appealing for those looking to invest in Vietnam.
Why Choose BIDV?
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Established on November 4, 1994, MBBank began with an initial charter capital of 20 billion VND and 25 staff members. Over the years, it has evolved into a multifaceted financial group, serving a diverse range of customer segments and contributing significantly to Vietnam's economic development.
Key Features:
MBBank’s mobile banking platform is one of the most advanced in Vietnam, allowing users to manage their accounts, pay bills, and even apply for loans online. Its straightforward processes make it particularly attractive to expats who are new to Vietnam.
Why Choose MBBank?
Asia Commercial Bank (ACB) was established on June 4, 1993, during Vietnam's Đổi Mới (Renovation) economic reforms, which marked a transition from a centrally planned economy to a market-oriented one. ACB was among the first private banks in Vietnam, symbolizing the country's efforts to modernize its financial sector and integrate into the global economy.
Key Features:
ACB offers specialized banking products for expats, including multi-currency accounts and international debit cards. Its focus on customer satisfaction ensures that clients receive prompt and efficient service.
Why Choose ACB?
Agribank, officially known as the Vietnam Bank for Agriculture and Rural Development, is a state-owned institution established in 1988 with a primary focus on serving the agricultural sector and rural development in Vietnam. Over the years, it has grown to become one of the largest banks in the country, offering a comprehensive range of financial services to both individuals and businesses.
Agribank, one of the oldest and largest banks in Vietnam, focuses on rural and agricultural development but also provides comprehensive banking services to individuals.
Key Features:
Agribank’s extensive network makes it particularly appealing for those living in rural areas. It’s also a good choice for foreigners involved in agricultural or rural development projects.
Why Choose Agribank?
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VPBank has experienced significant growth in recent years, with a credit growth rate of 17.6% and a deposit growth rate of 23.7% in 2019. The bank's net interest margin (NIM) reached 9.7% in the same year, the highest in the Vietnamese banking industry.
Key Features:
VP Bank’s partnership with international financial institutions allows it to offer a range of products suited to expatriates, including international credit cards and foreign currency accounts.
Why Choose VP Bank?
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HDBank, officially known as Ho Chi Minh City Development Joint Stock Commercial Bank, has demonstrated significant growth in recent years. In terms of profitability, HDBank achieved a profit before tax of VND 13,017 billion in 2023, representing a 26.8% increase from the previous year. The bank's return on average assets (ROAA) was 2.03%, and return on average equity (ROAE) reached 24.2%, placing HDBank among the top performers in Vietnam's banking sector.
Key Features:
HDBank’s commitment to customer satisfaction is evident in its personalized services. It’s an excellent choice for expats who value tailored financial solutions.
Why Choose HDBank?
Tien Phong Commercial Joint Stock Bank, commonly known as TP Bank, was established on May 5, 2008. It was founded during Vietnam's period of rapid economic expansion and financial reform, aiming to bring innovative and customer-centric banking solutions to the market. TP Bank was created with a focus on leveraging modern technology to differentiate itself from traditional banks in Vietnam.
Key Features:
TP Bank’s digital-first approach makes it a favorite among younger expats and tech enthusiasts. Its AI-powered chatbot ensures 24/7 customer support, making banking more accessible than ever.
Why Choose TP Bank?
Choosing the best bank in Vietnam depends on your specific needs, whether it’s ease of access, modern digital solutions, or comprehensive financial services. This list of banks in Vietnam provides a solid starting point for foreigners looking to navigate the country’s banking system with ease and confidence. From the largest banks in Vietnam like Vietcombank and BIDV to the innovative solutions of TP Bank, there’s an option for everyone.
Remember to consider factors such as branch locations, fees, and the availability of English-speaking staff when choosing your bank. With the right choice, you can enjoy seamless banking services and focus on making the most of your time in Vietnam.
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