Vietnam Bank Card Report 2016

‹#›
Vietnam Bank Card Report 2016
Issue 1
@ 2016 StoxPlus Corporation.
All rights reserved. All information contained in this publication is copyrighted in the name of StoxPlus, and as such no part of this publication may be
reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including
photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher.
Date of report: 19 August 2016
Part of StoxPlus’s Market Research Report Series for Vietnam www.biinform.com

2
Table of Contents
Part Content Page
Executive Summary 5-7
I Card Market Overview 8-22
I.1 Historical Development 8-9
I.2 Market Structure 10-11
I.3 Market Size and Growth 12-16
I.4 Market Segmentation 17-22
II Overview of Competition Dynamics 23-35
II.1
Card Market share by Revenue and number of
issued cards
23-32
III.2 Market share by ATM/POS Coverage 33-35
III Detailed Product Survey 36-49
IV Key Growth Drivers 50-58
IV.1 Higher Income per Capita 52
IV.2 Large unbanked population 53
Part Content Page
IV.3 Internet retailing 54-55
IV.4 Card Technology Advancement 56-58
V Key Challenges 59-67
V.1 Vietnam is still a cash-intensive market 61
V.2 Poor Infrastructure Development 62
V.3 Multiple fees applied on card 63
V.4 Lack of Policy support for development 64
V.5
Local utilities development prevents
Card utilisation
65
V.6 Mobile Payment Trend 66-67
VI Regulatory Framework 68-70
Appendices
Profiles of Key Players

3
StoxPlus Joint Stock Company
Head Office
5th Floor, Anh Minh Building
36 Hoang Cau Street, O Cho Dua Ward
Dong Da District, Hanoi, Vietnam
telephone: +84 (4) 3562 6962
facsimile: +84 (4) 3562 5055
Ho Chi Minh City Branch
2nd Floor, May Plaza,
63D Vo Van Tan Street,
Ward 6, District 3,
Ho Chi Minh City, Vietnam
telephone: +84 (8) 3933 3586
Date: 19th August, 2016
Dear Clients,
Re: First issue of Vietnam Bank Card Report, 2016
I am pleased to attach our first issue of Vietnam Bank Card report. This
issue is expected to be released annually, covering most up-to-date
card data on the market. More broadly, this report is expected to
provide useful information for investors aiming to review the market's
card sector performance and card operating practices, as well as get an
updated view on the financial position of commercial banks – the card
issuers.
What’s new in this issue? This issue details how the card market has
developed exponentially since 2002, after the introduction of card
system in Vietnam. The competitive dynamics have been thoroughly
ratified. This picture with domination of debit card has not changed,
but is expected to gradually shift with the changes in consumer
behavior. Technology and infrastructure have become more critical,
therefore, the report also highlights the rise of infrastructure and
technology advancement and its applications in bank card market.
To gain a deeper understanding of the attributes that customers value,
we surveyed the products offered by selected financial institutions.
As part of the research, we conducted various field trips as well as
discussions and interviews with industry players at the management
level to grasp local insights of how banks’ services and technology
innovation are performing in Vietnam. We gathered the financial data
of key players and consumer loans from our partners, including Vietnam
Bank Card Association and State Bank of Vietnam.
We understand that this is targeted but open research. We would be happy
to provide further information to address any question regarding any
specific sector or target business in Vietnam. Our ultimate objective is to
provide real value to our clients via in-depth research and practical local
insights.
Should you have any question, please contact our Managing Director, Ms.
Lan Nguyen at + 84-4-35626962 (ext. 109) or lan.nguyen@stoxplus.com
Yours sincerely,
Nguyen Quang Thuan
CEO
StoxPlus Corporation

4
Abbreviation
No. Wor d Stand for
1 VCB Vietcombank
2 SCB Sacombank
3 CAGR Compounded Annual Growth Rate
4 MOF Ministry of Finance
5 SBV State Bank of Vietnam
6 ATM Auto Teller Machine
7 POS Point of Sale
8 SOCB State-Owned Commercial Bank
9 JSCB Joint Stock Commercial Bank

5
Executive Summary
1) Card market is growing exponentially
over the past years at CAGR of 26.56%,
with Debit card being the dominant type
despite acceleration of credit card
numbers.
2) ATM and POS system has been growing
extensively at two-digit in the past 5 years.
However, the distribution and coverage of
ATM and POS system are still far below our
peer countries.
3) Card revenue has been surged with CAGR
of 19.7% over the period 2011 – 2015
Source: StoxPlus estimation from Vietnam Card Association
Figure 1: Number of Cards and Growth by card types period
2011-2015 (‘000)
2009 2010 2011 2012 2013 2014 2015
Figure 2: Vietnam ATM/POS Size and Growth period 2011-
2015 (‘000)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Figure 3: Vietnam Card Revenue Growth period 2011 -
2015, US$bn
2011 2012 2013 2014 2015
Card Revenue
This page is intentionally left blank

6
Executive Summary
4) Revenue generated by local card marks
up 89.42% total revenue, while cash
withdrawal and money transferring are
the most popular transaction,
aggregately accounting for 98.4% local
card revenue.
6) Revenue from Debit Card: SOCBs such as
Vietcombank, Vietinbank and Agribank
are leading the market with aggregated
revenue of 58% market share. The rest
are top performing Tier I banks.
Figure 8: Card revenue by type of card in 2015 (%)
5) Transaction revenue at ATM is leading with
over 88% of revenue. Consumer behavior
and lack of a good POS infrastructure has
been the key reasons for ATM transaction
prime.
Figure 9: Transaction revenue market share by
means of transaction, 2015 (%)
Figure 14: Top 10 banks with highest debit card revenue,
2015 (US$bn)

7
Executive Summary
7) SOCBs made up 66% total cards
circulating in Vietnam. Among SOCBs,
Vietinbank is the most popular card
issuers so far with over 19.3mn cards by
all types.
8) Key Growth Drivers: The bank card market
in Vietnam is growing fast driven by middle
class and affluent customers, low
penetration in the banking system and the
development of card new technologies
9) Key challenges for development of bank
card market: Cash-intensive
characteristics of the market, poor
infrastructure development of POS for
card payment, the lack of policy
guidance and enforcement from the
Government, and the hesitation of card
users due to high fee & undeveloped
connected utilities.
Figure 19: Top bank by number of local & international
cards, 2015

8
Contents
1 Historical Development
2 Market Structure
3 Market Size and Growth
4 Market Segmentation
Section I: Card Market Overview

9
The evolution of Bank Card market in Vietnam
Historical Development of Bank Card Market
1996 - 2000 2001 - 2005 2006 - 2010 2011 - 2015
• This period is considered as
the earliest stage of Vietnam
bank cards market, in which
service providers offered
narrow range of products and
Vietnamese’s perception
about payments card was
limited. Payment cards in
this period were used only by
high income class to execute
oversea transactions.
• During this time, only few
major commercial banks
started investigating and
experimenting ATM services.
• The most critical policy changes
came from Decision
291/2006/TTg about the
Proposal of non-cash payments
period 2006-2011 and Decision
20/2007/NHNN about issuing and
using bank cards, and providing
card-related services,
increasing the number of new
products as well as participating
commercial bank.
• In 2010, there were 49 card
issuing parties, which owned
about 200 card brands. At that
time, 11500 ATM machines and
52000 POS terminals were built
across the country.
• Inter-bank connections among
ATMs and POS terminals systems
were broadened, enhancing
customer experiences and
additionally surging card
revenues during this period.
• Decision 2453/QD-TTg which
promoted non-cash payments
activity led to a revolution in
level of awareness of
Vietnamese people and
companies about bank cards,
resulting in a steadily growth
from 42 million cards in 2011 to
91 million cards in 2015.
• Commercial banks did put great
efforts into upgrading their
infrastructure, especially POS
systems to enhance customer
experience. At the end of 2015,
there were 16,573 ATM
machines and 217,470 POS
terminals, increasing 23% and
181% compared to YE2011,
respectively. Besides, brand
new services such as e-banking,
mobile banking and e-wallet
were introduced. These changes
combined with expanded card
switching activity helped bank
to skyrocket their transactions
in terms of number and value.
• .
• From 2001 to 2005, Vietnam
payment card market soared
at a rate of 200% annually. At
the end of 2005, there were
2.7 million payment cards
had been issued, along with
1700 ATM machines and 9000
accepted points (POS
terminals)
• Both state-owned
commercial banks and join-
stock commercial banks
advanced information
technology and up-to-date
facilities, and issued
diversified types of payment
cards including: ATM, debit
cards, credit cards,
international and local cards.

10
Contents
2 Market Structure

11
The types of card, card issuers and card operators in Vietnam
Section I: Overview of Card Market
Card market structure in Vietnam
DEBIT CARD
CREDIT CARD
PREPAID CARD

12
Contents
2 Market Structure

13
Card market is growing exponentially over the past years at CAGR of 26.56%, with Debit card being
the dominant type despite acceleration of credit card numbers
Figure 1: Number of Cards and Growth by card types period 2011-
2015 (‘000)
Market size and growth
2009 2010 2011 2012 2013 2014 2015

14
ATM and POS systems have been growing extensively at two-digit in the past 5 years. However, the
distribution and coverage of ATM and POS system are still far below our peer countries.
Figure 2: Vietnam ATM/POS Size and Growth period 2011-2015 (‘000)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

15
Card revenue has surged with CAGR of 19.7% over the period 2011 – 2015, reaching US$74.4bn by
YE2015. Unlike other countries, Card revenue growth is mainly contributed by money withdrawal fee
at ATM.
Figure 3: Vietnam Card Revenue Growth period, US$bn (2011 – 2015)
2011 2012 2013 2014 2015
Card Revenue

16
Card transaction revenue grew steadily at CAGR of 14.3% over the period 2011 – 2015, reaching
US$76.6bn by YE2015. Recent rise in income and spending pushed the growth of card transaction.
Figure 4: Transaction Revenue value & Growth, US$bn (2011-2015)
2011 2012 2013 2014 2015

17
Contents
2 Market Structure

18
Most of issued cards are local cards, in which debit cards always take the domination position.
Figure 5: Market share of issued cards by number – local vs
international cards at YE2015 (%)
Market Segmentation
Figure 6: % number of bank cards by type, 31/12/2015

19
Revenue generated by local card marks up 89.42% of total card revenue, while cash withdrawal and
money transfer are the most popular transactions, aggregately accounting for 98.4% of local card
revenue.
Figure 7: Market share of card revenue – local vs international cards
at YE2015 (%)
Market Segmentation
Figure 8: Card revenue by type of card in 2015 (%)

20
Transaction revenue at ATM is leading with over 88% of revenue. Consumer behavior and lack of good
POS infrastructure are the key reasons for ATM transaction prime.
Market Segmentation
Figure 9: Market share of transaction revenue by means of transaction,
2015 (%)
Figure 8: Local Card revenue by type of transaction, 2015 (%)

21
Card number and revenue by operators: Visa Inc. clearly leads the competitive landscape in both
debit and credit cards
Source: StoxPlus estimation
Figure 10: Market share of personal credit card number by operators,
2015 (%)
Market Segmentation

22
In terms of strategy, Visa focuses on interactive marketing campaigns to increase user interfaces,
while MasterCard and American Express rely on discount campaigns
• While MasterCard International Inc tends to focus on offering
discounts, Visa Inc is more likely to focus on interactive
marketing campaigns, such as weekly Facebook puzzles with
attractive rewards for winners.
• MasterCard International Inc has been deploying extensive
marketing campaigns since the end of 2014. One of the
company’s most noticeable activities is the 10% discount
program for all payments made by MasterCard cards on
Lazada, one of the most popular online market places in
Vietnam. On ebay.vn, every transaction made by MasterCard
cards also benefits card owners with a discount of 8%.
• In the meantime, American Express Co. also concentrates on
discounts. The American Express operator offers a 10%
discount for all online payments made on mediamart.vn with
Vietcombank American Express cards.
Market Segmentation

23
Contents
1 Market Share by Card Revenue and number of issued cards
2 Card Market share by ATM/POS Coverage
Section II: Competition Dynamics

24
By card revenue, top 3 SOCBs including Vietcombank, Vietinbank and Agribank clearly dominate the
market with over 55% market share.
Figure 11: Market share by card revenue, 2015 (%)
Section II – Competition Dynamics
Market Share by Card Revenue and number of issued cards – All cards
Figure 12: Card revenue of top 5 banks, 2015 (US$bn)

25
By card number, issuance number is also led by Vietcombank and Vietinbank, together marking over
40% market share
Figure 19: Top banks by number of local & international cards, 2015
Market Share by Card Revenue and number of issued cards – All cards
Million

26
Revenue from Debit Card: SOCBs such as Vietcombank, Vietinbank and Agribank are leading the
market with aggregated revenue of 58% market share. The rest are top performing Tier I banks.
Figure 13: Market Share of Debit Card Revenue by issuers, 2015 (%)
Market Share by Card Revenue and number of issued cards – Debit card
Figure 14: Top 10 banks with highest debit card revenue, 2015
(US$bn)

27
For Debit card market share by number of issued cards, Vietinbank and Agribank are competing for
the leading position. Vietinbank has higher potential to become market leader.
Market Share by Card Revenue and number of issued cards – Debit card
Figure 20: Top banks by number of debit cards, 2014 vs 2015
2015 2014

28
Credit Card is a more competitive market where SOCBs and JSCBs compete fiercely. By revenue, top 5
credit card issuers already account for 69% market share.
Figure 15: Market share of Credit Card Revenue by issuers, 2015
Market Share by Card Revenue and number of issued cards – Credit card
Figure 16: Top banks with highest credit card revenue, 2015 (US$mn)

29
Market Share by Card Revenue and number of issued cards – Credit card
Source: StoxPlus from Vietnam Bank Card Association
By number of card, majority of credit cards outstanding were issued by Vietinbank and Vietcombank,
followed by well-known JSCBs such as Sacombank, Techcombank or ACB.
Figure 21: Top banks by number of credit cards, 2015
Million

30
Prepaid card has not yet developed in Vietnam due to technology issue and the low acceptance of
users. By revenue, ACB is the leading player which holds over 68% market share.
Figure 17: Market share of prepaid card revenue by issuers, 2015
Market Share by Card Revenue and number of issued cards – Prepaid card
Figure 18: Top 5 banks with highest prepaid card revenue, 2015
(US$mn)
ACB PG Bank Sacombank MBB Eximbank

31
Market Share by Card Revenue and number of issued cards – Prepaid card
Source: StoxPlus from Vietnam Bank Card Association
By number of card, MBBank, ACB and Eximbank aggregately account for 60% prepaid cards of the
market. Leading in number, however, MBBank has lower efficiency of prepaid card utilization.
Figure 22: Top banks by number of prepaid cards, 2015
Million

32
Contents
1 Market Share by Card Revenue
2 Card Market share by ATM/POS Coverage
Section II: Competition Dynamics

33
Card Market share by ATM/POS Coverage
Agribank has the largest ATM coverage, followed by Vietcombank and Vietinbank. While with POS,
Vietcombank and Vietinbank are leading the market, accounting for about 62% market share.
Figure 23: ATM market share, 31/12/2015
Source: StoxPlus
Figure 24: POS market share, 31/12/2015
No.ofATMNo.ofPOS
Source: StoxPlus

34
Card Market share by ATM/POS Coverage
ATM Geographical Allocation of Top commercial banks
Figure 25: Geography distribution of ATMs of Vietcombank
Source: StoxPlus
Hoang Sa
Truong Sa
Figure 26: Geography distribution of ATMs of Vietinbank
Hoang Sa
Truong Sa

35
Contents
Section III: Detailed Product Survey

36
Methodology of Bank Card product survey
Section III: Detailed product survey
Overview of products
Description
• Selected banks were chosen based on variety of card product, reputation in Vietnam and the loan size. For each bank, direct interview
was set in point of sale or via phone call. For each type of product, bankers were surveyed and cross checked with our own collection of
information.
• Depending on product’s characteristic, several elements were checked, from interest rate to required documents, fee scheme to
penalties.
Limitations
• Due to the limited in the location, only in Hanoi, there were some limitations about the number of products and amount of financial
institutions. Therefore, the sample size was small and only focused on particular products and key financial institutions, 4 for SOCBs, 4
for JSCBs, 2 for foreign banks.
Sample Size
• 10 top commercial banks in Vietnam
• Location: Hanoi
• Methodology: Mystery shopping
Selected Products
• Debit Card
• Credit Card
• Prepaid Card
Types of Financial
Institutions
• State-owned commercial banks
• Joint stock commercial banks
• Foreign banks

37
Application
Figure 27: Do you seek for the following conditions for issuance of credit card?
Minimum salary is the most typical condition for issuance of credit card
Detailed product survey

38
Application
Figure 28: How much is the minimum salary per month for issuance of standard credit card at your bank?
Minimum salary for issuance ranges from US$200 – 400, international banks like HSBC has highest
requirement for minimum salary

39
Application
Figure 29: What are the number of documents required for issuing credit, debit, and prepaid card?
The bank requires 4 typical documents in case of credit card issuance, while requirement for debit
and prepaid card is much lower

40
Application
Figure 30: How long would it take for a card to be issued (from the day client provide full documents)?
Most bank take up to 5 days for issuance of a debit card, and 7 days for a credit card. BIDV has the
fastest duration of debit card issuance

41
Card Types
Figure 31: How many types of credit/debit card your bank currently issue?
Overall, credit card is provided with the most diverse ranges of products. Vietcombank and
Vietinbank clearly show the leading position in number of card types offering.

42
Technology Upgrade
Figure 32: What are the availability level of your ATMs?
Several banks have advanced from technology and developed deposit function for their ATMs

43
Card Types
Figure 33: What are the card issuance partners of your bank?
Only Vietcombank has successfully connected with all 5 card operators in Vietnam.

44
Card Types
Figure 34: For standard credit card, how much is the minimum & maximum credit limit?
Credit limit of active private and foreign banks are the most flexible

45
Card Fee
Figure 35: How much is the annual fee for a standard Credit/Debit/Prepaid card?
Annual fee of HSBC is the highest among surveyed banks, while most of local banks have annual fee
between US$12 - 15

46
Interest rates
Figure 36: How much is the annual interest rate applied for late payment of credit card?
Late payment of credit card has to bear very high interest rate. SHB and ACB posted the highest late
payment penalty of 48% and 45%, respectively.

47
Interest rates
Figure 37: How much is the foreign currency conversion fee in case of using credit/debit card for foreign currency transaction?
Foreign currency conversion fee normally ranges between 2 – 2.5%

48
Marketing Strategy
Figure 38: What are the focused sectors for promotion in using credit/debit card?
Food and Beverage and Tourism sectors are key focuses of most banks for promotion of using
credit/debit card

49
Marketing Strategy
Figure 39: Co-branded cards offered by the banks
SOCBs such as Vietcombank, BIDV and Vietinbank provide the widest ranges of co-branded cards

50
Contents
1 Higher Income per Capita
2 Large unbanked population
3 Internet retailing
4 Card Technology Advancement
Section IV: Key Growth Drivers

51
2. A big unbanked population
The bank card market in Vietnam is growing fast driven by middle class and affluent customers, low
penetration in the banking system, increasing internet retailing and the development of card new
technologies
Summary
4. Card Technology
Advancement
3. Internet Retailing1. Higher income per capita

52
Urban Rural
Income of citizen per capita in urban area is nearly double that of rural area, reaching US$4,091 in 2013
and estimated at US$5,131 by 2014. However, MAC consumers are rapidly spreading beyond the largest
cities.
Higher income per capita
2000 2002 2004 2006 2008 2010 2012 2014
US$Dollar
Source: World Bank Indicators 2016
Figure 41: Increasing disposable income per capita, 2008 – 2014
Source: StoxPlus estimated from Statistic Yearbook 2014
Figure 40: Disposable income of Vietnam vs. peer countries

53
The untapped market refers to the larger unbanked or under-served populations, but may also focus
more narrowly on further subsets of the population, such as women, young people or those with lowẻ
incomes
Figure 42: Population with and without bank accounts, 2014
Source: StoxPlus estimates from World Bank
A Big Unbanked Population
Figure 43: Banking infrastructure network, 2015
Branches ATM POS
Source: StoxPlus analysis from SBV

54
Section IV: Key growth drivers
Growth of E-commerce
Figure 44: Vietnam E-commerce Market Overview, 2014
Despite low Internet penetration, e-commerce in Vietnam is growing quickly. The MOIT estimated that
the e-commerce trading value in Vietnam hits US$2.2 billion in 2013 and is forecasted to reach US$3.7-
4.3 billion by 2015. E-commerce growth will allow more use of bank cards for online purchasing.
Figure 45: Vietnam B2C E-commerce sales in USD millions, 2011 - 2015

55
E-Commerce Sales in Vietnam hits US$2.9bn at the end of 2014. Both foreign and domestic banks are
eager to expand their online card services in the form of co-branded card or discount cards
Figure 46: Vietnam B2C E-commerce sales in USD millions, 2011 - 2015
2012 2013 2014 2015
Figure 47: Vietnam Payment methods offered by retailers, 2015
Section IV: Key growth drivers
Growth of E-commerce

56
Co-branded Card, Autobanking System and upgrades of ATM system are the most prominent trends in
technology advancement
Technology Advancement
Figure 50: Sample of co-branded cards issued by commercial
banks

57
Autobanking System and upgrades of ATM system are the most prominent trends in bank card market
Figure 51: Advantages of an auto banking system

58
Development of Contactless card and synchronization of local bank card are guided strategies from
the Government
Figure 52: Banks currently providing contactless EMV card in
Vietnam

59
Contents
1 Vietnam is still a cash-intensive market
2 Poor Infrastructure Development for Card Payment
3 Multiple fees applied on card
4 Lack of Policy support for development of card
5 Local utilities development prevents the Card utilisation
6 Mobile Payment Development threaten Bank Card Growth
Section V: Key Challenges

60
1. Vietnam is still a cash-
intensive market
Key challenges for development of bank card market come from cash-intensive characteristics of the market,
poor infrastructure development of POS for card payment, the lack of policy guidance and enforcement from the
Government, and the hesitation of card users due to high fee & under-developed connected utilities.
Section V: Key Challenges
Summary
2. Poor Infrastructure
Development
3. Multiple fees applied on card
4. Lack of Policy guidance for
development
5. Local utilities development
prevent the Card utilization
6. Mobile payment

61
Vietnam would remain a cash-intensive country in spite of strong bank card and e-commerce growth
Section V – Key Challenges
Vietnam is still a cash-intensive market
Figure 53: Cash vs Non-cash consumption in Vietnam, 2015
Source: StoxPlus from SBV

62
The ATM/POS system has only focused on some specific entertainment services in city centers and
rural areas, while the other services and geographical areas are under-developed.
Section V – Key Issues
Poor Infrastructure Development for Card Payment
Figure 54: POS per individual in Vietnam and other countries, 2015
POS/1 thousand population
Source: StoxPlus

63
Each card user has to bear multiple fees on all card types, and very high over-due interest rate for
credit card. Additionally, transaction fee of 2 – 3% also furthers clients and service providers’
hesitation
Multiple fees applied on card
Figure 55: Card related fees of standard debit card of
Vietcombank & Sacombank, 2015 (US$)
Source: StoxPlus from the banks

64
Even though the policy encouraging non-cash payment for goods & services has already been
implemented, the amount of money for application has not been appropriate. There is a lack of law
implementation enforcement from the Government.
Lack of Policy support for development of card
Figure 56: Article 9, Law 32/2013/QH13

65
Most of utility providers operate independently which create difficulties for setting up national bill
payment system for each utility, while the direction toward non-cash payment has not been
enforced.
Local utilities development prevents the Card utilization

66
Mobile Payment Space Ripe for Rapid Growth
Mobile Payment Trend
Figure 48: Mobile payment readiness Index in 2015

67
Mobile payment development might also threaten the growth of bank card
Mobile Payment Trend
Figure 49: List of E-wallet partners in Vietnam

68
Contents
Section VI: Regulatory Framework

69
The new Circulars are released in 2016 have some amendments compared to previous issues
Regulatory Framework

70
Circular No. 19 /2016/ TT-NHNN on bank card operations provides critical changes, replacing Decision
20/2007/QD-NHNN
Regulatory Framework

71
Contents
Profiles of Key Players
Appendices

72
Source: StoxPlus
Section 5: Profiles of Key Players
ACB
Source: StoxPlus
BUSINESS PROFILE OWNERSHIP STRUCTURE
KEY FINANCIAL & OPERATIONAL INDICATORS BRANCH NETWORK AND TRANSACTION OUTLETS

73
Source: StoxPlus
BIDV
Source: StoxPlus

74
Source: StoxPlus
Vietinbank
Source: StoxPlus

75
Source: StoxPlus
Sacombank
Source: StoxPlus

76
Source: StoxPlus
Vietcombank

77
Source: StoxPlus
Agribank

78
Source: StoxPlus
Bao Viet bank
Source: StoxPlus
LINES OF PRODUCTS BRANCH NETWORK AND TRANSACTION OUTLETS

79
Source: StoxPlus
Citibank
Source: StoxPlus
BUSINESS PROFILE LINES OF PRODUCTS

80
Source: StoxPlus
Maritime Bank
Source: StoxPlus

81
Source: StoxPlus
PVcomBank
Source: StoxPlus

82
Source: StoxPlus
Shinhanbank
BUSINESS PROFILE LINES OF PRODUCTS
BRANCH NETWORK AND TRANSACTION OUTLETSKEY FINANCIAL & OPERATIONAL INDICATORS

83
Source: StoxPlus
Techcombank
Source: StoxPlus

84
Source: StoxPlus
Tien Phong Bank
Source: StoxPlus

85
Source: StoxPlus
Vietnam International Bank
Source: StoxPlus

86
Source: StoxPlus
HSBC Vietnam
Source: StoxPlus
BUSINESS PROFILE LINES OF PRODUCT
BRANCH NETWORK AND TRANSACTION OUTLETS

87

‹#›
If you need further assistance, contact us at:
Giang Ha
Senior Associate
+84 (0) 919387478
Giang.ha@stoxplus.com
Head Office
5th Floor, Indovina Bank Building
36 Hoang Cau Street
Hanoi, Vietnam
+ 84 (4) 3562 6962
Ho Chi Minh Branch
2nd Floor, 63D Vo Van Tan
Ward 06, District 03
Ho Chi Minh City, Vietnam
+ 84 (8) 3823 3485
Lan Nguyen
Managing Director
+84 (0) 35626962 (ext. 109)
+84 (0) 96 494 6760
lan.nguyen@stoxplus.com
Hanh Hoang
Assistant Manager
+84 (0) 91 522 5124
hanh.hoang@stoxplus.com

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