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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.
Vietnamese banking brands climb in value ảnh 1

A Techcombank employee talks to a client. (Photo: courtesy of Techcombank)

Hanoi (VNS/VNA) - Vietnamese banking brands areriding high with a growth of 31.3% in brand value in 2023, according toBrand Finance Banking 500 Report.

Almost all the 12 Vietnamese banks featured in the report haveclimbed in their global rankings. However, Agribank – the second mostvaluable brand in Vietnam – runs counter to the trend bydropping two positions. Its brand value grew by just 1.7% to hit 1.4 billionUSD. 

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

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

It was this strong revenue rebound and economic recovery thathas 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 byintegrating the power of technology into their core business. 

"Vietnamese banks were finding themselves among thebest performers in 2022," said Haigh. 

The director was impressed by Techcombank, the secondfastest-growing brand in Vietnam, which rose by 46.7% in brand value to reach 1.5billion USD. In two years, the bank moved up by 107 positions to the163rd among the top 200 valuable banking brands in 2023. 

Thai Minh Diem Tu, Director of the Marketing Division atTechcombank, noted that the remarkable feat of reaching 1.5 billion USD inbrand value represents an important milestone for the bank.

It is an indication that Techcombank has achieved success inimproving customer experience, moving one step closer toward its ultimateobjective of "Transforming the financial sector and improving the qualityof life".   

It is worth noting that the bank made it to many globalpodiums in 2022 for its effort in digital transformation. Notably, it wasrecognised as 'Best bank in Vietnam' by Euro Money and its applicationTechcombank Mobile was awarded 'Most innovative mobile banking app' by GlobalBusiness Outlook.

The bank is currently the first bank in Vietnam to be assigned aBaseline Credit Assessment score of ba2 with a stable outlook by Moody's. Italso gets a rating of BB- from S&P with a similar outlook. 

By late 20222, Techcombank made a pre-tax profit of around 25.6trillion VND (1.1 billion USD) and secured a customer base of over 10.8million./.
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