Vinamilk, Vietnam’s biggest dairy company, continued to top the list with an estimated brand value of over $2.24 billion, followed by military-run telecom giant Viettel with more than $2.16 billion, according to Forbes Vietnam’s the Top 50 Brands report published Monday.

This year, Viettel registered the biggest increase in brand value, from nearly $1.4 billion last year to $2.16 billion this year. Sabeco, Vietnam’s biggest brewer, is in the third place with a brand value of $486 million.

The remaining seven in the top 10, in order of ranking, were:  real estate corporation Vinhomes, food giant Masan Consumer, telecommunications providers  MobiFone and VinaPhone, state-owned Vietcombank, IT giant FPT, and mall operator Vincom Retail.

The estimated value of Vietnam’s 50 most valuable brands rose $1.2 billion compared to a similar list for last year, reaching over $9.3 billion.

According to Forbes Vietnam, the food and beverage industry continued to dominate the list with 10 representatives. Supporting industries, including agriculture, securities, tourism and accommodation services had only one representative each.

Forbes Vietnam said it used the method that 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, Forbes averaged earnings before interest and taxes (EBIT) over the past three years, then determined the contribution by the company’s intangible assets based on industry-specific averages.