Crisis communication in Vietnamese banking: a qualitative content analysis of shareholder letters during economic volatility

Purpose This study examines the evolution of crisis communication strategies in the Vietnamese banking sector during the COVID-19 pandemic and subsequent real estate crisis. It analyzes how Vietnamese banks adapted their shareholder letter communications to address risk management, corporate social responsibility (CSR), and technological innovation in response to these challenges. Design/methodology/approach The research employs a qualitative content analysis of 91 shareholder letters from 21 Vietnamese banks listed on major stock exchanges, covering the period from 2020 to 2022. Each letter was manually coded to explore patterns in communication related to risk management, CSR, and technological innovation during these crises. Findings Findings reveal a significant shift towards proactive risk management strategies, enhanced CSR initiatives emphasizing community support and financial relief, and accelerated digital transformation efforts to improve customer experiences and operational efficiency. These findings highlight the unique challenges faced by banks in an emerging market context, emphasizing the importance of adaptability, resilience, and a customer-centric approach during crises. Originality/value This study seeks to contribute to the literature on crisis communication in two key ways. Firstly, by focusing on the Vietnamese banking sector, it provides a unique examination of how banks in an emerging market adapt their communication strategies to navigate consecutive crises, offering insights into the dynamic nature of crisis communication in a context characterized by volatility and rapid change. Secondly, it provides practical lessons for crisis management and communication in emerging economies, while also contributing to theoretical understanding of how organizations adapt and communicate during periods of prolonged uncertainty.