Several banks within the top ten have doubled their state budget contributions compared to the previous year. — Photo bnews.vn

Despite a challenging year in 2023, the banking industry still performed positively, with numerous private commercial banks contributing over VNĐ1 trillion (US$40 million) to the state budget.

Among them, the top ten lenders making significant contributions are Techcombank, VPBank, Asia Commercial Joint Stock Bank (ACB), Vietnam International Commercial Joint Stock Bank (VIB), SAHABANK (SHB), HDBank, TPBank, Sacombank, Vietnam Maritime Commercial Joint Stock Bank (MSB) and LPBank, data compiled by cafef.vn shows.

These banks collectively contributed over VNĐ36.8 trillion to the State budget in 2023, marking a substantial increase of over VNĐ10.7 trillion from the previous year.

This amount represents more than 32 per cent of the combined profits before tax of these banks.

Several banks within the top ten have effectively doubled their state budget contributions compared to the previous year, injecting billions of đồng into the national treasury.

These major state budget allocations serve as a testament to the stability and growth of these financial institutions, instilling confidence among investors and clients alike. This, in turn, propels the sustainable advancement of the banking sector.

In 2023, Việt Nam encountered significant economic challenges, notably affecting its banking sector.

Banks grappled with prolonged liquidity and corporate bond crises from late 2022 into early 2023, impacting operations throughout the year.

Economic growth slowed, credit demand dropped and customer financial health weakened, leading banks to face difficulties in customer relations and debt recovery. Despite these obstacles, banks remained prominent profit earners in the economy.

The PROFIT500 ranking for 2023 highlighted the banking sector, with six of the top ten most profitable enterprises in Việt Nam and seven of the top ten most profitable private enterprises. — VNS