International banking websites foster the creation of robust and influential global brand names.
Hey there! Here's a lowdown on the recent strides made by Vietnam's banks in building strong regional and global banking brands, as per the State Bank of Vietnam (SBV).
In a chat at a forum in Ha Noi, Deputy Governor of the SBV, Pham Thanh Ha, boldly stated the need for our banks to develop systematic and long-term brand strategies. This move aims to establish banking brands that shine brightly on the global stage, making Vietnam a force to be reckoned with.
Vietnam's banking sector has been making waves, leading the charge in innovation, digital transformation, and international integration. The ultimate goal? Achieving improved competitiveness and creating strong banking brands, gradually reaching regional and global levels. This grand ambition will help affirm Vietnam's position and boost the value of national brands during the era of deep global integration.
The SBV has taken this challenge head-on, implementing synchronized solutions to enhance financial capacity, standardize governance, and foster transparency and innovation. These elements serve as the building blocks for creating robust, professional, and internationally competitive banking brands.
Our banks are stepping up their game too. In Brand Finance's 2025 rankings, 13 Vietnamese banks have made it into the Top 500 banks with the highest brand value globally. But with great success comes great responsibility, setting an increasingly high requirement for building strong and sustainable brands.
"Learning from international experience, approaching modern brand management models, and updating strategic thinking are extremely important," Deputy Governor Ha emphasized. In the future, the SBV will continue to demand that banks develop a systematic and long-term brand strategy, suggesting that continual improvement of the legal framework, promotions of innovation, encouraging digitalization, and enhancing competition in banking activities are further essential steps.
Professor John A. Quelch, Vice President of Duke Kunshan University, echoed similar sentiments. He highlighted the need for banks to invest in information technology, bank office efficiency, and AI for routine banking tasks to ensure competitiveness amid the worldwide banking sector.
While Vietnam's banking sector is making considerable progress, challenges remain. Maintaining brand consistency across different markets, managing cybersecurity risks in digital banking, and adhering to ever-evolving international regulations continue to test the resilience of our banks. But with great strategy and unwavering determination, Vietnam's banking sector is poised to tackle these challenges head-on!
Want to dig a bit deeper? Check out our enrichment data for more insights!
View of the banking strategies forum in Hà Nội. VNS Photo
Insights
- Innovation and Digital Transformation: Banks are pouring resources into digital banking to adapt to shifting customer habits. This includes mobile banking services, online platforms, and fintech integration to ramp up efficiency and deliver an exceptional customer experience[3].
- Brand Positioning and Marketing: There's a push to boost brand value by embracing international marketing strategies and positioning techniques. This involves creating a unique identity in the competitive global market[5].
- Long-term Strategies
- Sustainable Brands: Banks are striving to build sustainable brand images by strengthening customer trust and satisfaction. This involves adopting ethical practices and embracing corporate social responsibility initiatives[5].
- International Competitiveness: The inclusion of 13 Vietnamese banks in the Top 500 banks with the highest brand value globally reflects the industry's efforts to elevate competitiveness in the international market[5].
- Regulatory Compliance and Growth Targets: Banks are setting aggressive financial targets, such as VietABank aiming for a pre-tax profit increase of over 20% in 2025[2]. This growth is bolstered by positive credit expansion and strategic asset management.
- Listing on Stock Exchanges: To increase transparency and attract more investors, some Vietnamese banks are planning to list on stock exchanges in 2025[2]. This step fuels capital expansion and brand development.
- Implementation and Challenges
- Implementation: Implementing these strategies requires significant investment in technology, human resources, and marketing. Successful execution relies on strong leadership and a vision aligned with the State Bank of Vietnam's objectives.
- Challenges: Despite the progress, challenges persist, such as maintaining brand consistency across different markets, managing cyber risks in digital banking, and ensuring compliance with constantly evolving international regulations.
- The State Bank of Vietnam (SBV) is enabling Vietnam's banks to develop global brand strategies, aiming for strong, internationally competitive banking brands.
- Vietnam's banking sector is prioritizing innovation and digital transformation to boost competitiveness and deliver a superior customer experience.
- Banks are embracing international marketing strategies and positioning techniques to boost their brand value in the global market.
- Sustainable brands are being built through strengthening customer trust and adopting ethical practices, such as corporate social responsibility initiatives.
- The increasing competition in the international market is reflected in the inclusion of 13 Vietnamese banks in the Top 500 banks with the highest brand value globally.
- Banks are setting aggressive financial targets for growth, such as VietABank aiming for a pre-tax profit increase of over 20% in 2025, bolstered by positive credit expansion and strategic asset management.
- In the face of challenges like maintaining brand consistency, managing cybersecurity risks, and adhering to evolving international regulations, strategic implementation and unwavering determination are key.
- To increase transparency, attract investors, and foster capital expansion, some Vietnamese banks are planning to list on stock exchanges in 2025.
