Vietnam has the fastest-growing economy, with the government significantly implementing various financial services. Digital technology has taken over, and the banking industry is no exception. State-owned banks were the first and only type of financial organization to operate economically after North and South Vietnam reunited in the 1970s. In the present day, Vietnam’s banking system has a wide range of banking models, such as state-controlled banks, commercial banks with joint stocks, and banks that are entirely owned by foreign entities through joint ventures. Vietnam’s economic growth is strongly correlated with the banking industry, as loan expansion stimulates investment and consumption. Additionally, this sector supports foreign direct investment and industries focused on exports.
Deposits in Vietnamese banks had a notable uptick in 2023, amounting to roughly USD 560 trillion, a 14 percent rise over 2022. This is the fastest growth in the history of the sector and is a credit to the high level of customer confidence in the security and stability of Vietnamese banks. This confidence has led to an increase in M&A activity in the industry. With the implementation of modern technologies and innovative business models, Vietnamese banks are enhancing customer experience, improving operational efficiency, and driving financial inclusion across diverse segments of the population.
Vietnamese banks provide a comprehensive suite of financial products and services to cater to the diverse needs of customers. From traditional banking services such as deposits, loans, and remittances to more sophisticated offerings like wealth management, investment advisory, and digital payment solutions, banks are expanding their product portfolios to stay competitive in the market. Over the past ten years, Vietnam has witnessed a significant increase in manufacturing and exports, which has been largely supported by the country’s capital markets. This industry is predicted to grow at an average annual rate of 5.9 percent, which will be crucial in helping Vietnam become a high-income nation by 2045. Both domestic and foreign organisations are being tapped into by investment banks and the stock broking industry.
From Funding to Flourishing
VPS Securities JSC, a leading securities firm, has demonstrated its agility in providing tailored financial services. It maintained its top position among the top leaders in the four broking markets (HOSE, HNX, UPCOM, and derivatives). Specifically, during the first half of 2024, VPS gained above 19% of the market on HOSE by itself. They offer tailored solutions in their financial products, meeting the diverse needs of clients, whether they are individual investors or institutional clients. Their recent partnership with Vietnam Airlines, Viettel Digital (with Viettel Money financial application) offers new opportunities for financial investment for everyone.
As the digital wave is riding the global economy, VPS Securities JSC implemented innovative technology to enhance security in online transactions. Device Management was recently launched to help customers proactively detect and control login activities to their trading accounts at VPS. Through a comprehensive ecosystem that includes growth investment products like stocks and derivatives, financial services like asset management and margin trading, and investment support utilities like the FIT recommendation tool, 24/7 money transactions, and gift-giving platform, VPS offers smart financial investment opportunities through VPS SmartOne, the top stock investment application in Vietnam.
Established in 2006, they have marked significant milestones by creating an ecosystem of remarkable products and services that are flexibly meeting customer demands. They serve businesses with a portfolio that includes investment banking, financial services, stock broking, and more.
VPS Securities JSC highlighted the goal for the 2023–24 phase and their heightened focus on providing smart financial infrastructure and system solutions by improving the IT infrastructure and customer care experience. The provision of avenues for convenient and efficient capital raising through advisory services was also stressed, as these activities are instrumental in supporting the economic growth of enterprises. She also mentioned that the securities sector is required to stay on the path of unrelenting innovation and long-term financial management, ensuring the highest standards of ethics and commitment.
Breaking Boundaries
VPS Securities JSC has been gaining laurels from both domestic and international organizations. At the World Business Outlook Awards 2024, they grabbed the title of Most Flexible Financial Service Products Provider – Vietnam 2024. Winning such a major award typically involves a combination of innovation and process, strong client relationships, and a commitment to adapting to the ever-evolving financial market. Currently, they are playing an important role in Vietnam’s financial landscape, providing capital solutions for investors and contributing to the development of the country’s stock market.
With a deep understanding of the dynamic financial market as well as agile leadership and governance to handle fast dynamics and consumer preferences. With a focus on innovation, digitization, and customer-centricity, Vietnamese banks are well-positioned to capture growth opportunities, drive financial inclusion, and contribute to the sustainable development of the economy.
