Monday , March 27 2023

Vietnamese banking brands climb in value

Vietnamese banking brands are riding high with a growth of 31.3% in brand value in 2023, according to Brand Finance Banking 500 Report.

Almost all the 12 Vietnamese banks featured in the report have climbed in their global rankings. Agribank’s brand value grew by just 1.7% to hit $1.4 billion.

Meanwhile, VIB enters the top 500 most valuable banking brands for the first time, with a brand value increase of 14% year-on-year, reaching $181 million.

The report said Vietnamese banks showed great performance in 2022, consolidated by a credit growth rate of nearly 13% and an economic growth rate of 8%, the highest in the last 25 years.

It was this strong revenue rebound and economic recovery that has given a big push to Vietnamese banking brand value.

Alex Haigh, managing director of Brand Finance Asia Pacific, remarked that Vietnamese banks are making headway in digital banking by integrating the power of technology into their core business.

“Vietnamese banks were finding themselves among the best performers in 2022,” said Haigh.

The director was impressed by Techcombank, the second fastest-growing brand in Vietnam, which rose by 46.7% in brand value to reach $1.5 billion.

Thai Minh Diem Tu, Director of the Marketing Division at Techcombank, noted that the remarkable feat of reaching $1.5 billion in brand value represents an important milestone for the bank.

By late 20222, Techcombank made a pre-tax profit of around VND25.6 trillion ($1.1 billion ) and secured a customer base of over 10.8 million.

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