Standard Chartered, ANZ and Citibank’s brand score at the bottom of the list

Standard Chartered, ANZ, and Citibank all scored lower than Vietnamese counterparts

The brand beat score is calculated via an online survey to evaluate the efficiency of brand communication. The brand beat score is based on seven indexes, including the brand awareness index, brand perception and image index, advertising and communication index, brand buying experience index, brand potential index, brand loyalty index, and net promoter score index.

Collecting approximately 1,000 samples through an online survey in November 2017, Mibrand Vietnam—a brand consulting company and the local partner of Brand Finance—has announced the Brand Beat Score Vietnam Bank Report 2017 at a conference on December 28, 2017.

The brand beat score of the Vietnamese banking sector in 2017

In the ranking, foreign banks ANZ and Citibank finished 22^nd and 25^th, with 2.4 points out of 10.

In the brand awareness subcategory, Standard Chartered scored 2.75 points to rank 30^th at the very end of the list, while Shinhan Bank scored 3.82 point (23^rd) and ANZ and Citibank received 5.21 and 5.77 points (16^th and 14^th), respectively.

Meanwhile, domestic banks like Vietcombank, BIDV, Vietinbank, and Agribank ranked consistently on the top both in the brand beat score and the brand awareness index. They are followed by ACB, Techcombank, Mbank, VPBank, DongA Bank, Sacombank, and TP Bank—almost all of whom are among Vietnam’s top 50 brands announced by Brand Finance on December 28, 2017.

The brand awareness index (one of the seven indexes building up the brand beat score) of the Vietnamese banking sector in 2017

Talking about managing and strengthening brand strength, Lai Tien Manh, director of Mibrand and country representative of Brand Finance in Vietnam, said: "Businesses are lacking a tool to assess the effectiveness of their communication campaigns, while they spend a lot of money on marketing and communications each year. Foreign banks’ coverage of Vietnamese customers is not extensive, which means they are not entirely familiar with Vietnamese customers. Additionally, they pay more attention to corporate services than to the retail market in their business strategies."

"We collected 1,000 samples from Vietnamese people above 18 years of age in six cities and provinces. Based on the results, their awareness of foreign banks is limited. However, we believe that if we took 1,000 samples from various nations, foreign banks' brand awareness index would be far better than Vietnamese ones," Manh added.

Brand Finance Plc. is a world-leading independent brand valuation and business strategy consultancy firm with a global footprint of over 20 offices worldwide. Annually, Brand Finance valuates more than 70,000 brands all over the world.

This is the second year Vietnam has been listed among the countries evaluated by Brand Finance. This is the only ranking qualified by ISO 10668 evaluation standards. The brand value estimated by Brand Finance is accepted in tax declaration, auditing, and M&A.

Mibrand Vietnam commits to build strategic solutions and effective plan implemetation, which help customer to grow and have a firm position in market. It is not only a consultancy but also a trustworthy partner providing effective solutions and opportunities for business.

RELATED CONTENTS:
	Vietnam’s top 50 brands hit $11,279 billion
	ANZ pursues dominance in transactional banking
	ANZ Vietnam sells its retail arm to Shinhan Vietnam
	Central bank approves Standard Chartered's capital increase
	Standard Chartered has Vietnam aspirations
	Standard Chartered acquires $35mn stake in Vietnam restaurant chain operator