A Techcombank employee talks to a client. — Photo courtesy of Techcombank
Vietnamese banking brands are riding high with a growth of 31.3 per cent 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. However, Agribank – the second most valuable brand in Viet Nam – runs counter to the trend by dropping two positions. Its brand value grew by just 1.7 per cent 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 per cent 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 per cent and an economic growth rate of 8 per cent, 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 Viet Nam, which rose by 46.7 per cent in brand value to reach $1.5 billion. In two years, the bank moved up by 107 positions to the 163rd among the top 200 valuable banking brands in 2023.
Thai Minh Diem Tu, director of the Marketing Divison, Techcombank, noted that the remarkable feat of reaching $1.5 billion in brand value represents an important milestone for the bank.
It is an indication that Techcombank has achieved success in improving customer experience, moving one step closer toward its ultimate objective of "Transforming the financial sector and improving the quality of life".
It is worth noting that the bank made it to many global podiums in 2022 for its effort in digital transformation. Notably, it was recognised as 'Best bank in Viet Nam' by Euro Money and its application Techcombank Mobile was awarded 'Most innovative mobile banking app' by Global Business Outlook.
The bank is currently the first bank in Viet Nam to be assigned a Baseline Credit Assessment score of ba2 with a stable outlook by Moody's. It also gets a rating of BB- from S&P with a similar outlook.
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. — VNS