Military-run telecom giant Viettel tops the list with a brand value of over $2.9 billion, followed by Vinamilk, the country’s biggest dairy company, at more than $2.4 billion, according to Forbes Vietnam’s Top 50 Brands report published on Tuesday.

Telecom giant VNPT is in third place at $509 million.

The rest of the top 10 are brewer Sabeco, real estate corporation Vinhomes, teleco MobiFone, food giant Masan Consumer, state-owned Vietcombank, IT giant FPT, and mall operator Vincom Retail.

The value of the 50 brands rose by $3.3 billion to over $12.6 billion this year.

The food and beverage and financial services industries continue to dominate the list with nine representatives each.

Forbes said it used the method its parent magazine in the U.S. uses to calculate a brand’s contribution to business performance.

After selecting a preliminary list of 100 companies with the highest brand recognition, product coverage and consumer awareness, it averaged earnings before interest and taxes in the past three years to determine the contribution by the company’s intangible assets based on industry-specific averages.