VPBank named in global 300 most valuable banking brands
The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) jumped 81 spots to rank 280th in the Brand Finance Banking 500 announced early this month which featured the most valuable and strongest banking brands in the world.
VPBank Express services. VPBank was one of the global 300 strongest banking brands, according to Brand Finance. (Photo: VPBank)
Hanoi (VNS/VNA) - The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) jumped 81 spots to rank 280th in the Brand Finance Banking 500 announced early this month which featured the most valuable and strongest banking brands in the world.
VPBank became the first private bank in Vietnam to be in the Brand Finance’s top 300.
According to Lai Tien Manh from Brand Finance in Vietnam, VPBank made impressive growth in brand value last year, jumping nearly 100 spots.
A representative from VPBank said that the ranking was not only an honour to VPBank but also a requirement for further efforts in strengthening the bank’s brand value.
VPBank reported a record pre-tax profit of more than 10.3 trillion VND (448 million USD) in 2019, 9 percent higher than its plan and 12.3 percent higher than in 2018.
In total, nine banks in Vietnam were named in the Brand Finance Banking 500, five more than last year’s ranking. Those were Vietcombank (207th from 325th), BIDV (276th from 307th), VietinBank (277th from 242nd), VPBank (280th from 361st) and five newcomers Agribank (190th), Techcombank (327th), MBBank (386th), ACB (420th) and Sacombank (422nd).
“The market with the highest increase in brand value is Vietnam, which has risen by 146 percent," the report said.
Since the Vietnamese Government introduced its strategy to boost accountability and strength of the banking sector, including more stringent capital requirements and greater transparency, customer perception had improved. Growing confidence in the sector had translated into higher revenues and a more positive outlook from equity analysts, according to the report.
The total brand value in the annual Brand Finance Banking 500 ranking saw its first year-on-year contraction since 2009 – from 1.36 trillion USD in 2019 to 1.33 trillion USD this year.
The top 10 was dominated by banks from China and the US. China’s ICBC retained top position with its brand value reaching 80.8 billion USD./.
Banks are advised to have meticulous consideration before lending BOT and BT infrastructure projects as outstanding loans for the projects are likely at risk of turning into non-performing ones.
The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) announced a record consolidated pre-tax profit of 10.3 trillion VND in 2019 (447 million USD), exceeding 9 percent of the yearly plan and up 12.3 percent compared to 2018.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
VPBank Express services. VPBank was one of the global 300 strongest banking brands, according to Brand Finance. (Photo: VPBank) 
