Vietnam banking sector undergoes restructuring and digital expansion

Vietnam's banking sector is undergoing significant shifts in operations, digital infrastructure, and fee structures. Saigon Commercial Bank (SCB) is continuing its restructuring process by closing 13 branches across Ho Chi Minh City and several provinces, including Dong Thap, Can Giuoc, Vinh Long, Tien Giang, Dak Lak, and Khanh Hoa, during August 2026.

Other major institutions are updating their services. BIDV has introduced a new fee schedule for card services effective August 20, 2026, including fees for physical card issuance and unsuccessful transactions. VietinBank is implementing new methods for collecting card-related fees. Meanwhile, VIB has launched a credit program offering fixed mortgage interest rates for up to five years and preferential rates for businesses. MSB has introduced a new digital banking platform for enterprises, and ACB has been licensed to establish a non-life insurance company with 500 billion VND in capital.

On a broader scale, digital payments in Vietnam are seeing rapid growth. Data from the State Bank of Vietnam indicates that non-cash transactions reached over 15 billion transactions in the first half of 2026, with a total value exceeding 190 quadrillion VND. This growth is facilitating the expansion of cross-border QR code payments to support tourism and international trade.