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Banks in the list are classified as important pillars to the finance-banking system, and therefore subject to close credit risk monitoring and warning under the SBV’s instruction.

These actions stem from the sharply lower - albeit positive - growth that Vietnam faces from the Covid-19 pandemic.

With five new banks included in this year’s Brand Finance Banking 500, the total number of Vietnamese banks in the global top 500 banks in brand value hits nine.

Bancassurance income is set to have much potential to grow both at sector-wide and individual bank level, according to a brokerage.

It is a rare combination where Vietnamese banks are growing fast and are quite profitable, said an expert at JP Morgan.

Vietnamese banks belong to a handful of examples that combine well two factors of high growth of profit and long-term stability.