Bank cements reputation as superlative financial brand

October 26, 2021 | 11:00
Vietnamese banking behemoth HDBank has entered the top 10 leading brands in the country, according to a new list published by Forbes Vietnam.
HDBank entered the top 10 leading financial brands in Vietnam in 2021
HDBank entered the top 10 leading financial brands in Vietnam in 2021

The total brand value of the top 25 financial brands in Vietnam reached $3.95 billion last year, with HDBank in the eighth position with a brand value of $162 million, surpassing many other reputable names in the industry.

The list is the result of the process of quantifying business value through the ability to generate profits. Vietnamese financial brands showed strong growth in the fiscal year 2020, in which banking and securities were two out of the three most highly-regarded sectors thanks to a leading market growth rate.

According to the results announced by Forbes Vietnam, the 25 honoured enterprises include 17 representatives from the banking sector, five from the securities field, and three in insurance.

In past years, HDBank has been highly regarded by the market, including foreign financial institutions, for its ability to generate profits from business activities and strong digital transformation, helping to maximise its internal strength.

At the end of the second quarter this year, HDBank’s governance efficiency and profitability improved. The bank’s total operating income in the first half of the year reached $184.8 million, and the accumulated six months’ operating income reached more than $365 million, up 32.7 per cent over the same period in 2020.

The net revenue from services reached more than $37.2 million, 2.3 times higher than the same period last year thanks to the strong growth of bancassurance and payment services, demonstrating plenty of room for growth.

Recently, HDBank announced the signing of cooperation agreements to develop products and services for its ecosystem, deemed a robust space for HDBank to diversify its income sources, especially from fee collection and bancassurance.

HDBank is also one of the pioneering banks in implementing digital transformation in Vietnam’s financial market. Even during the peak of the ongoing pandemic, HDBank was able to ensure smooth system operations and effective business activities. In particular, the implementation of digital applications and automation into its products and services has helped promote cashless payments and increased convenience on online channels.

With many years of maintaining a solid business foundation, a high growth rate, good asset quality, and also leading performances, HDBank has been one of Vietnam’s most prestigious groups and has many garnered several accolades as a result, such as being named in the Top 40 Most Valuable Brands in 2018 and Top 50 Best Listed Companies in Vietnam last year, as announced by Forbes Vietnam.

By Tuan Tu

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional