On August 15, within the framework of the event "Brand Finance - Mibrand Vietnam Forum 2023", the Joint Stock Commercial Bank for Investment and Development of Vietnam ( BIDV ) was honored by the world's leading brand valuation organization Brand Finance for its outstanding achievements in digital transformation activities.
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| BIDV representative received certificates of awards presented by Brand Finance |
BIDV is in the Top 10 most valuable brands in Vietnam in 2023, ranked 3rd in brand value in the banking industry and is the fastest growing brand in Vietnam (69%), reaching 1.4 billion USD. In addition, BIDV continues to improve its rating from AA+ to AAA- and at the same time, it has increased six places to the 7th strongest brand in Vietnam.
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Top 10 fastest growing brands in Vietnam in 2023 |
BIDV's brand value growth is largely due to improved brand strength as BIDV has continuously promoted digital transformation over the past year. In 2022, BIDV launched the BIDV iConnect product, allowing businesses to connect and conduct transactions directly on the bank's management software.
In addition, BIDV has cooperated with the Asian Development Bank (ADB) to successfully deploy the BIDV SMEasy digital platform for small and medium enterprises (SMEs), allowing businesses to access financial and non-financial services on a single platform, thereby promoting the business activities of SMEs in Vietnam.
On this occasion, Brand Finance and Mibrand Vietnam also organized a discussion session with the theme "Green Development - Appropriate Approach for Vietnamese Brands", emphasizing the role of stakeholders in promoting green development. As a leading financial institution in Vietnam, identifying financial resources from banks as playing an important role in developing green credit and promoting sustainable energy infrastructure investments, BIDV always prioritizes focusing credit capital on financing green credit projects, being the leading bank in the market with a market share of 13% of total outstanding loans in the green sector of the entire economy .
Vietnam’s economy has faced a difficult start to the first half of 2023 as exports declined and global interest rates rose. However, banking brands in Vietnam have demonstrated their resilience to economic challenges by embracing digitalization and improving customer service.
As a result, banking brands account for 30% of the total value of the entire industry. In the brand strength ranking, Brand Finance determines the relative strength of brands through a balanced scorecard including metrics that evaluate marketing investment, shareholder equity and business performance.
The evaluation results of Brand Finance have contributed to affirming the brand reputation and the trust of the public and customers in BIDV. This will be a solid foundation for BIDV to continue to build and enhance brand value in the future.
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