Business

Vietnam Report announces Top 10 prestigious banks

The Vietnam Report JSC has recently published the list of the top 10 prestigious banks in Vietnam in 2023, which is its annual activity to recognise efforts to develop the prestige and brands of the financial-banking sector.
Vietnam Report announces Top 10 prestigious banks ảnh 1Illustrative photo (Photo: VNA)

Hanoi (VNA) – The Vietnam Report JSC has recentlypublished the list of the top 10 prestigious banks in Vietnam in 2023, which isits annual activity to recognise efforts to develop the prestige and brands of the financial-banking sector.

The ten banks honoured as the most prestigious commercial banksin the country in 2023 are Vietcombank, VietinBank, Techcombank, BIDV, MilitaryBank, VPBank, ACB, AgriBank, TPBank, and VIB.

Vietnam Report announces Top 10 prestigious banks ảnh 2Top 10 prestigious banks in 2023 (Photo: Courtesy of Vietnam Report)

Meanwhile, the list of the ten most prestigious privatejoint-stock banks comprises Techcombank, VPBank, ACB, TPBank, VIB, HDBank,Sacombank, SHB, MSB, and SeABank. 

Vietnam Report General Director Vu Dang Vinh said that as of the end of May, total credit increased by 3.17% from the end of 2022, significantly lower than the 8% recorded in the same period last year. The before-tax profit of the bank systems in the first quarter was lower than expectations.

Vietnam Report's survey results in 2023 show that there is no expectation of breakthrough growthin the last six months of this year compared to the same period last year.Instead, most banks believe that in the second half of 2023, the entireindustry will be in a stable state, maintaining a growth rate of 44.2% comparedto 42% recorded in the survey last year.

Vinh added that at the 2023 Annual General Meeting ofShareholders, many banks set business plans for 2023 cautiously.

Notably, all banks adjusted their profit plans this year. Thisshows that 2023 is seen by the banking industry as a challenging year when theyhave to continue to share resources and difficulties with businesses amid theslowing global economic growth, while problems such as interest rates, bad debts,frozen real estate and bond markets that have not been fully reflected in lastyear's business results will have a significant impact on the banks' operationsthis year.

Based on its survey results, Vietnam Report points outchallenges of the banking industry in 2023 including increasing bad debt,inflation risk, low global economic growth, and recession of the stock, realestate, and bond markets. In addition, the emergence of Fintech companies withfierce competition with banks is also a major challenge that banks have to face in thecoming time./.

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#Vietnam Plus #Vietnam News Agency #Vietnam Report #banks #Vietcombank #VietinBank #Techcombank #BIDV #Military Bank #VPBank #ACB #AgriBank #TPBank #VIB.
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