Vietnam Report announces Top 10 prestigious banks

Illustrative photo (Photo: VNA)

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.

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

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

Meanwhile, the list of the ten most prestigious private joint-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 growth in 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 entire industry will be in a stable state, maintaining a growth rate of 44.2% compared to 42% recorded in the survey last year.

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

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

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