The expansion of Vietnam’s banking sector over the past decade can be seen in the growing number of lenders in The Banker’s Top 1000 World Banks ranking between 2011 and 2021, in comparison with other emerging markets in south-east Asia.
Back in 2011, Vietnam had just eight banks in the ranking. This has steadily increased to 16 banks in the 2021 ranking, on the back of robust gross domestic product growth in the country leading up to the Covid-19 pandemic.