VPBank in Top 10 most valuable brands in Vietnam 2024

VPBank's brand value continues to reach a new milestone of 1,35 billion USD, according to Brand Finance

The Vietnam 100 2024 report recently released by the world's leading brand valuation company Brand Finance shows the ranking of VPBank improved by 1 rank compared to 2023, with brand value increasing from 1,28 billion USD in 2023 to 1,35 billion USD this year. VPBank's brand strength index reached 73,2 on a scale of 100. In addition to being in the Top 10 most valuable brands in Vietnam in 2024, alongside leading enterprises such as Viettel, Vinamilk, Vietcombank..., VPBank is also in the Top 6 banks with the strongest brand value in the market.

VPBank's brand value and brand strength over the past 8 years - since it was first ranked by Brand Finance - has recorded impressive growth milestones, from 56 million USD valued in 2016 to becoming a billion-dollar brand, worth nearly 1,4 billion USD at present.

According to Brand Finance, the main drivers that helped VPBank improve its brand value and brand strength index include stable revenue growth, effective communication activities, and efforts to build brand image through improving employee satisfaction index year by year.

“VPBank is a brand that has made a spectacular breakthrough by continuously achieving outstanding growth in brand value in recent years. Becoming one of the 10 most valuable brands in Vietnam is the result of a long-term investment vision, efforts in communication activities and the right human resource development policy,” said Mr. Alex Haigh, Managing Director of Brand Finance Asia Pacific.

VPBank recently became the pioneer bank to put into operation the Flagship branch model in Vietnam.

The banking sector, along with food, according to Brand Finance's report, is considered the two sectors with the best resilience to economic difficulties and in the context of weakened consumer demand compared to other industries, to maintain strong brand value in the market.

Banking brands, accordingly, are the second largest contributor, after the telecommunications sector, in Brand Finance's ranking, accounting for 32% of the total value of all brands assessed. Compared to 2023, the total brand value of the 20 banks increased by 10%, to $13,8 billion.

At the end of the first half of the year, VPBank's consolidated pre-tax profit increased by nearly 68% over the same period, reaching more than VND 8,6 trillion with contributions from the entire ecosystem spanning finance, securities, insurance and technology. The credit scale of the consolidated bank at the end of June reached nearly VND 6 trillion, flowing into key areas such as production - business, consumption, investment, etc.

In 2023, VPBank is one of the two largest budget-paying banks in Vietnam, with a total budget payment of up to VND 1 billion, according to the ranking of the largest budget-paying enterprises in Vietnam (Private 2 - Top private enterprises with the largest budget payments in Vietnam) initiated by CafeF.

Most recently, VPBank was honored to be one of the 1 largest companies in the region, in terms of total revenue, in the Fortune 500 ranking specifically for Southeast Asia. Ranked 500st in the Fortune Southeast Asia 91, VPBank stands shoulder to shoulder with many prestigious financial institutions in the region such as DBS, UOB and OCB of Singapore, Maybank and CIMB of Malaysia, or Kasikornbank and Bangkok Bank of Thailand, along with many other domestic banks such as VietinBank, BIDV, Techcombank, etc.

VPBank's revenue in 2023, according to Fortune's calculation formula, will reach approximately 4,05 billion USD, with after-tax profit recorded at nearly 419 million USD, while total assets will reach 33,7 billion USD at the time of December 31, 2023.