Commercial banks are expecting the revenue from fees and retail banking services to become their main income sources this year, as a result of rising market demands.
Together with high profits of a trillion đồng at the end of 2017, domestic commercial banks reportedly hired thousands of employees to boost their performances and seize new opportunities.
Banks and credit institutions in Vietnam are now rapidly expanding to retail businesses including retail banking and consumer finance to tap on the unbanked population. Many banks have been developing their risk system to cope with requirements from the emerging retail risk management.
Việt Nam Prosperity Joint Stock Commercial Bank (VPBank) posted a pre-tax profit of more than VNĐ8.1 trillion (US$356.6 million) in 2017, registering a 65 per cent year-on-year increase.
Banks are investing significantly in retail banking services instead of only focusing on corporate lending in the hope of gaining higher profits from the potential segment this year.
Việt Nam is seeing a wave of digitalisation in the retail banking industry, driven by industry 4.0 technologies.
The Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) on October 20 appointed Thomas William Tobin as Retail Banking Director, the bank’s first foreign senior executive.
Expats working in Việt Nam said they earn on average nearly US$88,100, with 36 per cent seeing their income increase by 25 per cent, the latest Expat Explorer survey compiled by HSBC Bank revealed.
Việt Nam Joint Stock Commercial Bank for Industry and Trade (VietinBank) on Monday signed a partnership agreement to become the only issuer of Diners Club (DC) cards in Việt Nam.
Việt Nam Prosperity Joint Stock Commercial Bank (VPBank) on Thursday officially listed more than 1.33 billion shares on the HCM Stock Exchange (HoSE).