In the first quarter, VietinBank continued closing a large number of transaction offices. By the end of March, the bank operated 827 transaction offices, down 18 from the end of 2025.
During 2025 alone, the lender shut 108 transaction offices, bringing the total number of closures over the past year to 126.
BIDV also reduced its branch network by six locations in 2025, leaving it with 175 branches nationwide.
Among private lenders, Sacombank operated 426 transaction offices at the end of March, down 11 from 2024. The bank has cut around 4,000 jobs over the past three years, including 2,700 positions in the first quarter of this year alone.
Several other lenders also reported workforce reductions during the quarter. Military Bank reduced staffing from 18,836 to 18,600 employees, while VIB cut 242 jobs to 10,036 employees and Eximbank reduced headcount by 224 to 5,917 workers.
Bank staff serve customers at a counter (Photo: DT).
Despite the broader downsizing trend, some banks continued hiring aggressively.
VPBank added 278 employees in the first quarter, bringing its workforce to 29,046, nearly matching BIDV and making the two banks the largest employers in Vietnam’s banking sector.
Techcombank also expanded its workforce by 241 employees during the first three months of the year, raising total staff numbers to 12,946.
Speaking at an annual shareholders’ meeting in April, executives at a private bank said repetitive tasks such as data entry and manual document processing were increasingly being replaced by technology.
As a result, banks are cutting indirect positions tied to repetitive work while expanding frontline sales teams. At the same time, lenders are accelerating recruitment in technology, data and artificial intelligence roles.
Financial statements from VietinBank showed that despite closing numerous branches, the bank hired an additional 2,225 employees during the first quarter alone.
According to industry experts, the widespread closure of branches and transaction offices does not signal shrinking operations but reflects a broader restructuring process within the banking sector.
Over the longer term, banking models are expected to become leaner and more reliant on digital platforms, technology and data-driven operations, in line with broader global financial industry trends.
