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At the 2023 Annual General Meeting of Shareholders, LienVietPostBank and Vietcapital Bank asked shareholders for permission to change the bank's abbreviated name in English to unify the naming.
In particular, Ban Viet Bank asked shareholders for their opinions on changing the English abbreviation from "Vietcapital Bank" to "BVBank". The reason is that the English abbreviation Vietcapital Bank was previously due to a major shareholder having related units with the same name such as Viet Capital Securities Company, Vietcapital Investment Fund... "The abbreviation Vietcapital Bank is quite long, making it difficult to identify the bank for customers to deposit money, borrow capital and use services...", a member of the bank's Executive Board told Banking Times. In particular, Ban Viet Bank's stock code now has the abbreviation BVB, is trading on UpCom and is also planning to move to HoSE. According to the explanation of the Executive Board, the change of abbreviation is to unify the naming and make it more convenient when performing transaction contracts. Ban Viet Bank is developing retail banking, recently expanding its network to many provinces and cities across the country, the newly opened business units are also called Ban Viet Tan Bien (Tay Ninh), Ban Viet Thot Not ( Can Tho ), Ban Viet Bac Sai Gon...; the SMS and incoming calls to customers of this bank in the past have also displayed the identification "BanVietBank".
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| Viet Capital Bank asks shareholders for permission to change its English abbreviation from "Vietcapital Bank" to "BVBank" |
Another bank, Lien Viet Post Bank, has just asked shareholders for permission to change its English name from LienViet Post Bank to LPBank to be consistent with the bank's stock code LPB. The bank's leaders said that the current trend of bank names is to be shorter and easier to understand, making it easier for customers to access. Especially when the bank's products and services are currently provided in the Vietnamese-speaking community, writing a name with many foreign characters will make it difficult for customers to remember during transactions. The name LienVietPostBank was formed after Vietnam Post shareholders joined the bank. Over the past 13 years, all contracts and legal documents, and communication activities of this bank have used English names, while the foreign language brand name is difficult to pronounce and remember, leading to difficulty in recognition, low communication effect, and needs to be changed.
Not only the two banks above, in recent years, many banks have changed their brand identity during the process of changing names and owners. For example, Nam Viet Commercial Joint Stock Bank (NaviBank) changed its name to National Commercial Joint Stock Bank (NCB), Vietnam Construction Commercial Joint Stock Bank (VNCB) changed its name to Construction Commercial Joint Stock Bank (CB)... In the case of Kien Long Commercial Joint Stock Bank, its logo was changed from KienlongBank to KSBank according to the name of the new investor when it had not completed all legal procedures and had to return to the KienlongBank brand logo... Some other banks changed their English abbreviations to avoid duplication of transaction names in the international market, such as Vietnam Joint Stock Commercial Bank for Industry and Trade changed from Incombank to VietinBank today; Vietcombank changed its new, simpler logo...
According to a leader of the Banking Inspection and Supervision Agency under the State Bank of Vietnam, Ho Chi Minh City branch, according to current regulations, credit institutions that change some English abbreviations in the bank's name to simplify the name and make it more convenient to write in transactions must seek shareholders' opinions and report to the State Bank. Unlike changing brand identity and redesigning logos, commercial banks must carry out procedures according to legal regulations and, in particular, must comply with the provisions of Circular 50/2018/TT-NHNN and submit to the State Bank for approval before doing so.
According to experts, the brand identity of a business or financial institution must reflect details such as name, logo, symbol, representative color, digital marketing, etc. The consistent brand design helps businesses reach customers and create a public image. In addition to being easy for customers to access, the brand will show the style and mission of the business, distinguishing it from other units in the same business field. For brand identity in a foreign language, it is a series of words, images, advertising publications, etc. to help customers easily identify the brand of products and services. Many Vietnamese banks today use the word Viet as their brand as a way to position economic sovereignty, products, and services; in addition to the element of pride in Vietnam, Viet also means to rise up in the hope of doing business and developing.
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