The Vietnamese banking sector has made significant progress in digital transformation, especially in online banking services. Below is a comparison of online banking features from several major Vietnamese banks, with a focus on their special functions for business users.
Electronic Banking Services in Vietnam
Q1: Which are the major banks in Vietnam?
A1: The Vietnamese banking sector consists of state-owned banks, joint-stock commercial banks, and foreign banks. We will focus on the following major banks:
- MB Bank (Military Commercial Joint Stock Bank).
- VietcomBank (Vietnam Foreign Trade Bank).
- BIDV (Bank for Investment and Development of Vietnam).
- Techcombank (Vietnam Technological and Commercial Joint Stock Bank).
- VPBank (Vietnam Prosperity Bank).
Q2: What are the basic online banking features of these banks?
A2: Most Vietnamese banks offer the following basic online banking features: account inquiry and management, domestic transfers, bill payments, term deposits, loan applications and management, foreign exchange transactions, and mobile banking applications. Below are detailed descriptions of features for business users from the 5 major banks:
Vietcombank (Vietnam Foreign Trade Bank)
Business User Transfers and Payments: Supports local and international transfers, can handle up to 200 different currencies. Batch transfers can process up to 1000 transactions at once. Supports scheduled transfers setup, complex periodic payment arrangements. Real-time inter-bank transfers (via NAPAS system).
International Business: Supports online letter of credit issuance and modification. Cross-border remittance tracking system for real-time monitoring of remittance status. Foreign exchange trading platform supporting spot, forward, and swap transactions. Online submission and review of international receipts and payments declarations.
Trade Finance: Supports online application for letters of credit, guarantees, and trade loans. Electronic document processing system supporting upload, review, and exchange of documents. Supply chain financing solutions supporting accounts receivable financing and order financing.
Cash Management: Multi-level account structure management supporting centralized fund management for head offices and branches. Virtual account services facilitating automatic classification and accounting of sales proceeds. Liquidity management tools including cash pooling and automatic collection functions. Customizable report generator supporting complex financial reporting needs.
System Integration: Provides API interfaces supporting seamless integration with enterprise ERP and financial software. Supports host-to-host (H2H) connections for highly automated fund management. File transfer services supporting batch data exchange and processing.
BIDV (Bank for Investment and Development of Vietnam)
Business User Account Management: Multi-currency account management supporting Vietnamese Dong and major foreign currencies. Real-time balance inquiry and transaction detail download. Account balance SMS and email alert services. Support for opening term deposit accounts.
Payment Services: Supports domestic real-time and batch processing transfers. International remittances covering over 200 countries and regions. Scheduled payment and direct debit services, supports QR code for receiving payments.
Trade Finance: Supports online issuance, modification, and management of letters of credit. Cross-border RMB settlement services. Online application for trade finance products. Electronic document processing and management.
Liquidity Management: Cash pool management supporting cross-currency and cross-border cash pools. Collection management system supporting automatic reconciliation and posting. Payment management system for centralized control and optimization of enterprise payment processes. Liquidity forecasting tools helping optimize cash holdings.
Foreign Exchange Services: Online foreign exchange trading platform supporting spot and forward transactions. Exchange rate alerts, Foreign exchange risk management tools.
System Integration and Data Services: Provides standard API interfaces supporting integration with enterprise financial systems. Supports direct connection with mainstream ERP systems like SAP. Big data analysis services providing customer behavior and market trend analysis.
Techcombank (Vietnam Technological and Commercial Joint Stock Bank)
Business User Cash Management: Multi-tier cash pool structure supporting cross-currency and cross-border fund collection. Intelligent fund allocation system automatically optimizing intra-group fund distribution. Virtual account services supporting complex fund collection and classification needs. Liquidity optimization recommendation engine providing fund usage suggestions based on AI algorithms.
Payment Solution Services: Omni-channel collection system integrating various online and offline payment methods. Large-amount payment processing system supporting real-time inter-bank large-amount transfers. Intelligent payment optimization tools automatically selecting the most favorable payment path. Supplier payment management platform supporting batch approval and payment.
Trade Finance: Full-process online letter of credit processing system, Intelligent document review system using OCR technology for automatic identification and verification of documents. Online application and approval for trade finance products. Cross-border payment tracking system for real-time monitoring of global payment status.
System Integration and Data Services: Open API platform supporting deep customization and system integration. Blockchain technology applications providing anti-counterfeiting and tracking services for trade documents, Big data analysis platform providing industry insights and competitor analysis. AI-powered customer service system providing 24/7 intelligent Q&A services.
VPBank (Vietnam Prosperity Bank)
Business User Account and Transaction Management: Provides multi-currency account management, supporting real-time balance inquiry and transaction detail export. Intelligent reconciliation system automatically matching transaction records and bank statements. Batch payment processing supporting import of multiple file formats. Customized transaction limit settings, flexibly adjustable for different users and accounts.
Collection and Payment Services: Omni-channel collection system integrating online payments, POS, QR codes, and other methods. Intelligent collection routing automatically selecting the most favorable collection channel. Integrated invoice management system supporting generation, sending, and management of electronic invoices. Supplier payment management platform supporting approval process and payment schedule management.
Liquidity Management: Cross-bank cash pooling service supporting fund collection from accounts at other banks. Intelligent fund dispatch system automatically optimizing fund allocation based on preset rules. Liquidity forecasting tools combining historical data and market information for cash flow prediction. Bill management system supporting issuance, endorsement, and discounting of electronic bills.
Investment and Wealth Management: Supports online purchase and management of corporate wealth management products. Structured deposit and money market instrument trading platform. Supports risk assessment and return analysis, Foreign exchange trading services supporting spot, forward, and swap transactions.
Credit Services: Online credit application and approval system, Dynamic limit management, real-time adjustment of credit limits based on enterprise operating conditions, Credit asset securitization services, Project financing management tools.
System Integration and Data Services: AI-driven financial advisory services, Enterprise ERP system integration interface supporting mainstream systems like SAP and Oracle. Big data analysis services providing industry trends and competitor analysis. Open API platform allowing third-party development of customized functions.
MB Bank (Military Commercial Joint Stock Bank)
Business User Account Management: Multi-tier account structure management supporting complex corporate organizational structures. Real-time inter-bank account balance inquiry (via inter-bank system). Real-time transaction detail push service. Intelligent cash forecasting tool providing accurate predictions using AI algorithms.
Collection and Payment Services: Global payment network covering over 200 countries and regions. Real-time foreign exchange trading platform offering competitive rates and spread bidding. Intelligent collection matching system automatically identifying and processing receipts. Commodity trading payment solutions, Cross-border e-commerce collection services supporting settlement in major foreign currencies.
Trade Finance: One-stop trade finance platform integrating products like letters of credit and guarantees. Supply chain finance solutions supporting financing needs of core enterprises and their upstream and downstream partners. Structured trade finance tools designing financing solutions for complex trade models. Electronic processing system for trade documents supporting OCR recognition and automatic review.
Special Services: Exclusive financial service package for military industry enterprises offering preferential rates and fast-track services. Defense-related project financing solutions providing comprehensive solutions combined with government support policies. Veteran entrepreneurship support program offering special loans and financial consulting services. Military-civilian integration industry chain financial services promoting the transformation and development of dual-use technologies and industries.
Q3: What special features do these banks offer for business users?
VietcomBank: Batch payment system, international trade finance services, supply chain finance solutions, corporate cash management tools.
BIDV: Electronic invoice management, online customs tax and fee payments, corporate payroll management system, multi-level authorization approval process.
Techcombank: API banking services, integration with enterprise ERP systems, cross-border payment and settlement, intelligent cash flow prediction tools, virtual account management.
VPBank: Digital supply chain finance platform, corporate credit card management, dedicated foreign trade settlement center, AI-assisted financial analysis tools.
MB Bank: Exclusive financial services for military industry enterprises, large fund management solutions, online application and tracking for project financing, corporate network security protection services.
Q4: Do they support loan applications through online banking? How fast is the approval process?
Both Vietcombank and BIDV support business loan applications through online banking and offer fast approval processes. Usually, approval results can be obtained within 1-3 working days after submitting the application.
Techcombank provides an online pre-approval service where users can check their loan eligibility before submitting a formal application.
VPBank and MB Bank, through their dynamic limit management systems, can adjust credit limits in real-time based on the company’s operating conditions, ensuring that businesses can quickly obtain support when they need funds.
Q5: Can loan accounts be managed online, including viewing loan balances and repayment schedules?
A5: All banks allow business users to manage loan accounts online, including viewing loan balances, repayment schedules, and historical repayment records. Techcombank also provides automatic repayment reminders and a repayment calendar function to help businesses effectively manage their loans.
Q6: Are there specific financing services for SMEs? What is the online application process like?
VPBank and MB Bank also support online applications for their SME financing services. The process is simple, and approval is fast, usually completed within 1-2 working days.
Vietcombank and BIDV offer specialized financing services for SMEs, allowing users to quickly obtain loans through a simplified online application process.
Techcombank provides customized financing solutions, offering the most suitable financing options based on the company’s operating conditions and industry characteristics.
Q7: What are the different security features of each bank?
A7: Each bank has different focus points in terms of security:
Vietcombank: Uses RSA 2048-bit encryption, provides multi-factor authentication including hardware tokens and biometric recognition. Supports transaction signatures and multi-level authorization.
BIDV: Uses AES 256-bit encryption, supports hardware password generators and biometric login. Provides electronic transaction signatures and multi-level approval processes.
Techcombank: Employs quantum encryption technology, multi-factor authentication with biometric recognition. Has a behavior-based anomaly transaction detection system and uses blockchain technology for transaction records.
VPBank: Adopts AES and ECC encryption standards; intelligent risk control system for real-time monitoring and alerting of abnormal transactions. Blockchain technology is applied to transaction records and audit trails.
MB Bank: Uses military-grade encryption technology, multi-factor authentication combining biometric recognition and behavioral analysis. Has a machine learning-based intelligent risk control system.
Q8: What about user experience? Do they support multiple languages and mobile devices?
A8: In terms of user experience, all banks have made significant efforts in multi-language support and mobile device compatibility:
Vietcombank: Supports Vietnamese, English, and Chinese interfaces; responsive design adapting to desktop and mobile devices. Offers customizable dashboards for frequently used functions.
BIDV: Provides Vietnamese and English interfaces, full-featured mobile banking app, offers online tutorials and user guides.
Techcombank: Supports Vietnamese, English, Chinese, and Japanese interfaces. AI-driven personalized interface, supports voice control. Augmented Reality (AR) technology provides intuitive data visualization.
VPBank: Similar to Vietcombank, supports Vietnamese, English, and Chinese interfaces. Responsive design adapts to various devices. Provides voice assistants and personalized dashboards.
MB Bank: Supports Vietnamese, English, Chinese, and Korean interfaces. AI-driven personalized interface, supports AR technology, provides 24/7 intelligent customer service system.
Q9: Fee structures of each bank
A9: The fee structures for each bank are as follows:
Vietcombank: Basic service monthly fee, About 200,000 VND; Inter-bank transfer fee, 10,000-20,000 VND; International remittance, 0.1-0.2%, minimum 10 USD.
BIDV: Basic service annual fee, About 1,000,000 VND; Inter-bank transfer fee, 8,000-15,000 VND; International remittance: 0.1-0.15%, minimum 8 USD.
Techcombank: Basic service package monthly fee: About 500,000-1,000,000 VND; Most domestic transfers are free, fees may apply for special services. International remittance: 0.05-0.2%.
VPBank: Basic service monthly fee: About 300,000-800,000 VND; Inter-bank transfer fee: 5,000-12,000 VND; International remittance: 0.1-0.18%.
MB Bank: Basic service monthly fee: About 400,000-900,000 VND; International remittance rate: 0.08-0.15%.
Q10: Main differences in corporate online banking services
Customer support: VietcomBank and BIDV have more extensive offline branch support. Techcombank and VPBank provide more advanced online customer service systems.
In terms of technological innovation: Techcombank and VPBank lead in technological innovation, offering more API integration and AI-driven services. VietcomBank and BIDV, while slower in innovation, have more stable systems and broader coverage.
Industry focus: MB Bank focuses on military and related industry enterprises. VietcomBank has clear advantages in international trade finance. BIDV provides strong support for state-owned enterprises and infrastructure projects.
User experience: Techcombank and VPBank have more modern user interfaces and easier operations. VietcomBank and BIDV’s systems, while comprehensive in functionality, have relatively traditional user interfaces.
Fee structure: State-controlled VietcomBank and BIDV usually have lower fees. Some advanced features of Techcombank and VPBank may have higher charges.
Q11: How to choose the most suitable online banking service for your business?
Choosing the right online banking service requires consideration of the following factors: Company size and industry: Large enterprises may need more complex cash management tools, while small businesses may value operational simplicity more. Business nature: Companies engaged in international trade should choose banks with strong cross-border business capabilities, such as VietcomBank. Technical requirements: Companies needing deep integration with enterprise systems might be better suited to choose Techcombank or VPBank.
Cost considerations: Businesses with limited budgets may tend to choose lower-cost services from state-owned banks. Growth potential: Rapidly developing enterprises should choose banks that can provide flexible, scalable services. Security: Enterprises handling sensitive data should pay special attention to the bank’s cybersecurity measures.
This comprehensive comparison provides insights into the electronic banking services offered by major Vietnamese banks, focusing on features relevant to business users. It covers aspects such as account management, payment services, trade finance, system integration, security features, and user experience. When choosing a bank for online services, businesses should consider their specific needs, industry focus, technical requirements, and growth plans to select the most suitable option.
