The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) jumped 81 spots to rank 280th in the Brand Finance Banking 500 announced early this month which featured the most valuable and strongest banking brands in the world.

VPBank Express services. VPBank was one of the global 300 strongest banking brands,
according to Brand Finance. (Photo: VPBank) 

VPBank became the first private bank in Vietnam to be in the Brand Finance’s top 300.

According to Lai Tien Manh from Brand Finance in Vietnam, VPBank made impressive growth in brand value last year, jumping nearly 100 spots.

A representative from VPBank said that the ranking was not only an honour to VPBank but also a requirement for further efforts in strengthening the bank’s brand value.

VPBank reported a record pre-tax profit of more than 10.3 trillion VND (448 million USD) in 2019, 9 percent higher than its plan and 12.3 percent higher than in 2018.

In total, nine banks in Vietnam were named in the Brand Finance Banking 500, five more than last year’s ranking. Those were Vietcombank (207th from 325th), BIDV (276th from 307th), VietinBank (277th from 242nd), VPBank (280th from 361st) and five newcomers Agribank (190th), Techcombank (327th), MBBank (386th), ACB (420th) and Sacombank (422nd).

“The market with the highest increase in brand value is Vietnam, which has risen by 146 percent," the report said.

Since the Vietnamese Government introduced its strategy to boost accountability and strength of the banking sector, including more stringent capital requirements and greater transparency, customer perception had improved. Growing confidence in the sector had translated into higher revenues and a more positive outlook from equity analysts, according to the report.

The total brand value in the annual Brand Finance Banking 500 ranking saw its first year-on-year contraction since 2009 – from 1.36 trillion USD in 2019 to 1.33 trillion USD this year.

The top 10 was dominated by banks from China and the US. China’s ICBC retained top position with its brand value reaching 80.8 billion USD.