Improving competitiveness
According to Brand Finance’s latest global report, 13 Vietnamese banks are listed among the world’s top 500 most valuable banking brands. These include Vietcombank, Vietinbank, Techcombank, BIDV, MB, Agribank, VPBank, ACB, Sacombank, HDBank, VIB, SHB, and TPBank.
Vietcombank remains the most valuable banking brand in Vietnam, ranking 127th globally, up six places from the previous year. As of the end of 2024, Vietcombank’s market capitalization had reached nearly USD 21 billion, making it the largest publicly listed enterprise on the Vietnamese stock market and placing it among the top 100 listed banks globally by market capitalization.
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Transactions at Vietcombank |
MB ranked 168th, rising 59 places from the previous year. The bank’s brand was valued at USD 1.6 billion, making it the fastest-growing banking brand in Vietnam—a fivefold increase over the past five years. These positive results stem from the bank’s high brand familiarity, the largest user base in Vietnam, provision of high-quality services, rapid innovation, and commitment to sustainable development.
Pham Thanh Ha, Deputy Governor of the State Bank of Vietnam (SBV), said that the banking sector continues to take the lead in innovation, digital transformation, and international integration. A key mission of the sector is to enhance competitiveness and develop strong banking brands that gradually meet regional and global standards. This significantly contributes to affirming Vietnam’s position and strengthening national brand value in an era of deep global integration.
According to the Prime Minister’s Decision No.986/QD-TTg dated August 8, 2018, a development strategy for Vietnam’s banking sector by 2025, with a vision toward 2030, was approved. It includes a goal of having 2 to 3 Vietnamese commercial banks ranked among the top 100 banking brands in Asia.
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Vietcombank remains the most valuable banking brand in Vietnam, ranking 127th globally. |
To achieve this, the SBV has implemented comprehensive measures to improve financial capacity, standardize governance in line with international practices, enhance transparency, and drive innovation. These are vital foundations for building a strong, professional Vietnamese banking brand with global competitiveness.
Adopting international brand standards
Professor John Quelch, former Senior Associate Dean of Harvard Business School and currently Dean of the China Europe International Business School (CEIBS), and a leading expert in financial-banking marketing strategy, assessed that Vietnam’s banking sector is developing healthily. He cited a competitive environment that offers diverse options to customers. He highlighted that current economic indicators, including total deposits nearing USD 600 billion, inflation at around 4%, and exchange rate stability, reflect a strong financial foundation.
He recommended promoting mergers and acquisitions (M&A) in the banking sector to enable investment in high-quality IT infrastructure and expand operations internationally. He also suggested relaxing foreign investment limits, not only for state-owned commercial banks, but also for joint-stock banks. He noted that many foreign investors, particularly from Japan, are showing strong interest and are ready to increase their investments in Vietnam’s banking sector if given the opportunity.
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MB’s staff and a customer |
Peter Verhoeven, a member of Anax Invest’s executive team with over 40 years of experience at major global financial institutions such as Deutsche Bank, Citibank, and Standard Chartered, emphasized that trust is the most critical factor for a banking brand. Therefore, Vietnam must build strong trust in its banking system. He suggested adopting international capital safety standards, such as Basel III, Basel IV, and Basel V, to enhance trust.
Major General Luu Trung Thai, Chairman of MB’s Board of Directors, stated that MB is focusing on serving FDI (foreign direct investment) companies. The bank is investing heavily in digital transformation to better serve and attract foreign clients, particularly those in the FDI sector.
According to financial and banking experts, in the long run, banking brand value is driven by four primary factors: regulations, digital innovation, fee-based revenue, and brand development to sustain competitive advantage. Additionally, banks must raise their employees’ awareness of the roles of marketing, brand development, and digital transformation, in order to introduce innovative, modern products and services that better serve customers.
Translated by Mai Huong