Are loyalty programs just feel-good freebies—or are they a core strategy for keeping customers?

For banks, the answer is clear: done right, loyalty programs aren’t just about giving away points or cashback. They’re about building habits, deepening relationships, and keeping your best customers from wandering elsewhere.

In Vietnam, loyalty programs are becoming a key battleground as banks compete not just on rates and products, but on experience and emotional connection. And with more digital-native customers—especially Gen Z and Millennials—demanding instant value, seamless rewards, and lifestyle benefits, banks can no longer afford to treat loyalty like an afterthought.

So what’s the current state of play?

In this article, we’ll break down:

• How Vietnam’s major banks are structuring their loyalty programs
• What’s working—and what’s falling short
• Global loyalty features that Vietnamese banks can “steal” for success

Whether you’re a marketer in financial services or a curious consumer, you’ll walk away with a deeper understanding of where loyalty is heading—and how banks can truly earn it.

I. Overview: Vietnam’s Current Loyalty Landscape

What Do Vietnam’s Bank Loyalty Programs Look Like Today?

Vietnamese banks have been steadily evolving their loyalty programs, but most fall into three main types:

Points-Based Programs: Customers earn points for transactions (spending, payments, using services), redeemable for vouchers, miles, or merchandise.

Examples: Vietcombank’s VCB Reward, BIDV Priority, TPBank Reward.

• Tiered Membership Programs: Based on account balance or activity level, users unlock different benefit tiers (e.g., Silver, Gold, Diamond) with increasing perks.
  Examples: Techcombank Premium Banking, BIDV Priority.
• Cashback-Focused Programs: Popular among digital-first banks and e-wallets, these programs reward spending with instant rebates or discounts.
  Examples: MoMo Rewards, ShopeePay Coins, MSB Mastercard Cashback.

Examples of Vietnam Bank Loyalty Programs

Vietnam’s traditional banks tend to emphasize relationship depth and premium experiences, targeting affluent customers with balance-based rewards like travel perks or financial advisory.

Meanwhile, digital banks and e-wallets favor immediacy and ease, focusing on daily use and lifestyle relevance through app-exclusive cashback and vouchers. For digital players, the priority is on seamless, app-first experiences, gamification, and a strong focus on daily engagement.

II. What’s Missing: Gaps in Vietnam’s Loyalty Systems

As customers become more discerning and digitally driven, the current loyalty systems in Vietnam banks reveal several gaps in long-term engagement.

• Generic Rewards: Most programs still revolve around cashback or shopping vouchers, which fail to excite or emotionally connect with users. Without distinct value propositions, banks risk blending into a crowded marketplace.
• No Experimentation with Paid Loyalty Models: Vietnam’s market has been slow to adopt paid loyalty programs—missing out on a way to build program commitment and perceived value.
• Rigid Points Systems: In many programs, points are hard to redeem, expire quickly, or are confined to limited catalogs. This lack of flexibility discourages active participation. Banks need to evolve their systems to allow real-time redemption, point sharing, or multi-use points.
• Missing Lifestyle Integration: Modern customers expect benefits that align with their lifestyles. In Vietnam, perks like streaming subscriptions or wellness services still leaves a sizable gap in engagement potential.
• Underutilized Gamification: While a few programs dabble in challenges or app-based missions, there’s room for richer mechanics—progress tiers, surprise bonuses, or streak-based incentives—that create momentum and reward behavioral consistency.
• Static Cashback: Most cashback offerings are fixed percentages with little variation. A more dynamic model could include personalized boosts, special weekends, or performance-based rewards that evolve with customer habits.
• Lack of Purpose-Driven Rewards: Vietnam’s loyalty programs rarely build emotional loyalty and brand goodwill, like offer CSR-linked redemption options—such as donating points to charitable causes or contributing to environmental initiatives.
• No Integration with Health & Wellness Goals: Incentivizing wellness behavior (like walking more or avoiding impulse purchases) could create a deeper, more personal form of engagement while supporting financial and physical well-being.

III. What Vietnam Can Learn from Global Loyalty Giants

Vietnamese banks have laid the groundwork with loyalty programs that offer solid value—but there’s still room to evolve. Globally, banks are using loyalty as a strategic tool to deepen customer relationships, not just as a rewards gimmick.

1. Deeper Tiered Rewards 

The Gap: Most Vietnamese programs focus on account balances and offer standard perks like fee waivers. However, they lack escalating benefits that reward long-term loyalty or higher financial commitment.

The Global Playbook:

• Balance-based bonuses: Interest rate boosts or waived ATM fees for top-tier clients.
• Exclusive services: Personal finance coaching, VIP event invites.
• Family benefits: Education perks or bundled family accounts.

How It Works:

Bank of America's Preferred Rewards program offers escalating benefits based on account balance. As customers reach higher tiers, they unlock rewards like fee waivers, exclusive services (financial coaching, etc.), and even bonus interest rates.

Vietnam Fit:

Vietnamese banks could integrate similar tiered rewards to Bank of America’s Preferred Rewards—encouraging more customer interaction and deeper account engagement—offering perks like financial consultations or enhanced savings rates.

Something like a “Diamond Plus” tier offering annual financial checkups or access to wealth-building tools could set a new loyalty benchmark.

2. Subscription-Based Loyalty

The Gap: Most local banks avoid charging for loyalty—missing the chance to deepen customer buy-in.

The Global Playbook:

• Monthly fee tiers (e.g., $5/month) that deliver guaranteed perks like cashback, interest bumps, or partner deals.
• Optional and opt-out-friendly to build trust.

How It Works:

Barclays offers a subscription-based loyalty program called Blue Rewards, where customers pay a monthly fee to unlock premium perks like cashback, waived fees, and dedicated customer service.

• Boosts loyalty: Paying members are more likely to stay engaged and committed.
• Generates revenue: The subscription model funds better rewards for loyal customers.
• Strengthens emotional connection: Tailored benefits create a VIP feeling that deepens customer attachment.

Vietnam Fit:

Vietnam banks could implement a low-cost subscription model modeled after Barclays’ Blue Rewards, offering guaranteed perks like dining cashback or waived ATM fees for a monthly fee. This would encourage customer retention and build a predictable revenue stream.

For example, 50,000đ/month for exclusive rewards like 5% dining cashback or waived transfer fees—automatically free for balances over 200,000,000đ.

3. Flexible Points Ecosystems

The Gap: Current points systems are rigid. Redemption is limited to set merchants or vouchers.

The Global Playbook:

• Points-to-cash conversion.
• Points pooling among family members.
• Experiential rewards (travel, events, wellness).

How It Works:

Citi’s ThankYou Rewards program lets users earn points through various touchpoints—from credit card usage to adding services like mortgages, personal loans, or making referrals.

• Points are flexible and can be redeemed for travel, gift cards, or cashback.
• Citi offers 10% back on redemptions (up to 100,000 points), and customers can share or pool points with family—enhancing utility and flexibility.

Vietnam Fit:

Banks could introduce a flexible points system where customers can redeem points for diverse rewards (flights, merchandise, bill payments), with the added flexibility of pooling points for family members or transferring to others.

4. Lifestyle-Driven Perks 

The Gap: Vietnamese banks offer transactional perks—few go aspirational or align with affluent lifestyle interests.

The Global Playbook:

• Niche perks (golf, wellness, parenting).
• Brand-aligned luxury services.

How It Works:

HSBC rewards its high-net-worth customers through its Premier Golf Privileges program, which includes complimentary access to golf courses worldwide and priority tee times. It’s a lifestyle-driven benefit that caters to affluent clients who prioritize experience-based perks and exclusivity.

Vietnam Fit:

Like HSBC, Vietnam banks could develop a premium tier offering lifestyle perks like golf lessons, gym memberships, or exclusive invites to health and wellness events, aligning with the aspirations of higher-net-worth individuals.

For example, “Techcombank Premier Golf” or “VPBank Wellness Circle” could include gym passes at CitiGym, spa vouchers at MENARD, or golf lessons at KN Golf Links.

5. Gamification Beyond Basics

The Gap: Basic point accumulation is common. Tiered or time-based challenges are not.

The Global Playbook:

• Spend-based progression (e.g., spend $1,000/month for 6 months = premium gift).
• Social features like leaderboards or “earn with friends.”

How It Works:

JPMorgan’s One Card offers unlimited point earning with no expiration, making it attractive for high-spending customers.

• Users earn 1 point per dollar with bonus points for hitting spending challenges—gamifying the experience.
• Advanced security features and real-time tracking enhance usability and peace of mind.

Vietnam Fit:

Digital banks like TPBank or e-wallet app like Momo could implement gamified elements where customers earn rewards for meeting monthly spend targets, completing financial tasks, or referring friends. 

Something like Level up with Bronze–Silver–Gold challenges + bonus tiers for referrals and social engagement could drive customer engagement in a fun, interactive way.

6. Cashback That Feels Smart 

The Gap: Vietnamese cashback is often flat (e.g., 1% on all spends) or partner-limited (e.g., 10% at Circle K).

The Global Playbook:

• Dynamic categories (5% on your top-spending category each month).
• Cashback to “erase” recent purchases.
• Round up debit purchases to invest in funds.

How It Works:

Capital One makes redemption easy with its Purchase Eraser feature—allowing customers to “erase” travel expenses like flights and hotels using miles earned from everyday purchases. It’s a flexible, hassle-free option ideal for both casual users and frequent travelers.

Vietnam Fit:

The Purchase Eraser from Capital One is just one approach. Local banks can adopt various smart cashback features such as:

• Dynamic Cashback: Automatically detect the customer’s highest monthly spend category via transaction data & offer escalating cashback (e.g., 3% on 2nd category, 1% on others).
• Purchase Eraser: Let users redeem points to offset specific purchases, like:
  • Flights (Vietnam Airlines)
  • Hotel bookings (Agoda, Traveloka)
  • Tuition fees (partner with universities like RMIT)
  • Deduct points for hospital check-ups (Vinmec, Hoan My).
• Round-Up Savings: Round up debit card purchases and auto-convert to Gold accumulation (partner with PNJ, DOJI) or USD savings.
• Weekend / Monthly Boosts: 5% cashback at Lotteria on Sundays.
• Top-up Triggers: Load 1,000,000đ into e-wallet can unlock 48h of 10% cashback on transit (Grab, Be).
• Cashback for "Credit-Building": A user repays a 6-month motorbike loan early can unlocks 5% cashback on petrol for 3 months.

7. CSR-Linked Rewards 

The Gap: Loyalty is rarely tied to doing good.

The Global Playbook:

• Point donation to charity.
• Spend-linked social impact (tree planting, scholarships, etc.).

How It Works:

Banks like American Express, Wells Fargo, and UOB let customers convert points into donations—blending loyalty with social impact. This approach taps into a rising preference for purpose-driven rewards among socially conscious consumers.

Vietnam Fit:

Vietnamese banks could offer CSR-linked rewards, such as donating points to a cause or environmental initiatives. For example, “Plant a tree for every million spent” or “Donate 1,000 points = 1 meal for flood victims” could align banks with ESG goals and appeal to socially conscious customers.

8. Health & Wellness Loyalty

The Gap: No banks reward healthy living or wellness behavior.

The Global Playbook:

• Sync with Apple Health or Google Fit.
• Cashback for reaching step goals or gym check-ins.

How It Works:

Discovery Bank links loyalty with wellness through its Vitality Active Rewards.

• Customers earn Discovery Miles by staying active or using eco-friendly transport.
• These miles are redeemable for lifestyle perks like Uber rides, travel discounts, and health benefits—encouraging healthier, more sustainable behavior while rewarding loyalty.

Vietnam Fit:

Vietnamese banks could take inspiration by offering rewards for healthy behaviors, like cashback for gym check-ins or discounts on wellness products.For example, linking banking apps to health platforms—10,000 steps = 20,000đ cashback—could win over health-conscious Gen Z/Millennials.

IV. Loyalty as a Growth Engine

Vietnamese banks are at a turning point. As competition grows and digital adoption accelerates, loyalty programs are no longer a box to check—they're a core growth lever. Banks that invest in smarter, more personalized, and lifestyle-integrated loyalty models will not only keep customers—they’ll attract new ones, build deeper relationships, and set themselves apart.

The global playbook shows what’s possible. The demand is clear. Now it’s about execution.

Looking to upgrade your bank’s loyalty strategy?

Whether you're planning a revamp or building from scratch, we can help. Our team combines martech expertise with deep BFSI insight to craft loyalty programs that connect, convert, and retain.

Contact HyperLead to start building your next-gen loyalty ecosystem.