One of the first joint-stock commercial banks in Vietnam, VPBank was established in 1993. The bank offers a wide range of products and services for retail, SME and corporate customers. VPBank’s revenue has grown from 30 percent to 40 percent annually for the past several years, and balance sheet growth has been 25 percent to 30 percent per year for the past 5 years. VPBank now serves over 4 million clients across its 215 branches, employing more than 10,000 people.
VPBank launched CommCredit in 2015 to bank informal businesses, about 80 percent of which are women owned. Nearly 65,000 informal women-owned businesses have been banked as a result of these efforts. Building on this, the bank’s Women’s Market program, which it is currently piloting, will seek to serve women SME owners. In addition to a wide range of banking products and services, the bank offers a collateral-free loan and business credit card that particularly benefits women, given their disproportionately low access to collateral. Understanding the wide range of challenges beyond access to finance faced by women entrepreneurs, VPBank is incorporating robust non-financial services into its Women’s Market program, focusing on mentoring, networking, and business and financial education services.