Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has become the most valuable brand in Vietnam in 2024, according to a report recently published by Forbes Vietnam Magazine.
Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has become the most valuable brand in Vietnam in 2024. Photo: Tran Viet/VNA
Accordingly, in the list of 25 leading listed brands in 2024 conducted by Forbes Vietnam, the banking sector dominates with 7 representatives, equivalent to 28% of the total number of brands on the list. With a brand value of 891.4 million USD, Vietcombank not only leads the financial sector but also occupies the No. 1 position in the entire market. Forbes Vietnam commented that systematic and sustainable development helps Vietcombank maintain its leading position despite many fluctuations in the market. Previously, Vietcombank was also recognized in the Vietnam 100 Report 2024 published by Brand Finance. According to Brand Finance's assessment, Vietcombank is the bank with the largest brand value in Vietnam and ranks 4th out of the top 100 brands nationwide. This year, Vietcombank's brand value is valued at 2.04 billion USD, up 7% compared to 2023, marking two consecutive years of maintaining the throne in the banking industry. Vietcombank is also ranked the highest credit rating among commercial banks in Vietnam by prestigious international organizations such as S&P, Fitch Ratings and Moody's. At the same time, the bank has continuously received the title of "Best Bank in Vietnam" and has been honored as "Best Workplace in Asia" by HR Asia Magazine. In addition to Vietcombank, the list of 25 leading brands of Forbes Vietnam this year also recorded the presence of 6 other banks including: Military Commercial Joint Stock Bank (MB), Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Asia Commercial Joint Stock Bank (ACB), Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) and Orient Commercial Joint Stock Bank (OCB). Of which, MB ranked 2nd with a brand value of 550.2 million USD and BIDV ranked 3rd with a brand value of 449.6 million USD. The remaining 4 banks have brand values of 447.8 million USD, 398.3 million USD, 289.8 million USD and 130.5 million USD respectively. Forbes Vietnam's calculation method follows the general principle that a company's profits are generated from tangible and intangible assets. Therefore, a company's brand contributes to its profits, and this contribution helps determine the company's brand value. The total brand value of the top 25 companies in 2024 is expected to reach nearly 5.2 billion USD, with pre-tax profits in 2023 estimated at more than 185,000 billion VND (equivalent to 7.3 billion USD). Source: https://baotintuc.vn/tai-chinh-ngan-hang/vietcombank-co-gia-tri-thuong-hieu-lon-nhat-viet-nam-20241217162622357.htm
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