Following its reorganization in 1976, the State Bank of Vietnam (formerly the National Bank of Vietnam) became the central bank of the country. In addition to its national financial responsibilities, the State Bank also assumed some of the duties of a commercial bank. It maintained a head office in Hanoi, a division in Ho Chi Minh City, and numerous provincial branches. Other important banks operating in Vietnam in 1988 included the Foreign Trade Bank, which was charged with overseeing all aspects of foreign payments, and the Bank for Agricultural Development, which provided loans to agriculture and fishing.

The first solely commercial bank opened in Ho Chi Minh City in July 1987 to handle personal savings and to extend loans to enterprises and individuals. The bank was capitalized with D500 million (US$1.4 million) provided by the government and through stock issues. One objective in establishing Vietnam's first commercial bank was to limit inflation through the bank's ability to coordinate the extension of credit.

To attract more foreign exchange, the Foreign Trade Bank opened an account in 1987 for overseas Vietnamese remittances of foreign currencies to their relatives at home. The currencies dealt with were United States dollars, French francs, Swiss francs, Hong Kong dollars, Canadian dollars, British pounds, Japanese yen, Australian dollars, and West German marks. In 1987 the bank also agreed to establish a finance company in Tokyo in partnership with a Japanese bank. As the first joint venture between the two countries, the proposed company was intended to help settle bilateral trade accounts, but it was also expected to assist in technology transfers.

Data as of December 1987