Like most other countries in the world, at the top of the Vietnamese banking system is the State Bank of Vietnam, a Government agency responsible for issuing currency, managing money and advising monetary policies for the Government of Vietnam, preparing draft laws on banking business and credit institutions, and managing state-owned commercial banks.
The Vietnamese commercial bank system includes: 5 state-owned commercial banks, 34 joint-stock commercial banks, 4 joint-venture banks, 35 branch offices of foreign banks and representative offices, 6 financial companies and foreign banks. Some of the biggest banks in Vietnam are Vietnam Bank for Agriculture and Rural Development (Agribank), Bank for Investment and Development of Viet Nam (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietin Bank), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam Technological And Commercial Joint Stock Bank (Techcombank).
Three of the most popular foreign banks in Vietnam are HSBC, ANZ and Citibanks. Each bank has its own advantage and some achievements to boast about. For example, Techcombank has recently been selected by Euromoney financial magazine to be “Best Vietnamese Bank in 2010”. Vietcombank, on the other hand, has the most extensive ATM network in Vietnam. HSBC is voted by Vietnam Economy magazine as the best foreign bank in 2010, while ANZ is popular among tourists as its ATM machines allow a maximum withdrawal of $200 per transaction.
The system of commercial banks in Vietnam is entering a new competition using modern banking technology developed with the goal of providing quality services, thus greatly benefit both Vietnamese customers and foreigners.
How to open a bank account in Vietnam