Vietnam’s banking sector recorded an impressive year in 2024, with 12 banks surpassing 10 trillion VND ($400 million) in pre-tax profit. The sector’s profitability highlights strong credit growth, improved asset quality, and cost efficiency across the board.

Vietcombank remains the undisputed leader

For the seventh consecutive year, Vietcombank secured the top position with 41 trillion VND ($1.64 billion) in pre-tax profit, a 1.3% increase from 2023.

VietinBank and BIDV followed closely behind, with both banks achieving pre-tax profits of 30.36 trillion VND ($1.22 billion) and 30 trillion VND ($1.2 billion), respectively. VietinBank overtook BIDV after posting a 25% profit growth, while BIDV’s profit grew 12% year-over-year.

MB secured the fourth spot with 27.64 trillion VND ($1.1 billion), a 12% increase from the previous year.

Agribank, which has yet to release its official financial report, is estimated to have 27.57 trillion VND ($1.1 billion) in pre-tax profit, a growth of 8%, placing it in the top five.

Techcombank leads the private sector

Techcombank remained the most profitable private bank in Vietnam, posting a 29.5% increase in profit, reaching 24.45 trillion VND ($978 million).

Other notable performers include:

ACB: 20.12 trillion VND ($805 million), up 3.5%.

VPBank: 18.26 trillion VND ($730 million), up 35.6%.

HDBank: 15.7 trillion VND ($630 million), up 23.3%.

New entrants: Sacombank, LPBank, and SHB join the club
For the first time, Sacombank, LPBank, and SHB surpassed the 10 trillion VND milestone.

Sacombank recorded 12.56 trillion VND ($500 million), a 35.3% increase.

LPBank, chaired by Nguyen Duc Thuy, posted 12.17 trillion VND ($490 million), with an industry-leading 72.9% profit surge.

SHB, led by Do Quang Hien, reached 11.37 trillion VND ($455 million), up 24%, marking its best performance to date.

LPBank attributed its stellar growth to stronger lending activities, digital transformation, and an expanded customer base. Meanwhile, SHB’s record-breaking profits came from improved asset quality and loan restructuring.

VIB came close to the 10 trillion VND club, reporting 8.9 trillion VND ($356 million) in pre-tax profit.

BVBank saw the highest relative profit growth, surging 448% to 390 billion VND ($15.6 million), far exceeding its target.

ABBank, Kienlong Bank, and Nam A Bank also recorded impressive growth, with profits increasing 57%, 56%, and 37%, respectively.

Profit growth leaders in absolute numbers

In absolute profit growth, VietinBank led the sector, adding 6.17 trillion VND ($247 million) to its bottom line. Techcombank and LPBank followed closely, with profits increasing by 5.57 trillion VND ($223 million) and 5.13 trillion VND ($205 million), respectively.

Meanwhile, VPBank and BIDV saw profit increases of 4.79 trillion VND ($192 million) and 3.3 trillion VND ($132 million), respectively.

With strong credit growth, rising consumer demand, and continued digital banking expansion, Vietnam’s banking sector is poised for another strong year in 2025. However, challenges such as regulatory changes, global economic volatility, and risk management concerns could impact future profitability.

Despite these factors, banks are increasingly focusing on digital transformation, fintech collaborations, and improved asset quality to maintain their growth momentum.

Tuan Nguyen