Understanding the important of employee motivation in enhancing human resource quality as well as organization effectiveness, Vietnamese State-Owned commercial banks (SOCB) have applied different employee motivational policies. However, these policies haven’t been highly effective and effeciency cause of lacking understanding about factors affecting employee motivation. This study aims to identify and measure factors influencing employee motivation in Vietnamese SOCB applied expectancy theory and suggest recommendations to enhance their employee motivation. Data were collected from sending questionnaires to 4 biggest Vietnamese SOCBs. Cronbach’s alpha, Exploratory Factor Analysis (EFA), Linear regression were employed for analyzing and processing data. The results show that Expectation (E); Intrinsic rewards (INI); the employee anticipated satisfaction with intrinsic rewards (VI) have positive impact on employee motivation in SOCB. Based on the findings, some recommendations are proposed for SOCBs to improve employee motivations.