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Translated by ELITE Law Firm
Recently, Brand Finance organization released the report ‘Vietnam 100 2023,’ ranking the top 100 most valuable Vietnamese brands in 2023. Brand value is defined as the economic benefit that owners can achieve when operating in the open market.
The results show that Viettel topped the list for the 8th consecutive year with a value of up to USD 8.9 billion. Alongside Viettel, the other names in the top 5 are Vinamilk (USD 3 billion), VNPT (USD 2.7 billion), Vietcombank (USD 1.9 billion), and Vinhomes (USD 1.7 billion).
Top 10 most valuable brands in Vietnam, according to Brand Finance’s report:
 | Viettel | : | USD 8.9 billion |
 | Vinamilk | : | USD 3 billion |
 | VNPT | : | USD 2.7 billion |
 | Vietcombank | : | USD 1.9 billion |
 | Vinhomes | : | USD 1.7 billion |
 | Agribank | : | USD 1.43 billion |
 | BIDV | : | USD 1.4 billion |
 | Techcombank | : | USD 1.386 billion |
 | Petrovietnam | : | USD 1.382 billion |
 | VietinBank | : | USD 1.302 billion |
Here are some notable points from the Brand Finance Vietnam 100 Report in 2023:
Viettel is the most valuable Vietnamese brand for the 8th consecutive year, with a value of USD 8.9 billion in 2023 (a 2% increase from 2022). The group achieved impressive business results in the past year, with a 23.4% revenue increase, reaching VND 23.7 trillion in 2022.
The success of Viettel comes from digital business ideas. In 2022, Viettel and Nvidia signed a Memorandum of Understanding to become strategic partners in using artificial intelligence (AI) in Viettel’s research and technology solutions. This agreement allows Viettel to apply Nvidia’s expertise to research and develop machine learning models and AI, contributing to enhancing the skills of Vietnam’s workforce and providing the necessary human infrastructure for the country’s AI development.
Most of the brand value of banks has grown by double digits compared to 2022, with 9 brands appearing for the first time in the top 100.
According to Brand Finance, Vietnamese banks have demonstrated their ability to recover from domestic economic difficulties by digitizing and improving customer services. The value of all bank brands increased on average by 47%, with most brands achieving double-digit growth. The highest among them is BIDV (Vietnam Joint Stock Commercial Bank for Investment and Development), with a 69% increase compared to 2022, reaching a value of USD 1.404 billion. On the other hand, Agribank is the slowest-growing bank, with only a 2% increase, reaching a value of USD 1.436 billion. In the top 100, 9 banks appeared for the first time: TPBank, LPBank, Maritime Bank, SeABank, OCB, Eximbank, Kien Long Bank, Vietcap Securities Joint Stock Company, and NCB.
BIDV’s impressive growth is attributed to improvements in brand strength as it continues to promote digital transformation efforts. The bank introduced electronic solutions to support business operations in Vietnam. For example, in 2022, BIDV introduced BIDV iConnect, allowing businesses to connect and perform banking transactions within the company’s management software.
Vietcombank is the strongest brand in 2023
In addition to brand value, Brand Finance also announced the brand strength index. The report shows that Vietcombank is the strongest brand with an AAA+ rating (achieving AAA in 2022). This index is based on evaluating factors such as marketing investment, shareholder capital, and business performance, with AAA+ being the highest.
Vietcombank’s brand strength comes from efforts in digital transformation and improving customer experience. The bank has implemented advertising campaigns and promotions to encourage customers to use electronic banking services. As a result, Vietcombank has reached 88% of customers using electronic services, the highest among its competitors.
Additionally, Vietcombank is the only brand to achieve an AAA+ rating for brand strength. Following are two brands, Viettel and Vinamilk, with an AAA rating.
Alex Haigh, Managing Director of Brand Finance, shared his thoughts on the rankings: “Despite challenging economic conditions, Vietnamese banking brands have shown remarkable growth in Brand Finance’s Top 100 Vietnamese Brands ranking this year. We can see commitments to digital transformation and results from improving customer care services. We also congratulate Viettel, Vietcombank, and BIDV for leading in brand value, brand strength, and the fastest-growing brand value, respectively.”
