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BIDV among world’s top 250 most valuable banking brands
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BIDV jumped 30 spots to rank 246th in the Brand Finance Banking 500 report released in February 2021 which highlights the world’s most valuable and strongest banking brands.
In the Vietnamese market, BIDV maintained its position among the top five most valuable banking brands. The Vietnamese bank has also featured on Forbes Global 2000 list – the world’s 2000 largest public companies - since 2015. This year nine Vietnamese banks made the Brand Finance Banking 500 list.
According to Brand Finance, Vietnam’s banking sector has seen the greatest year-on-year brand value growth compared to any other nation in the ranking, standing at 23 percent. Vietnam’s ability to effectively control and constrain Covid-19 has allowed it to buck the pattern seen sector-wide of declining brand value. Internal reforms have strengthened accountability of the Vietnamese financial sector, with the knock-on effect of boosting not just revenues, but brand reputation and trust. Vietnam’s banking sector also recorded a 753 percent five-year cumulative brand value growth, the second fastest national growth in the ranking.
The report said the banking industry has seen a dramatic downturn in the past two years when compared with previous year-on-year performance. The total brand value in the annual Brand Finance Banking 500 ranking increased by 10 percent in 2018 (from USD1.07 trillion to USD1.18 trillion) and again by 15 percent in 2019 (USD1.36 trillion) but decreased in total brand value by 2 percent and 5 percent in 2020 (USD1.33 trillion) and 2021 (USD1.27 trillion), respectively.
Chinese banks maintain dominance of the Brand Finance Banking 500 2021 ranking, accounting for one-third of total brand value and seven of the ten top climbers by absolute brand value. Despite a 10 percent drop in brand value to USD72.8 billion, ICBC remains the world’s most valuable banking brand.
US banks account for almost a quarter of the total brand value in the ranking - the nation’s 74 banks reaching a cumulative brand value of USD274.8 billion. Bank of America remains the most valuable banking brand in the US at USD32.8 billion, placing fifth overall, and JP Morgan is the only brand in the top 10 to record a positive value change (up 3.2 percent to USD23.6 billion).
Brand Finance, headquartered in London with offices in over 20 countries, is the world's leading independent brand valuation consultancy. The firm calculates the values of brands in its rankings using the Royalty Relief approach - a brand valuation method compliant with the industry standards set in ISO 10668.
Source: Brand Finance
