A teller counts money at an HD Bank office. HD Bank is among 30 new entrants in Brand Finance Banking 500 ranking this year. (Photo: VNA)BrandFinance's list of the 500 banks with the largest brand value globally in 2022released recently has the presence of 11 Vietnamese banks, includingtwo new faces compared to 2021: HD Bank and SHB. The nine banks thatcontinue to be in the rankings are Vietcombank, BIDV, VietinBank, VPBank,Agribank, Techcombank, MBBank, ACB and Sacombank.
According tothe report, all Vietnamese brands in the Brand Finance Banking 500 2022 rankinghave experienced growth or added to the country’s total as new entrants.
It has beena very fruitful year for Vietnamese banks, which have observed continuousgrowth in their balance sheets and income statements, with both deposits andloans issued growing. This has been bolstered by the nation’s recovery from thepandemic, which was well-managed by the Government, resulting in strongeconomic growth, the report stated.
Among thebrands, MBBank is one of the fastest-growing in the Brand FinanceBanking 500 2022 ranking, up by a staggering 113 percent to 642 million USD.The brand has continued to innovate, particularly in the digital space bypartnering with leading tech company, Software AG, to provide high speed onlineservices for its customers.
Similarly, Techcombank (up80 percent to 945 million USD) has invested heavily in cloud infrastructure aspart of its strategy to nurture long-term relationships with clients.
In addition,the strong growth in the Vietnamese banking sector is also thanks to two newentrants to the top 500 this year, namely HD Bank (up 53 percent to 248million USD) and SHB (up 63 percent to 211 million USD).
According tothe report, the world’s top 500 banking brands have turned the tide on brandvalue contraction for the first time in three years, observing a 9 percentyear-on-year brand value growth to reach an all-time high of 1.38 trillion USD.
Every year,leading brand valuation consultancy Brand Finance puts 5,000 of the biggestbrands to the test, and publishes nearly 100 reports, ranking brands across allsectors and countries. The world’s top 500 most valuable and strongest bankingbrands are included in the annual Brand Finance Banking 500 ranking.
The brandvalue of the world’s largest banks shrunk by 2 percent by the beginning of 2020(1.33 trillion USD) and a further 4 percent by 2021 (1.27 trillion USD).Initially caused by economic uncertainty and interest rate movements, thesituation was exacerbated by the pandemic, which saw profit and interest ratestake a hit.
However, asnations continued to adapt to COVID-19 and economies rebounded over the pastyear, loan loss provisions were much less significant than initiallyforecast by industry experts. Furthermore, improved digitalisation bybanking brands, coupled with strong government intervention and economicrecovery around the world resulted in a higher-than-expected industry profitabilityin 2021./.
VNA
