Transactions at VPBank. VPBank ranked 243rd in banking brand value this year. — Photo courtesy of the bank

The Viet Nam Prosperity Joint Stock Commercial Bank (VPBank) has jumped 37 spots to enter Brand Finance’s top 250 in rankings of the world’s most valuable banks in 2021.

According to the Brand Finance Banking 500 2021 ranking, VPBank was 243rd in banking brand value this year.

Its brand value grew 41 per cent to US$502 million this year from $354 million in 2019. It also represents a nine-fold increase against 2016 when the bank’s brand value was first evaluated at $56 million.

The 2021 ranking was calculated based on a brand’s market share, growth rate, property size, financial capacity, operating efficiency and prestige, said Lai Tien Manh from Brand Finance Vietnam.

In the face of COVID-19 that has taken a heavy toll on the global financial system, VPBank’s brand value growth is spectacular, he added.

Ending 2020, the bank’s total asset value reached VND419 trillion (nearly $18.2 billion), outstanding loans exceeded $320 trillion, while the non-performing loan rate was kept at below 3 per cent.

Eight other Vietnamese banks have also been named in the Brand Finance Banking 500, namely Agribank, Vietcombank, VietinBank, BIDV, Techcombank, MB, Sacombank and ACB. — VNS