The four largest commercial banks in Vietnam, namely Vietcombank, BIDV (Bank for Investment and Development of Vietnam), AGRIBANK, and VietinBank (referred to as the Big 4), collectively represented 41.9% of the country’s total outstanding loans and approximately 50% of the overall deposits within the banking system in 2023.
As per the latest data from the State Bank of Vietnam (SBV) as of December 31, 2023, credit witnessed a growth of around 13.71% compared to the end of 2022, showing a slight decrease from the 14.18% increase observed in the previous year.
The credit landscape in 2023 experienced a gradual rise in the initial quarters, with a temporary decline noted in July compared to the previous month. By September 30, credit growth had reached only about 7%.
Nonetheless, credit conditions started to improve slightly from the end of the third quarter, experiencing a remarkable surge in the final quarter, thanks to the SBV’s robust efforts in managing credit growth.
Playing a pivotal role in driving the credit growth of the entire economy in 2023 were the initiatives undertaken by the Big 4 banks, state-owned entities consistently leading in total assets, deposits, loans, and profits within the country’s banking system.
Consequently, the Big 4 banks injected a total of over VND684.8 trillion into the economy in 2023, constituting 41.9% of the outstanding loans across the entire economic landscape.
BIDV made the most significant contribution, providing nearly VND255.8 trillion, reflecting a credit growth rate of 16.66%. VietinBank followed suit with a credit growth of 15.6%, equivalent to nearly VND200 trillion. Vietcombank and Agribank recorded comparatively lower credit growth rates of 10.6% and 7.4%, respectively, corresponding to nearly VND122.6 trillion and VND106.8 trillion.
In 2023, the raised capital of the Big 4 banks increased by 13%, reaching nearly VND778.9 trillion compared to the previous year, amounting to a total of VND6.7 quadrillion.