Staff numbers at Vietnamese banks plunge in 2024
Staff numbers at Vietnamese banks plunge in 2024
Several Vietnamese banks saw a sharp drop in their workforce last year, with some lenders seeing thousands of employees leave their posts.
Many Vietnamese banks increased their workforces in 2024. Photo: Quang Dinh / Tuoi Tre |
The total number of staff members at 27 commercial banks hit 241,417 by the end of 2024, an increase of nearly 5,500 people compared to the previous year, according to data from these banks’ financial reports.
With subsidiaries included, that number was actually 278,898, up 7,200 year on year.
Many banks chose to hire more staff than the number of employees who left. However, some banks recorded a significant number of employee departures.
A notable example is Sacombank, which reduced its workforce by 354 employees compared to 2023, putting its total workforce at 17,058.
BIDV took a bolder approach to restructuring its workforce, lowering its headcount by 1,107 to 26,069.
VIB also shrank its manpower by 476 employees, bringing its total number of employees down to 11,323 by the end of 2024.
Similarly, ACB cut 377 employees in 2024 after a strong hiring spree in 2023. By the end of 2024, ACB had just 12,847 employees remaining.
Other lenders, such as TPBank, ABBank, Nam A Bank, and KienlongBank, also downsized their workforces, but the number of cuts was not significant.
In contrast, many banks expanded their operations as their personnel increased significantly compared to the beginning of 2024.
The largest increase was seen at MBBank, which recruited an additional 1,674 staff members, bringing its total headcount to 12,155. VPBank also added 1,404 employees in 2024, while HDBank and Vietcombank employed 965 and 796 more, respectively.
Three banks in the 'Big 4,' including Vietinbank, Vietcombank, and BIDV, had the largest workforces of any Vietnamese banks. Agribank has not yet released its financial report.
BIDV, despite significantly cutting down its staff, boasts the largest workforce, with 28,998 employees. It also had the most customer deposits in 2024, exceeding VND1,950 trillion (US$76.7 billion).
Vietinbank and Vietcombank had similar workforce sizes, with 24,731 and 24,036 employees, respectively.
However, both banks were behind private bank VPBank in terms of manpower. As of December 31, 2024, VPBank employed 27,428 people.
Three other banks that had workforces exceeding 15,000 employees each included Sacombank, MBBank, and HDBank.
As banks experienced strong growth in 2024, many of them offered higher salaries to employees.
Among them, Techcombank remains the leader in employee income in 2024, even though it did not have the largest workforce or the highest profit. The average monthly income of Techcombank’s employees was VND49 million ($1,926).
NCB paid its employees nearly VND31 million ($1,219) per month on average, up VND 7.2 million ($283) over 2023, making it the bank with the highest salary growth.
