Monday, 27 May 2024

Vietcombank grew mobile banking users by more than 50%

5 min read

Vietcombank registered strong growth in the number of digital banking customers in 2021, driven by the simplification of processes and reduction of transaction costs.

  • Vietcombank’s Digibank platform grew its mobile banking customer base to 7.5 million
  • Introduced four account packages tailored to customer needs
  • Reduced transaction costs to ease burden on customers

Singapore, 24 March 2022—Vietcombank was recognised for Best Digital Banking Service in Vietnam at the Vietnam Awards 2022 presented by The Asian Banker.


Mobile Users: Vietcombank’s Digibank grew its mobile banking customer base to 7.5 million, up 50%

Vietcombank’s mobile app, VCB Digibank, saw its user base increase to 7.5 million, up 50%. Transactions on the platform rose to an estimated 18 million, up 50%. Retail revenues of $1.1 billion (VND25 trillion), rose 22% YoY. It has a compound annual growth rate (CAGR) of 28%. The bank saw a modest growth in its return on equity (ROE) to 20.86% compared with the previous year’s 20.48%. The bank posted a cost income ratio (CIR) of 40%. Retail banking contributed 44.8% to profit, supported by a customer base of 20 million, up 10%.

Both BIDV and TPBank, meanwhile, posted a double-digit growth in mobile banking customer base. VPBank recorded significant growth in transaction volume and value.

Services offered: VCB introduced four account packages addressing customer needs

Vietcombank focused on delivering a seamless customer experience with several initiatives. It leveraged banking processes such as electronic know your customer (eKYC), quick response (QR) payment function, digitised card products, and simplified lending application.The bank introduced four account packages; VCB Eco, VCB Pro, VCB Plus, and VCB Advanced to allow customers to access current account management services, receive account balance changes via over the top (OTT) service, transfer money,  card issuance, and make payments at a preferential fee rather than the single service fee. The bank also waived all account related fees if customers maintain at least $175 (VND 4 million) in their current or savings accounts (CASA). The CASA level reached more than $57 million (VND1.3 trillion).

BIDV, meanwhile, launched Smart Keyboard on which customers can transact while using Zalo, Viber, Messenger, and iMessage, without the need to switch between applications. TPBank partnered with Mitsubishi Motors Vietnam (MMV) to introduce MMV Auto Finance (MAF) accessible to customers buying Mitsubishi cars. Two financing programmes were offered: Premium Loan Package and Standard Loan Package. VPBank’s NEO offers full digital eKYC for its CASA onboarding. It provides 100% digital lending for its customers. This application also integrated social and gamification features.

Customer experience: Reduced transaction costs to ease burden on customers

Vietcombank introduced several initiatives to reduce transaction costs to ease financial difficulties among its customers. Incentives and fee support programs were implemented synchronously on payment counters, ATMs, web, and mobile applications. The number of transactions applied for exemption and reduction reached nearly 300 million, amounting to over $10 million (VND 230 billion).  Through VCB Digibank, customers were also able to withdraw money using QR code at ATMs. The bank also introduced a program called “Open online account – Super promotions” that gave customers the chance win prizes and receive funds in their account for online opening. Up for grabs in draws were a saving book worth $43,500 (VND1 billion) and 100 savings books worth $220 (VND5 million). Meanwhile, the first 10,000 customers to open online accounts each month received $4.35 (VND100,000) in their accounts. Under this program, total prizes reached $152,170 (VND3.5 billion).

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. Visit the company’s website at


You may visit the Excellence in Retail Financial Services page at

To view the respective evaluation criteria, click here:


For further information, you may get in touch with:

Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

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