Vietnam's Techcombank, VPBank and ACB Narrow Profit Gap with State‑Owned Big4 Banks

Over the past decade, Vietnam’s three largest private banks—Techcombank, VPBank and ACB—have dramatically accelerated profit growth, eroding the dominance of the state‑owned “Big4” (Vietcombank, VietinBank, BIDV and Agribank). In 2015 their pre‑tax profits were 2.0 trn VND (Techcombank), 3.1 trn VND (VPBank) and 1.3 trn VND (ACB). By 2025 those figures rose to 32.5 trn VND, 30.6 trn VND and 19.5 trn VND respectively, representing compound annual growth rates (CAGR) of roughly 32 %, 26 % and 31 %. The Big4’s CAGR over the same period was 20‑21 %, keeping their profit levels higher but the relative gap shrinking from private banks holding about a quarter of state‑bank profits in 2015 to 70‑80 % by 2025.

The private banks achieved this by pursuing retail‑focused strategies, investing in technology and building broader financial ecosystems, while the Big4 continue to benefit from cheap capital sourced from treasury and public‑sector deposits and an extensive branch network. Analysts note that the structural cost‑of‑capital advantage of the state banks remains a key differentiator, but the rapid expansion of the private sector is reshaping Vietnam’s banking competitive landscape.