According to the 2023 Vietnam Top 100 Brands Report just released by Brand Finance, the brand value of Vietnamese banks has increased by an impressive 47%, attributed to their adoption of digitization and service improvements.
Specifically, the banking sector holds a significant 30% of the total value among the 100 ranked brands by Brand Finance. Among these, the Vietnam Maritime Commercial Joint Stock Bank (MSB) stands out.
Brand Finance states that MSB’s efforts in driving digitization and enhancing customer experiences have been the driving forces behind its brand strength, significantly contributing to the increase in brand value.
MSB’s inclusion in the “Top 100 Most Valuable Brands in Vietnam” showcases Brand Finance’s recognition and high regard for the bank due to its positive financial indicators in 2022 and the first half of 2023. Accordingly, MSB had a successful year, surpassing set business and profit targets.
According to the financial report for the first half of 2023, MSB’s total assets reached over 237.8 trillion VND, up 11.8% compared to December 31, 2022. Customer loans accumulated in the first six months reached nearly 136.6 trillion VND, experiencing a growth of 13.2% since the beginning of 2023, surpassing the industry average. Cumulative customer deposits in the same period totaled almost 126.3 trillion VND, showing a slight increase of 7.8% compared to the end of 2022. Notably, savings and margin deposits have shown strong growth rates of 24% and 30%, respectively. These factors contributed to MSB’s total net revenue for the first six months reaching nearly 6.4 trillion VND, a 23.2% increase compared to the same period in 2022.
“Furthermore, MSB has received numerous prestigious awards from both domestic and international organizations. These include Forbes’ “Top 25 Leading Financial Brands,” International Data Group’s recognition as the “Typical Digital Transformation Bank in 2021,” the Special Award for International Payments from Wells Fargo, the title of “Leading Bank in Trade Finance for Small and Medium Enterprises in 2021” from the Asian Development Bank (ADB), and the recognition as one of the “Top 10 Most Prestigious Private Joint Stock Commercial Banks in Vietnam” by Vietnam Report.”, Duong Ngoc Dung, Chief Marketing Officer at MSB told reporter.
The data indicates that banking brands with strong growth in Brand Finance’s rankings primarily made their appearance in the 2022 rankings, all experiencing double-digit growth in brand value.
According to Brand Finance, Vietnamese banking brands have demonstrated resilience in the face of economic challenges through their implementation of digitization and improved customer service.
Alex Haigh, Managing Director – Asia Pacific at Brand Finance, commented: “Despite economic challenges, banking brands in Vietnam have shown outstanding growth, earning a place in Brand Finance’s list of the top 100 Vietnamese brands this year. We see their commitment to digitization and enhancing customer service yielding results.”
Brand Finance is the world’s leading brand valuation firm headquartered in London, UK, with over 20 years of experience in valuation consulting and brand strategy across more than 20 countries worldwide. Every year, Brand Finance evaluates over 70,000 brands globally, facilitating numerous brand transactions and intangible assets worth billions of dollars.
Brand Finance’s brand assessment methodology adheres to ISO, IVSC, and IASB standards and is widely accepted by regulatory authorities and tax agencies worldwide.
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Source: Vietnam Insider