Vietnam's banking powerhouses secure spots on Forbes' global 2,000 list

Vietnam's banking prowess shone through as the nation proudly saw five esteemed banking institutions on the Forbes Global 2,000 list for 2023.

Leading the pack is Vietcombank, also known as Joint Stock Commercial Bank for Foreign Trade of Vietnam. Forbes ranks Vietcombank at an impressive 813^th globally, with reported revenue, profit, assets, and market capitalisation of $4.4 billion, $1.15 billion, $69.13 billion, and $18.13 billion respectively.

Securing the second spot among Vietnam's representatives is the Bank for Investment and Development of Vietnam (BIDV), positioned at a commendable 1,079^th globally. BIDV reports revenue, profit, assets, and market capitalisation figures of $6.04 billion, $779.6 million, $89.95 billion, and $9.38 billion.

Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) follows closely behind, claiming the third position among the Vietnamese companies on the list. Ranked 1,329^th in the world, VietinBank showcases noteworthy revenue, profit, assets, and market capitalisation figures of $5.45 billion, $722.3 million, $76.71 billion, and $5.71 billion respectively.

Techcombank, or Vietnam Technological and Commercial Joint-Stock Bank, positions itself as the fourth highest-ranking Vietnamese company on the Forbes Global 2,000 list, strongly positioned at 1,532^nd globally. Techcombank reports revenue, profit, assets, and market capitalisation of $2.38 billion, $860.6 million, $29.65 billion, and $4.31 billion.

Rounding out Vietnam's representation is Military Commercial Joint-Stock Bank (MBBank), with a global ranking of 1,605^th. MBBank reports revenue, profit, assets, and market capitalisation figures of $3.02 billion, $746.8 million, $30.9 billion, and $3.5 billion respectively.

Forbes' Global 2,000 list for 2023 stands as a testament to Vietnam's burgeoning influence in the international financial realm. The dominance of Vietnam's banking sector on this list underscores the nation's increasing prominence and its contribution to the global economy. These banking powerhouses, with their robust growth and notable rankings, bolster Vietnam's economic trajectory on a global scale.

Highlighting the dominance of the banking industry, JPMorgan Chase, a renowned American investment bank, reigns as the largest company in the world for 2023, according to Forbes. Boasting a market capitalisation of a staggering $399.59 billion, JPMorgan Chase sets an unprecedented benchmark.

Beyond JPMorgan Chase, the top 10 largest companies globally for 2023 include three more banking institutions from China – ICBC, China Construction Bank, and Agricultural Bank of China. Additionally, Bank of America represents the United States in this esteemed ranking.

The top 10 list also welcomes other globally recognised corporations. Alphabet, the parent company of Google, ExxonMobil, a leading petroleum giant, and tech titans Microsoft and Apple, all secure their positions among the elite.

Global banking crisis: Is Vietnam at risk? During the pandemic, commercial banks in developed economies like the United States and EU struggled to find companies that welcomed their money for investment. Even the historical low interest rates could not convince companies to invest in new projects or new technologies.

SABECO in Forbes top 50 listed companies On June 5, Forbes Vietnam unveiled the top 50 listed companies in 2023, including SABECO (Saigon Alcohol, Beer and Beverages Corporation), a leading brand name in the Vietnam beer industry.