Page 70 - Career Development Guidebook (09.03.24)

FINANCIAL
FINANCIAL

SERVICES
SERVICES

Despite Vietnam’s young banking system, which was only officially established in 1976, it has become
the fastest-growing worldwide. The financial services sector covers various sub-industries, from finance
to fintech to mobile banking to insurance, and also has a diverse mix of models, from state-owned
banks, joint-stock commercial banks to fully foreign-owned ones. One of the barriers to Vietnam’s
financial services sector is the high number of rural people who do not have access to the banking
system. For this, the government has actively promoted the inclusion of financial services, especially
digital ones. In 2022, the share of Vietnamese adults who have a bank account grew to nearly 70
percent.

After Covid-19, one of the most prominent trends in this industry has been digital banking. The rise of
cashless payments accelerates the development of the fintech sector, with the emergence of digital
payments, cryptocurrencies, and many more. The number of new firms in fintech has also grown by over
180 percent between 2018 and 2022, and the transaction value of digital payments in Vietnam
amounted to 19.2 billion USD, again demonstrating the substantial speed of growth.

Because of the diversity and development of this sector, students have numerous choices of sub-sectors,
types of companies, and positions they want to work for. Entrance into commercial banks, for example,
can be through 5in5 programs, the companies’ own fresher programs, such as Techcom’s Future Gen of
Techcombank, or traditional job openings. The average salary in this sector stays at around 18.8 million
VND.

References
1. SalaryExplorer. (2023). Banking Average Salaries in Vietnam 2023 - The Complete Guide. Link
2. Statista. (n.d.). Banking industry in Vietnam - statistics & facts. Link
3. Statista. (n.d.). SE Asia: transaction value by country & segment. Link
4. Statista. (n.d.). Fintech in Vietnam - statistics & facts. Link
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