Saigon Commercial Bank (SCB) ceased operations at two branches in Ho Chi Minh City and Dong Nai this week, with two more scheduled to close next week. The bank's presence will then be limited to Ho Chi Minh City, Hanoi, Da Nang, Gia Lai, Lam Dong, and Vinh Long, with a total of 10 branches.
Before being placed under special control by the State Bank of Vietnam (SBV) in mid-2022, SCB had nearly 240 transaction points, including 50 branches and 190 transaction offices, across 28 provinces and cities (prior to mergers). Ho Chi Minh City alone once had 16 branches and 100 transaction offices.
SCB began consolidating its network in 2023, but these closures have accelerated significantly in the past three months. According to VnExpress statistics, the bank closed nearly 190 transaction offices nationwide between 2023 and 2025. Since mid-July, 37 branches have ceased operations.
A branch is a direct subsidiary of a bank, authorized to perform various operations such as capital mobilization, lending, and payments. In contrast, a transaction office is smaller in scale and managed by a branch. Therefore, closing branches signifies a large-scale reduction in operations, not merely the removal of a single transaction point.
Following the closures, SCB announced the liquidation of numerous assets belonging to these branches and transaction offices.
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Tru so SCB tren pho di bo Nguyen Hue (TP HCM) truoc khi chuyen sang dia chi moi. Anh: Website SCB
In a news bulletin published on its website in mid-september, SCB stated that processing collateral assets to recover debt is its top priority. This effort is directly related to the Truong My Lan case.
SCB has established an independent management department to review and standardize data, sending over 7,200 documents to relevant authorities. This aims to establish management rights and facilitate the processing of 1,120 asset codes linked to the Truong My Lan case, chairman of Van Thinh Phat Group.
The volume of work involved in asset processing has been described as extensive, complex, and unprecedented. The asset processing is divided into two phases. First, the bank selects a consulting unit to assist with surveying, establishing criteria, inviting bids, and evaluating tender documents. Subsequently, the bank chooses an asset processing unit capable of valuation and organizing public auctions.
For high-value assets with complex legal issues, SCB is completing the necessary procedures under the guidance and supervision of the State Bank of Vietnam, the Special Control Board, and various government agencies.
Currently, SCB's ordinary 12-month deposit interest rate is 3,7%, which is approximately 2,2 percentage points lower than the public rates offered by state-owned commercial banks. The average lending interest rate in september was 5,35% annually.
Phuong Dong
