The biggest-ever consumer finance survey in Vietnam has named Vietcombank, BIDV, and Techcombank as the country’s three strongest financial brands. Based on over 45,222 interviews with Vietnamese consumers between July 2020 and July 2021, the results were revealed in the first YouGov Banking & Insurance rankings.
|The YouGov Banking & Insurance ranking highlighted the strongest and the fastest-improving financial brands in Vietnam |
The rankings are based on an aggregate of six unique criteria measuring the consumer perceptions of local and international financial institutions in Vietnam. Banks and insurers were rated on their reputation, customer satisfaction, value-for-money, quality, overall impression, and whether people would recommend them it to others.
Vietcombank topped the table with a score of 26.6. BIDV came in second with 21.6, just ahead of third-placed Techcombank which scored 20.3.
The rankings also measure changing trends in consumer attitudes towards banks and insurers, tracking which financial brands have improved over time. Once again,Vietcombank topped the table with a rise of 6.2 points against the previous 12-month period. Techcombank was the second-most improved institution, growing 4.7 points, with VietinBank coming in third after recording a 3.3 point increase.
One of the most important individual measures of future growth in the banking and insurance sector is the likelihood that customers would recommend an institution to their friends and families. On this metric, Techcombank ranks No.1 with a "Recommend" score of 81.2. Meanwhile, MBB (74.6) and TPBank (74.4) achieved second and third places in the category.
Vietnamese banks dominate the list of "most recommended" financial institutions. However, foreign banks seem to be gaining ground in the minds of Vietnamese consumers. HSBC and Citibank both appear in the top 10 "most recommended" while Citibank is also the third-biggest improver in this score.
Foreign brands have a much stronger presence in the insurance sector. While BaoViet Life takes the gold medal, insurers from Canada, the US, Hong Kong, Japan, Italy, Switzerland, Taiwan, and the UK take up eight of the top 10 top-ten places.
Commenting on the rankings, YouGov Vietnam CEO Thue Quist Thomasen said, “For the first time, these rankings reveal the financial brands that consumers trust, value, and recommend. Our data shows that local banks have the strongest brands for Vietnamese consumers. However, foreign institutions dominate the insurance market. This poses a challenge to local banks looking to grow their customer base in this area."
“Building a strong brand is one of the most important factors in creating a successful company in Vietnam, sustaining a competitive advantage, and achieving a high valuation. YouGov's data can give financial institutions unique insights into how customers rate their brands and services, which banks can use to optimise their marketing campaigns and gain greater market share,” he added.