The report, entitled “Poised for Rapid Growth: Entering the Vietnamese Financial Services Sector,” was delivered at the Global Tax Symposium held by PwC in Ho Chi Minh City on May 22.

It said the use of banking services in Vietnam has grown rapidly although the country is still a largely cash-based society. The banking sector has been expanding at around 20 percent annually since the beginning of the decade and has now reached US$80 billion in total assets.

In 2006, the revenues of the top 10 banks rose by more than 50 percent on average and their profits by 195 percent, due to growing demand, improved efficiency and reduced costs, the report said.

The potential for further expansion is great as the economy continues to develop with some five million people having bank accounts and a smaller number holding credit cards.