The combined pre-tax profits of Vietnam’s four largest state-owned commercial banks - Agribank, BIDV, VietinBank, and Vietcombank - have more than doubled over the past four years.

In 2020, these banks collectively reported $2.38 billion in pre-tax profits. By 2021, this figure had increased 20% to $2.87 billion.

The year 2022 marked a major milestone when the Big 4’s total pre-tax profit exceeded $4 billion for the first time, reaching $4.02 billion, a 40% increase from 2021.

In 2023, profits continued to rise by 15%, hitting $4.64 billion.

By 2024, the growth rate slowed to 10.44%, but total profits still reached a record-breaking $5.1 billion.

Vietcombank leads the way, while VietinBank makes a breakthrough

Among the four banks, Vietcombank maintained its position as the most profitable, not only within the Big 4 but across the entire banking sector. In 2024, Vietcombank’s pre-tax profit reached $1.63 billion, according to its financial statements.

VietinBank secured second place, achieving $1.2 billion in pre-tax profits after a 25.48% increase - the highest growth rate among the Big 4 in 2024.

BIDV followed closely with $1.19 billion, reflecting a 12% increase from 2023.

Agribank, which has yet to release its full-year financial report, is estimated to have earned $1.09 billion, marking an 8% growth from the previous year.

Overall, the Big 4’s combined profits have surged 114% in just four years, with BIDV’s 2024 profit tripling compared to 2020.

Vietcombank remains dominant, but growth slows

Looking at the past five years, Vietcombank has consistently held the top position among the four largest state-owned commercial banks.

VietinBank, which ranked lowest in profitability among the Big 4 in 2022 and 2023, made a significant breakthrough in 2024, surpassing BIDV and Agribank to claim second place.

While Vietcombank remained the most profitable, its growth rate slowed considerably in 2024, recording just 1.3% - the lowest among the Big 4.

This slowdown explains why the Big 4’s overall profit growth rate dropped to 10.44% in 2024, the lowest in the past five years, even though absolute profits continued to reach record levels.

Vietnam’s billion-dollar banking giants

In recent years, Vietcombank, BIDV, VietinBank, and Agribank have consistently been among Vietnam’s most profitable banks, each generating over $408 million annually.

However, in 2024, several privately owned banks also joined this elite group, including MB, Techcombank, VPBank, ACB, HDBank, Sacombank, LPBank, and SHB.

These institutions have demonstrated strong financial performance, further highlighting the rapid evolution and expansion of Vietnam’s banking sector.

Tuan Nguyen