Vietnam’s banking sector sheds over 5,000 jobs amid cost tightening and automation shift

Vietnam’s leading banks have collectively trimmed more than 5,000 jobs this year as part of a broader restructuring push driven by automation and cost control. The cuts, reflected in the latest nine-month financial reports from over ten major lenders, underline how the sector is rebalancing its workforce while continuing to hire for specialised digital and risk roles.

LPBank recorded the largest reduction, letting go of 1,773 employees, bringing its total workforce down to 9,416 by the end of September. Sacombank followed with 1,354 job cuts, while VIB saw 1,096 employees exit. Vietcombank, HDBank, and ACB also reported moderate reductions.

Despite smaller headcounts, salary expenses rose across most banks. LPBank’s staff costs climbed 2% year-on-year, while Sacombank’s personnel expenses jumped 10%. Average monthly pay at Sacombank reached 41.3 million dong, up 16% from last year.

Meanwhile, several lenders continued expanding. BIDV added 818 employees, Techcombank 679, and VPBank 268, underscoring how selective hiring remains active in key areas such as technology, digital banking, and risk management.

The State Bank of Vietnam has encouraged banks to manage costs to support lower lending rates, but insiders say digital transformation is equally driving restructuring. Automation and AI are replacing repetitive tasks, allowing banks to redirect resources toward specialised, high-skill functions.

However, competition for skilled talent remains tight. BIDV and VietinBank are offering 10–20% higher pay for IT developers and product managers, while VPBank and Agribank are strengthening their legal and compliance teams.

Industry experts note that while traditional banking roles are declining, demand for tech-driven profiles continues to rise—a trend that marks Vietnam’s gradual shift toward a digital-first financial ecosystem.