Top-tier Banks in Vietnam Offer Competitive Salaries, While Others Opt for Cost-cutting Measures
A recent financial report for the first quarter of 2025 revealed that several commercial joint-stock banks in Vietnam are offering attractive compensation packages to their employees. TPBank, for instance, reported an average employee cost of up to VND 53.5 million per month, a significant increase of VND 6.2 million per person per month compared to the same period in 2024.
MB Bank also showed a substantial rise in employee costs, with an average of VND 45.1 million per person per month in the first quarter, an increase of VND 2.7 million from the previous year.
Vietnamese banks are witnessing a mixed bag of trends when it comes to employee compensation and staffing decisions.
Among the state-owned banks, VietinBank took the lead with an average employee cost of VND 45.3 million per month, followed by Vietcombank at VND 44.5 million, and BIDV at VND 37.4 million. These figures represent notable increases compared to the previous year.
It’s important to note that these numbers reflect the average income, including salaries and allowances. Actual compensation can vary significantly depending on positions, performance, department specializations, and the overall efficiency of individual bank branches.
Vietnamese banks typically determine salaries based on factors such as seniority and target achievement. Additionally, banks often provide employees with preferential stock issuance at prices significantly lower than market prices, offering another attractive benefit.
A contrasting approach: Downsizing to control costs
In contrast to the banks increasing employee costs, several banks have opted for cost-cutting measures by downsizing their workforce. LPBank, for example, reported a total of 9,570 employees as of March 31, 2025, and has been focusing on streamlining its operations by centralizing indirect units at its headquarters. This strategy has helped the bank improve risk management and reduce operating expenses.
Sacombank, on the other hand, had 16,128 employees at the time of reporting, a decrease of 930 people compared to the end of 2024. The bank’s chairman, Mr. Duong Cong Minh, stated that they cut nearly 500 employees in 2024 and plan to continue this trend in 2025. During the 2025-2026 period, Sacombank aims to further streamline its operations while simultaneously promoting the digitization of transactions.
VIB Bank also reduced its headcount significantly in 2024, letting go of 476 employees, and continued this trend in the first quarter of 2025, with a further reduction of 495 staff members.
ABBank has taken a similar approach, focusing on organizational restructuring and streamlining to create a leaner, more efficient team. This decision is driven by the bank’s belief that maintaining a bulky and inefficient organization is not sustainable in the digital age.
Other banks that witnessed a decrease in employee numbers after the first quarter include ACB, SeABank, Vietcombank, Saigonbank, and MSB.
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