What are the Big Four companies in Vietnam?

The Big Four Companies in Vietnam: Banking, Auditing, and Telecom Leaders

The 'Big Four' in Vietnam typically refers to the state-owned commercial banks (Agribank, BIDV, VietinBank, and Vietcombank) that anchor the financial system. Depending on the industry context, the term can also designate the top global auditing firms or the dominant telecommunications providers.

Understanding Vietnam's Big Four Concept

In Vietnam, the term Big Four typically refers to the countrys dominant state-owned commercial banks: Agribank, BIDV, VietinBank, and Vietcombank. But there is a catch that most foreign investors miss when doing business here - I will explain this critical distinction in the sector breakdown below.

When entering the Vietnamese market, understanding the corporate landscape is crucial. The terminology can be confusing because the same phrase applies to entirely different industries depending on the context. If you are reading a financial newspaper, it means banks. If you are talking to a fresh finance graduate, they mean accounting firms. If you are setting up IT infrastructure, it means telecom providers.

The overlap in terminology can be confusing because the phrase Big Four changes meaning depending on the industry being discussed. Understanding the context is essential when analyzing Vietnams corporate landscape.

The Financial Titans: State-Owned Commercial Banks

When locals talk about the Big Four companies in Vietnam, they almost always mean the banking sector. These institutions represent the backbone of Vietnams financial stability and control massive portions of the national economy.

The scale of these institutions is difficult to overstate. Together, the four banks hold over 10.11 quadrillion VND in combined assets as of 2025, accounting for roughly 47.57 percent of total assets across Vietnams commercial banking system. This level of concentration gives these banks significant influence over lending activity and financial stability nationwide.^[2]

Their lending power is equally massive. Credit growth for these banks typically outpaces smaller rivals, with their outstanding loans representing a significant share of the total credit pumped into the economy. ^[3]

Why Private Banks Struggle to Compete

Conventional wisdom says private banks offer better technology and will soon overtake state-owned giants. But based on my experience helping foreign investors navigate local finance, that is completely wrong. State-owned banks have an unmatched advantage in rural penetration and government-backed trust. During economic downturns, depositors flock to them for safety.

Lets be honest - dealing with their bureaucracy can be frustrating. My first time opening a corporate account at one of these banks took three weeks and five separate visits to fix minor stamp placement issues. I almost gave up. It took me a month to realize that this strict adherence to protocol is exactly why they remain so stable.

It is highly regulated. They do not take unnecessary risks with depositor money.

The International Big Four: Auditing and Consulting

The global auditing leaders - Deloitte, PwC, EY, and KPMG - also hold a dominant position in Vietnam. They audit the vast majority of listed companies on the Ho Chi Minh City Stock Exchange.

While global revenues for these firms are massive, their local profit margins are surprisingly tight. Staff costs typically eat up a large share of total expenses.^[4] They operate essentially as elite training grounds for fresh graduates who endure intense hours for a few years before moving to corporate roles.

The workload at these firms is demanding, especially during busy seasons. However, experience at one of these organizations provides valuable training and a recognized credential that can create career opportunities across Vietnams business sector.

The Telecommunications Sector

If you step out of finance, the telecommunications industry has its own dominant players. Viettel, VNPT, MobiFone, and Vietnamobile control the connectivity landscape.

Viettel currently accounts for over 50 percent of the mobile service market share nationwide.^[5] They dominate not just urban centers, but remote mountain regions where competitors lack infrastructure. Seldom does a single corporate strategy dictate an entire industrys direction so thoroughly.

Here is the critical distinction I mentioned earlier. The banking giants are state-owned but operate with significant commercial independence, whereas the telecom giant Viettel is directly operated by the Ministry of Defence. This creates a very different corporate culture and operational mandate.

Which Sector Dominates the Economy?

State-Owned Banks

• Primary choice for corporate lending and rural retail banking
• Employs hundreds of thousands across thousands of nationwide branches
• Controls nearly half of all banking assets and deposits nationwide

International Auditors

• Strictly business-to-business operations with zero retail consumer presence
• Relies heavily on high turnover of young graduate hires
• Monopolizes financial auditing for publicly traded companies

Telecom Giants

• Directly impacts every single smartphone user in the country
• Massive technical workforce integrated with national infrastructure
• Controls almost the entire mobile and broadband infrastructure

Navigating Corporate Banking in Ho Chi Minh City

John, a tech entrepreneur in Ho Chi Minh City, needed a 5 billion VND business expansion loan in early 2025. He applied to two private banks, assuming they would be faster and more modern.

The first attempt was a disaster. Private banks rejected his application because his startup lacked hard real estate collateral, demanding interest rates over 14 percent. He spent two months negotiating to no avail.

Out of options, he approached a Big Four bank branch. Instead of relying solely on algorithms, the branch director reviewed his cash flow and government contracts. The paperwork was incredibly tedious (and I mean truly agonizing), requiring endless physical signatures.

After 45 days, the loan was approved at a 9.5 percent interest rate. He saved millions in interest. John learned that while state banks lack flashy apps, their lending power for solid businesses is unmatched.