Vietnam’s Big 4 banks post record profits in 2024
The four largest banks in Vietnam by total assets - BIDV, VietinBank, Agribank, and Vietcombank - reported record profits totaling an estimated VND126 trillion ($4.97 billion) in 2024, marking an all-time high.
At a conference to review 2024 performance and set tasks for 2025, BIDV's leadership said that as of December 31, all business targets set by the State Bank of Vietnam (SBV) and its AGM were met or exceeded.
Specifically, BIDV's pre-tax profit reached VND30 trillion ($1.1 billion), up by 12.4% year-on-year.
With these results, BIDV is likely to be the second-highest profit-generating bank in the system, after Vietcombank, marking the highest profit in the bank's history.

An office of state-controlled BIDV. Photo courtesy of Thi truong Tai chinh Tien te (Monetary and Finacial Market) magazine.
VietinBank also reported that its 2024 profit had exceeded the target. In October 2024, the lender officially announced its business plan for the year, setting a pre-tax profit target of VND26.3 trillion ($1.04 billion), up 8.7% from the previous year.
Agribank recently disclosed that its 2024 pre-tax profit increased by over 8% year-on-year. In 2023, it reported a pre-tax profit of VND25.53 trillion, so the 2024 pre-tax profit is expected to reach approximately VND27.6 trillion ($1.09 billion), a new record for the bank.
For Vietcombank, while the full-year profit for 2024 has not yet been announced, its chairman Nguyen Thanh Tung revealed at the December banking industry conference that the bank had basically completed its objectives for 2024 set by the SBV and its AGM.
In its 2023 annual report, the bank aimed for at least 5% profit growth in 2024. At the end of Q3/2024, Vietcombank achieved a pre-tax profit of nearly VND30.7 trillion, a 6.4% increase year-on-year, and the figure is expected to exceed VND43 trillion ($1.69 billion) in 2024.
In addition to their profits, the Big 4 banks have reported strong results across other business metrics last year.
VietinBank focused on diversifying its income structure. Non-interest income contributed nearly 27% of total operating income, driven by core services such as guarantee fees and payment services.
Notably, guarantee fee growth led the market, with a growth rate of 35%. The bank's total mobilized capital reached VND1,800 trillion ($70.94 billion), a 15% increase compared to the end of 2023, and CASA (current accounts savings accounts) grew by an impressive 30% year-on-year.
At BIDV, total assets reached nearly VND2,700 trillion (about $100 billion), a 19.4% year-on-year rise, maintaining its position as the largest commercial bank by total assets in Vietnam.
The bank's mobilized capital hit VND2,140 trillion ($84.34 billion), up 13.1% from the previous year, with total credit outstanding surpassing VND2,010 trillion, expanding 15.3%. The bank's share in lending led the market, with 13.1%.
BIDV also maintained a low non-performing loan (NPL) ratio of 1.3%, and its NPL coverage ratio stood at 133%. BIDV's total equity at the end of 2024 reached VND136.32 trillion ($5.37 billion), a year-on-year growth of 18.4%.
Agribank’s total assets had exceeded VND2,200 trillion ($86.7 billion) by December 31, 2024, marking a 10% rise. Its mobilized capital rose 7.5% to VND2,000 trillion, while credit outstanding reached VND1,720 trillion, a growth of 11%.
The bank's NPL ratio was controlled at 1.56%. The bank's equity hit VND126 trillion ($4.97 billion), with VND 51.6 trillion in charter capital.
Agribank also restructured 21 branches in Hanoi and Ho Chi Minh City and handled nearly VND138 trillion ($5.44 billion) in bad debts in 2021-2024, aiming to reduce its NPL ratio to under 1% by 2025.
Agribank is wholly state-owned, while Vietinbank, BIDV and Vietcombank are state-controlled, with the state as majority shareholder.
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