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Tran Tuan Viet (middle), director of Media and Marketing Center, VPBank, at the awards ceremony
According to the ranking of the 50 strongest brands of Vietnam in 2019 by Brand Finance, VPBank ranked 14th as the highest-rated private bank. This is the 5th year that Brand Finance announces the ranking of the 50 strongest brands in Vietnam, and the third consecutive year that VPBank has been rated as the strongest brand among private banks.
Earlier this year, VPBank also became the first Vietnamese private bank to make it on the list of the world's 500 strongest banking brands, ranked 361. Brand Finance said that VPBank's brand value has increased more than six times, from $56 million in 2016 to $354 million in 2019. Besides, the bank's brand rating index is also rated class A in the rating scale from D to AAA+. Brand Finance also rated the brand's strength 58.76 points, on a scale of 0-100.
VPBank also showcased its strength strongly through strategic segments as the bank is leading the market, including consumer finance segment, individual customer, small- and medium-sized enterprise (SMEs) customers, and small business customers.
For example, in the SMEs segment, VPBank was voted the best bank in Vietnam by both the International Finance Corporation (IFC) and prestigious magazine The Asian Banker. With more than 80,000 SME 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. The establishment and improvement of digital banking applications and online lending platforms such as VPBank Online, SME Connect, and YOLO, continuously support VPBank to be voted as the go-to digital bank in the Vietnamese market by domestic and international organisations.
Samir Dixit, CEO of Asia-Pacific Brand Finance, said that in the era of technology revolution, 4.0 is developing very strongly and brand power plays an important role in the growth of an enterprise. A strong brand will help attract more new customers and build the loyalty of old customers, thereby creating better sales and profit results.
Thus, owning the strongest private bank brand while being one of the four strongest banking brands in the Vietnamese market will give VPBank a significant competitive advantage and help maintain its sustainable growth momentum in the future.