Vietnamese banking brands have recorded overall growth of 31.3 per cent in brand value, amounting to over $2 billion compared to their 2022 positions, according to Brand Finance’s Banking 500 2023 report.

The report ranks the world’s top 500 most-valuable and strongest brands in the banking sector.

Vietcombank ranked 137th, taking the lead among the 12 Vietnamese banking brands in the rankings. It was followed by Agribank in 159^th position, BIDV 161^st, and Techcombank 163rd.

Brand Finance’s research indicated that recovered revenue and revenue forecasts were important drivers of the impressive growth.

The improved business performance of Vietnamese banks in 2022 was attributed to the country’s strong credit growth of nearly 13 per cent and economic recovery, with GDP growth of 8.02 per cent.