This study empirically examines the impact of intellectual capital on bank risk-adjusted returns in Vietnam between 2007 and 2019 using the system generalized method of moments (GMM). The findings show the positive impacts of valueadded intellectual coefficient (VAIC) and its components (human capital efficiency (HCE), capital employed efficiency (CEE), and structural capital efficiency (SCE)) on bank profitability. However, the results show an inverted U-shaped relationship may exist in the case of VAIC, HCE, and CEE. Also, the positive impacts of VAIC and HCE on bank profitability are true to the case of state-owned commercial banks while for foreign-owned banks the positive effect is more with HCE. Therefore, this study provides significant implications for policy-makers, management, and academics.

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