On 15 August 2023, at Brand Finance - Mibrand Vietnam Forum 2023, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) was honored for outstanding achievements in digital transformation by Brand Finance - the world's leading brand valuation organization.

BIDV saw its brand value skyrocket 69 percent to USD1.4 billion as the fastest growing brand in Brand Finance rankings. It also rose six spots to 7th place and saw an increase in brand strength rating from AA+ to AAA-. The brand’s rise in brand value is largely attributed to its improvement in brand strength as it continues to steer Vietnam’s digital transformation efforts.

BIDV representative receives awards granted by Brand Finance 

BIDV introduced digital products to support operations of Vietnamese businesses. In 2022, the brand launched BIDV iConnect, allowing businesses to connect and perform banking transactions directly on their management software.

In collaboration with the Asian Development Bank (ADB), it pioneered Vietnam’s first digital platform for small and medium enterprises (SMEs) - BIDV SMEasy. This platform allows SMEs to access financial and nonfinancial services on a single platform, bolstering the business operations of SMEs in Vietnam.

Top 10 fastest growing brand in Vietnam in 2023

According to Brand Finance report, the banking sector in Vietnam experienced significant growth in 2022, gaining over approximately USD11.5 billion in combined profits across its brands. However, growth is expected to slow down in 2023 due to economic headwinds arising from lower import and export demands.

Despite this outlook, banking brands remain confident in overcoming the challenges that lie ahead by investing in digitalization and enhancing customer experience. These are prudent strategies given that digital transformation is crucial for brands to capture growing interest and adoption of digital payment transactions in the nation.

Banking brands are the second largest contributor to the Brand Finance rankings, with a combined brand value of USD12.5 billion. This makes up approximately 30 percent of the total value of all listed brands. Compared to their performance in 2022, the combined brand value of banking brands rose by 47 percent. The top five most valuable banking brands in the Brand Finance rankings are Vietcombank, Agribank, BIDV, Techcombank and VietinBank

Within the framework of the event, Brand Finance and Mibrand Vietnam held a panel discussion with the theme "Green development - The right approach for Vietnamese brands", emphasizing the role of stakeholders in promoting green development.

As the leading financial institution in Vietnam, determining that financial resources from banks play an important role in developing green credit and promoting sustainable energy infrastructure investments, BIDV always prioritizes credit to finance green credit projects. BIDV is the leading bank in the market with a market share of 13 percent of the total outstanding loans to the green sector in the economy.

Vietnam's economy faced a challenging start in the first half of 2023 as exports declined and global interest rates rose. However, banking brands in Vietnam have proven resilient to economic challenges by implementing digitization and improving customer service. In the brand strength ranking, Brand Finance determines the relative strength of brands through a balanced scorecard that includes data that evaluates marketing investment, shareholder equity and business performance.

The evaluation results of Brand Finance have contributed to affirming BIDV’s brand reputation and the trust of the public and customers in BIDV. This lays a strong foundation for BIDV to continue to build and enhance brand value in the future.

About Brand Finance

Brand Finance, founded in 1996, is the world's leading brand valuation consultancy. The company has helped thousands of companies understand the financial value of their brands and use that information to drive strategic decision making.

Recognized as the pre-eminent brand valuation firm, its database of metrics is used widely by financial institutions, non-governmental agencies and academics. It is the first company to be accredited with both ISO 10668: Brand Valuation and ISO 20671: Brand Evaluation, and its team sets the highest standard for expertise and rigour when conducting brand valuations.