Despite a challenging economic environment and weaker domestic demand, Vietnamese brands, particularly in the food and banking sectors, have demonstrated remarkable resilience and growth in 2024. The country’s top brands have not only maintained their rankings but also recorded substantial value increases, defying global and local market pressures.
Top 3 Brands Maintain Dominance
The top three most valuable Vietnamese brands have retained their 2023 rankings. Viettel leads the pack with a brand value of USD 8.9 billion, followed by Vinamilk and VNPT. Viettel, a telecommunications giant, has held its top position for nine consecutive years since 2015. The company’s brand strength has also seen notable improvement, with its Brand Strength Index (BSI) rising by 4.2 points to 89.4, along with an excellent AAA brand rating. Contributing to this growth are stronger perceptions of its customer service, product quality, marketing efforts, and sustainability initiatives.
Vinamilk, the leading food brand in Vietnam, comes in second with a brand value of USD 2.6 billion, though it recorded an 11% drop compared to 2023. VNPT, the national telecommunications provider, holds third place with a brand value of USD 2.6 billion, a slight decrease of 3% from last year.
Banking and Food Sectors Show Strong Growth
In the banking sector, 17 out of 20 listed banking brands saw increases in their brand value, leading to a combined growth of 10%, reaching a total of USD 13.8 billion. Vietcombank, the nation’s most valuable banking brand, posted a 7% increase to USD 2 billion. VIB stood out as the strongest performer, with a brand value increase of 51% to USD 273 million.
The food industry also showed robust performance, with 7 of the 11 listed brands posting double-digit increases. Chin-Su, a popular sauce brand, registered the highest growth in brand value, surging by 71% to USD 123 million. Despite the challenges, Vinamilk remains the leading food brand, holding its spot as the second-most valuable Vietnamese brand overall.
Vinpearl Surpasses Viettel as Strongest Brand
In a significant shift, Vinpearl, a leading hospitality brand, has overtaken both Viettel and Vietcombank to become the strongest brand in Vietnam based on the BSI. Vinpearl’s brand value rose by 34% to USD 230 million, reflecting its successful business strategies and consumer trust. Viettel improved its ranking by three places compared to last year and is now the second strongest brand, followed by Vietcombank.
Largest Brand Value Performers Drive Economic Optimism
Vietnam’s top brand value gainers across different sectors are fueling optimism amid an otherwise uncertain economic forecast. Leading the charge is VinFast, the country’s rapidly growing electric vehicle maker, which posted a remarkable 142% increase in brand value, reaching USD 181 million. Vinschool, an education brand, saw a 109% surge to USD 45 million, while Wake-up 247, a popular energy drink, climbed 83% to USD 149 million.
Viettel Leads in Sustainability Perception
Viettel also holds the highest Sustainability Perceptions Value among Vietnamese brands, valued at USD 756 million, according to the 2024 Sustainability Perceptions Index. This highlights Viettel’s commitment to sustainability, a factor that increasingly resonates with both consumers and investors alike.
Despite a cloudy economic forecast for 2024, the strong performance of Vietnam’s leading brands, particularly in the food and banking sectors, underscores the resilience and adaptability of the country’s businesses. The robust brand value growth reflects strategic efforts to enhance product quality, customer service, and sustainability, setting a positive tone for the year ahead.
Alex Haigh, Managing Director – Asia Pacific at Brand Finance, notes, “Vietnamese brands, especially in the food and banking sectors, have shown remarkable resilience, continuing to grow in value despite market challenges. The success of brands like Chin-Su underscores the strategic importance of maintaining brand strength.”
This growth not only supports Vietnam’s economic outlook but also positions its brands for sustained success on both local and global stages.
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Source: Vietnam Insider