Vietnam has arrested five former bank employees for alleged mismanagement, including an ex-managing director and his deputy, the latest executives to be punished in the scandal-hit sector.

Tran Phuong Binh, his deputy Nguyen Thi Ngoc Van and three others were arrested for "violating laws on financial and banking activities", according to a statement from the partially state-owned Dong A Bank on Saturday.

The statement did not elaborate on what crimes the five are accused of, but state-run Thanh Nien newspaper said Binh is suspected of causing major financial losses as a result of poorly managed loans.

All five were originally dismissed in August 2015, Dong A Bank's statement added, when the bank was put under special supervision for suspected illegal activities, according to reports.

Dong A Bank, one of the country's smaller banks and based in Vietnam's financial hub Ho Chi Minh City, was established in 1992 and lists the city's communist party office as one of its major shareholders.