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Increase in Bank Branch Networks Anticipated to Drive Vietnam Banking Industry: Ken Research

Vietnam banking industry is an industry that handles credit, cash, and other financial transactions. The industry provides a safe place to store extra cash & credit. They offer certificates of deposit, savings accounts, and checking accounts. This industry uses these deposits to make loans. These loans include business loans, home mortgages, and car loans. In Vietnam, there are two tiers in banking sector: the first tier is State Bank of Vietnam (SBV) which is responsible for financial policy and supervision or regulation of the banking system in country. The second tire consists of financial companies, credit co-operatives, commercial banks, people’s credit funds, and insurance companies.

According to study, “Vietnam Banking Comprehensive Report Q4/2019” the key companies operating in the Vietnam banking industry are Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Bank for Investment and Development of Vietnam (BIDV), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Asia Commercial Bank (ACB), TienPhongBank (TPBank), Vietnam International Commercial Joint Stock Bank (VIB), Vietnam Maritime Joint-Stock Commercial Bank (MSB), The Vietnam Technological and Commercial Joint Stock Bank (Techcombank). The key players are mainly focusing on association with baking institutes to gain the market share. The players are also adopting both organic and inorganic growth strategies to capture the market share and increase their customer base. The banking institutes and multinational companies are acquiring fintech start-ups to develop their own omni-channel digital banking products to attend their clients and reduce the churn rate.

Based on type, Vietnam banking industry is segmented into private banking sector and public banking sector. Based on services, market is segmented into savings & checking accounts, mortgages, personal loans, debit & credit cards, and certificates of deposit. Based on solution type, market is segmented into software solutions and hardware solutions. Automatic Teller Machines (ATMs) encompass hardware solutions for retail banking. Whereas, card processing, cheque electronic commerce solutions, and payment processing are few of the standard software solutions offered by retail banks. Based on service line, market is segmented into domestic banking and international banking. Based on channel, market is segmented into in-person banking, telephone, online, mobile, and video banking. In addition, based on banking sector, market is segmented into commercial banking, retail banking, investment banking, central banks and others.

The Vietnam banking industry is driven by growth in digital payment system, followed by rise in disposable income, growth in entrance of the foreign banks, easy availability of loans, growth in demand for retail or corporate loans & government initiatives, rise in demand for streamlining business processes, rapid urbanization and increase in bank branch networks. However, rise in threat of cyber-attacks and lack of regulatory framework may impact the market. Moreover, growth in adoption of various innovative technologies in order to minimize operating costs is a key opportunity for market.

In Q4/2019, the total assets of Vietnam banking industry increased by 6.77% and the total equity & charter capital of the whole system increased by 7.44%. Additionally, the liquidity of the banking industry remained relatively stable. In upcoming years, it is predicted that the market will be reached at rapid pace on account of growth in adoption of online & mobile banking platforms and increase in need to provide improved customer experience during the forecast period.

For More Information, click on the link below:-

Vietnam Banking Market Research Report

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Ken Research

Ankur Gupta, Head Marketing & Communications

ankur@kenresearch.com

+91-9015378249

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