Honouring the 100 most valuable brands in Vietnam 2023

The Brand Finance-Mibrand Vietnam Forum 2023 is organised by Brand Finance – a leading brand valuation consultancy – and Mibrand Vietnam – an agency specialising in branding consultancy and market research.

The 100 most valuable brands have been awarded certificates of brand value, rankings, and a brand strength index based on Brand Finance’s Vietnam 100 report for 2023

The rankings show a strong transformation in the brand value of industries in Vietnam, despite the economic difficulties. Viettel, Vietcombank, and BIDV topped the rankings as the most valuable, strongest, and fastest-growing brands respectively.

According to the 2023 report, the telecoms, banking, and food sectors contribute the most value, accounting for 31 per cent, 30 per cent, and 10 per cent respectively.

In terms of telecommunications, Viettel recorded an increase in brand value of 2 per cent to $8.9 billion, becoming the most valuable brand in Vietnam for the eighth consecutive year. To date, it has investments in ten overseas markets, of which it has taken the lead position in terms of market share in Cambodia, Laos, Burundi, Timor-Leste, and Myanmar.

Vinamilk ranks second with its brand value up 6 per cent on-year to $3 billion. The ability to create added value from its business activities has helped the company maintain a strong reputation and position in the Vietnamese dairy industry over its half-century development journey.

With an outstanding growth rate of more than 105 per cent, and accounting for 2 per cent of total value, the technology industry is showing great potential in the digital transformation era.

FPT is at the top with a brand value of nearly $595 million, up 52 per cent thanks to its innovation efforts. It focuses on research and development, while also establishing strategic partnerships with major technology corporations around the world.

CMC Corporation rose to become one of the Top 2 technology brands, with the highest strength index in Vietnam.

Brand Finance has highlighted banking brands in Vietnam that have demonstrated resilience to the economic challenges by implementing digitalisation and improving customer services. They have an overall brand value growth of 47 per cent, accounting for 30 per cent of the total industry value.

Vietcombank is the most valuable bank in the rankings, with a remarkable increase of 43 per cent. Its $1.9 billion valuation moves it up three places to fourth overall.

BIDV has seen a 69 per cent increase in brand value to reach $1.4 billion, making it is the fastest-growing brand.

There are nine more banks appearing in the Brand Finance Top 100 for the first time this year.

Brand Finance's managing director for Asia-Pacific Alex Haigh said that Vietnam accounts for many of the highest-value brands in the region.

“Banking brands have shown outstanding growth. We see their commitment to the mission of digitalising and enhancing customer services,” Alex said.

Behind technology and banking, retail and utilities are also fast-growing industries in terms of brand value, with growth rates of 40 per cent and 58 per cent respectively.

Meanwhile, telecommunications, banking, real estate, and food are the industries that contribute the most to the total brand value.

In terms of the tourism, resorts, entertainment, and service industry, Vinpearl was honoured among the Top 3 brands with the largest strength index in Vietnam and the Top 2 brands with the highest growth in the nation.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing it on the open market. Brand Finance determines the relative strength of brands through metrics that measure marketing investment, shareholder equity, and business performance.

The most valuable, strongest, and fastest-growing brands have all shown a commitment to digital transformation and sustainable development – two key factors in global production and business activities today.