An employee at a Vietcombank office in Hanoi arranges pack of dollar notes. Photo: Ngoc Thang
The total assets of 19 Vietnamese banks named in ASEAN's top 100 have grown 15.66 percent from a year ago, the second highest growth by country, according to The Financial Times' banking publication The Banker.
Their pre-tax profits also saw the second biggest rise of 6 percent, after Singapore, where profits increased by 10.91 percent, it said.
Given that only 30.86 percent of Vietnam's population of 91 million aged 15 and above had a bank account in 2014, The Banker forecast that the country's lenders will continue to enjoy strong growth.
Despite the robust growth, the Vietnamese banks in the list collectively accounted for only 7.46 percent to the top 100's total assets, up from 6.21 percent in the previous year, according to the report.
They posted the lowest aggregate return on assets (ROA) of 0.8 percent and return on capital (ROC) of 12.19 percent. Indonesia topped the category with the respective rates of 2.7 and 25.31 percent, it said.
The Vietnamese lenders' total capital also grew at slowest pace, 4.54 percent year-on-year.
Of all the banks, Vietinbank was ranked the highest at 25th, followed by Agribank and Vietcombank, which were at 32nd and 34th.
Malaysia, Singapore and Thailand continued to dominate the ranking, jointing holding nearly three-quarters of the total assets, The Banker said.
Data at the end of last year showed that Vietnam had 40 banks, including seven in which the government had a 50 percent stake or more and five fully foreign-owned banks.