VPBank continues as the most powerful private bank in the market in 2019 in a new report published by the global brand rating organisation Brand Finance, published on September 24 in Hanoi.
According to the ranking of 50 strong brands of Vietnam in 2019 by Brand Finance, VPBank brand ranked 14th and was the highest-ranked private bank. This is the 5th year that Brand Finance has announced the ranking of 50 strong brand names in Vietnam, and is the third consecutive year VPBank has been the strongest brand among private banks.
Earlier this year, VPBank also became the first Vietnamese private bank in the list of the world’s 500 strongest banking brands, ranked 361st on the list.
Brand Finance said that VPBank’s brand value has increased by more than six times, from $56 million in 2016 to $354 million in 2019. Besides, the bank’s brand rating index is also rated A in the rating scale from D to AAA +. And the brand strength index is rated by Brand Finance with 58.76 points, on a scale of 0100.
VPBank’s brand strength is also shown in the strategic segments in which the bank is leading the market, including the consumer finance segment, individual customer, small and medium business customer and small business customer.
For example, in the segment of small and medium enterprises, VPBank has been voted as the best bank in Vietnam for small and mediumsized enterprises by both the International Finance Corporation (IFC) and the prestigious magazine The Asian Banker.
With more than 80,000 small and mediumsized enterprise customers, the bank now serves about 10 per cent of businesses nationwide. Meanwhile, the digitalisation strategy of the bank’s services has also contributed to raising VPBank’s brand name to a new level, attracting more and more customers to the bank.
With the establishment and improvement of digital banking applications and online lending platforms such as VPBank Online, SME Connect and YOLO, continuously in recent years, VPBank has been voted as a typical bank in Vietnamese market by domestic and international organisations.
Samir Dixit, CEO of Brand Finance Asia-Pacific, said that in the era of 4.0 technology, brand power plays a huge role in the growth of enterprise.
A strong brand will help attract more new customers, build loyalty of old customers, thereby creating better sales and profit results. Thus, owning the strongest brand in the group of private banks, also one of the four strongest banking brands in the market, will give VPBank a significant competitive advantage and ability to maintain sustainable growth momentum in the future.
