Over 5,000 bank jobs cut this year as lenders streamline operations

Over 5,000 bank jobs cut this year as lenders streamline operations

Việt Nam’s banking sector is simultaneously cutting staff in traditional roles while racing to recruit experts in digital technology and data analytics.

Clients at an LPBank office. — Photo lpbank.com.vn

More than 5,000 employees have left Việt Nam’s major listed banks so far this year as the industry continues to restructure and tighten costs amid automation, according to nine-month financial reports from over 10 large lenders.

Znews reported LPBank posted the steepest cut, reducing its workforce by 1,773 people to 9,416 by the end of September. Despite downsizing, its staff expenses still rose 2 per cent year-on-year to VNĐ2.36 trillion (US$91 million), with average monthly income up 23 per cent to VNĐ27.5 million.

Sacombank followed with 1,354 job cuts, bringing its headcount to 16,734. Personnel costs increased 10 per cent to VNĐ6.5 trillion, raising average monthly income to VNĐ41.3 million, up 16 per cent.

VIB also saw 1,096 employees leave, while Vietcombank, HDBank and ACB trimmed 492, 488 and 268 positions respectively.

By contrast, several lenders expanded hiring this year. BIDV added 818 staff, Techcombank 679, VPBank 268, MB 249 and BVBank 347.

BIDV remains the largest employer with nearly 29,400 employees and staff costs of VNĐ11.85 trillion in the first nine months, up 14 per cent year-on-year. Average monthly income reached about VNĐ44.9 million.

VPBank, with around 27,700 staff, spent nearly VNĐ7.8 trillion on personnel, up 21 per cent, giving employees an average monthly income of VNĐ31.3 million. Techcombank maintained high pay levels at VNĐ46.8 million per month per employee, while MB’s 18,888 workers earned an average of VNĐ49.1 million.

The staff reductions come as many banks deploy automation and artificial intelligence (AI) to streamline back-office and repetitive functions.

In a recent press briefing, Phạm Chí Quang, head of the Monetary Policy Department at the State Bank of Vietnam, said lenders are cutting costs across the board to help lower lending rates for businesses, and staff restructuring is part of that effort.

However, even as layoffs continue, competition for skilled talent remains intense. Major banks including Vietcombank, VietinBank, Agribank, BIDV and VPBank are stepping up recruitment in technology, risk management, legal and core business areas.

BIDV is expanding its IT and digital banking divisions, offering 10–20 per cent higher salaries for specialised positions such as Core Banking developers and QC automation engineers. VietinBank is also hiring senior product managers for corporate digital solutions.

Clients at an LPBank office. — Photo lpbank.com.vn

Risk and legal positions are equally in demand. VPBank is seeking litigation lawyers with monthly pay up to VNĐ50 million, part of its effort to strengthen debt recovery and compliance capacity.

State-owned lenders such as Vietcombank and Agribank are tightening recruitment standards, prioritising graduates with excellent academic records and strong English skills, including IELTS 7.0 or higher.

According to Nguyễn Thị Thu Hà, director of Agribank’s Training Academy, many banks are facing a shortage of skilled professionals in data analysis and digital operations despite having sufficient traditional staff.

From 2020 to 2025, demand for finance and banking personnel – particularly at senior levels – is projected to grow by about 20 per cent annually, accounting for roughly 5 per cent of total recruitment demand in major cities. In HCM City alone, the sector needs around 15,000 new workers each year.

“The banking sector only has a surplus of staff lacking digital or AI skills and adaptive thinking, while there remains a severe shortage of data and technology specialists,” she said.

In contrast, private banks are adopting a more flexible approach.

VPBank is hiring micro-enterprise relationship officers with no prior experience required, focusing instead on business aptitude and customer service mindset.

Despite workforce cuts in some segments, demand for high-skill professionals remains strong, reflecting a structural shift in Việt Nam’s banking sector toward technology-driven growth and operational efficiency. 

Bizhub