Banking and financial services in Vietnam: Popular banks: Vietcombank, BIDV, VietinBank. Currency: Vietnamese Dong (VND). ATMs widely available in cities. Credit cards: Accepted in major areas. Online banking: Growing in popularity. Bank hours: Typically 8am-5pm, weekdays. Money transfer: Western Union, MoneyGram. Microfinance services: Increasing access. Remittances: Important economic component. Regulations: Overseen by State Bank of Vietnam.
Popular banks: Vietcombank, BIDV, VietinBank.
In Vietnam, prominent banks include BIDV, Vietcombank, and VietinBank. BIDV, established in 1957, is the country's largest bank by assets and is known for its significant role in economic development, modern risk management, and diverse financial products. Vietcombank and VietinBank are also major players, with Vietcombank focusing on advanced technology and financial services, and VietinBank strengthening its retail banking and international market presence.
Currency: Vietnamese Dong (VND).
The Vietnamese Dong (VND) is Vietnam's official currency, issued by the State Bank of Vietnam (SBV), and it replaced the earlier currency hao in 1978. The VND is the smallest unit of the currency and has been affected by significant inflation. For more in-depth information, you can visit the website of the Corporate Finance Institute, which offers extensive resources on foreign exchange markets and currency insights.
ATMs widely available in cities.
ATMs are widely available in cities in Vietnam, with over 21,000 ATMs operated by various banks. These machines are commonly found in major airports, market and town squares, main tourist streets, shopping malls, and bank branches. For more detailed information about accessing cash and ATM options in Vietnam, you can visit the ATM Fee Saver website which provides comprehensive guidance and insights for travelers navigating the ATM networks in the country.
Credit cards: Accepted in major areas.
Credit cards, such as Visa and MasterCard, are widely accepted in major Vietnamese cities and tourist hubs, including hotels, restaurants, and shops. However, acceptance may be limited in smaller cities and rural areas. For more detailed information about using a credit card in Vietnam, you can visit the official website which provides comprehensive insights on this topic.
Online banking: Growing in popularity.
In Vietnam, online banking is growing significantly, with over 30% of the population using banking apps, making Vietnam the second highest in app usage after China. The country has seen substantial investment in digital transformation, with over 95% of Vietnamese banks having a digital transformation strategy, and around 90% of banking transactions being conducted digitally. For more detailed information on this significant development, you can refer to the Digital Transformation update. This push towards digitalization highlights the country's commitment to modernizing its financial sector and improving accessibility for its citizens.
Bank hours: Typically 8am-5pm, weekdays.
In Vietnam, banks generally operate from Monday to Friday, with typical hours ranging from 8:00 AM to 5:00 PM, often incorporating a lunch break. However, for those seeking services during the weekend, some banks like Techcombank, ViettinBank, and ACB Bank extend their operations to Saturday mornings, typically from 8:00 AM to 12:00 PM. For more detailed information on specific bank operating hours and their weekend schedules, the LawNet website offers valuable resources and insights.
Money transfer: Western Union, MoneyGram.
Western Union and MoneyGram offer multiple ways to send money to Vietnam, including online, mobile app, and in-person transfers to bank accounts, cash pickup locations, or mobile wallets. These services provide real-time tracking, various payment methods such as bank accounts, credit or debit cards, and cash, along with a wide network of agent locations both in the US and Vietnam. For more details, you can visit the Western Union website to explore the options available for your money transfer needs.
Microfinance services: Increasing access.
Microfinance services in Vietnam aim to increase access to financial services for low-income and poor households, with a significant portion of the population benefiting from these programs. Around 70-80% of the poor have access to microfinance, primarily through institutions like the Viet Nam Bank for Agriculture and Rural Development, the Vietnam Bank for Social Policies, and the People's Credit Fund. The strategy emphasizes enhancing outreach, efficiency, and sustainability by delivering diversified and high-quality financial products. By integrating microfinance into the overall financial system, these efforts contribute to the financial inclusion of disadvantaged communities. For more detailed insights into Vietnam's microfinance framework, you can access the complete document on the Economica Vietnam website.
Remittances: Important economic component.
Remittances to Vietnam have significantly contributed to the country's economic growth, totaling around USD 230 billion over the past 30 years and reaching USD 16 billion in 2023. These remittances enhance foreign currency reserves, stabilize exchange rates, and support socio-economic development, making them a crucial component of Vietnam's financial landscape. For more detailed insights into how these financial inflows are shaping the country's future, explore the Agribank website.
Regulations: Overseen by State Bank of Vietnam.
The State Bank of Vietnam (SBV) serves as the primary financial regulatory body in Vietnam, overseeing a diverse range of banking entities such as policy banks, state-owned commercial banks, joint-stock banks, joint-venture banks, and branches of foreign banks. The SBV's responsibilities encompass promoting monetary stability, supervising financial institutions, managing international reserves, and issuing banknotes. It operates under the vigilant oversight of the government, continuously implementing reforms to enhance the regulatory framework and increase transparency. For more detailed information, you can explore the Vietnam Trade Financing guide on the official website.