Vietcombank (32.3) continues to be the best bank in Vietnam, according to Decision Lab Best Bank Rankings 2024. MB (28.2) and BIDV (24.6) also secured their runner-up and third spots, respectively.
Despite the turbulence of 2023, most banks saw their scores improve, reflecting renewed confidence in Vietnam's banking sector and setting a strong precedent for the year ahead.
Download the full ranking at Decision Lab’s website.
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Decision Lab Best Bank Rankings 2024 reveals the top banks in terms of overall brand health and the most improved brands over the past year.
The rankings are based on more than 18,000 interviews among Vietnamese consumers, making it the most comprehensive continuous survey of financial service providers in Vietnam.
Banks are ranked based on YouGov BrandIndex’s Index Score, a measure of overall brand health calculated by taking each brand's average score of Impression, Quality, Value, Satisfaction, Recommend, and Reputation.
Download the full ranking at Decision Lab’s website.
MB sees impressive improvements and narrows in on Vietcombank
The most significant improvements in brand health scores have been seen in the top 4 banks.
MB leads the improvement tally with a substantial gain of 5.1 points, which is far ahead of other banks in the rankings. This bank has consistently shown significant improvements over the past few years. They were also one of the brands that improved their health index the most in 2023, according to the Decision Lab Best Brand Rankings 2023.
Vietcombank follows with a 3.8-point increase, and both BIDV and VietinBank have also seen noteworthy enhancements in their scores. TPBank, a relatively new entrant, has shown resilience by securing the fifth position in improvements with a 0.6-point increase.
Download the full ranking at Decision Lab’s website.
“This year's results affirm the critical role of brand health, a comprehensive measure reflecting public trust and satisfaction,” Decision Lab CEO Thue Quist Thomasen commented about the rankings.
“It is evident that amidst market fluctuations, consumers gravitate towards banks with a legacy of reliability and excellence. This underscores the resilience of such institutions and highlights the invaluable asset of a strong brand—a beacon that guides consumers during times of uncertainty.
As we navigate a dynamic financial landscape, it becomes increasingly clear that the vitality of a bank's brand is paramount in sustaining its growth and market leadership.”
Private banks holding strong
In terms of private banks, MB (28.2) is currently leading with the highest brand health score. Techcombank (19.6) follows as the runner-up and has been consistently performing well.
ACB (12.8) has made it into the top 3, defying fierce competition in the private sector. This achievement reinforces ACB's consistent presence in the top tier of private banks, demonstrating an improved customer opinion and a stronger presence in the market.
Most private banks have been demonstrating a stable trend, with their rankings remaining unchanged. However, Sacombank (11.3) has dropped two places and has experienced a significant decrease of three points in its score.
Download the full ranking at Decision Lab’s website.
Want to know your brand's score and where you stand with your competitors? Get in touch now!
HSBC is the best foreign bank
HSBC (6.4) remains the top foreign bank in Vietnam. The bank has led the foreign bank ranking for two consecutive years. It was also ranked among the top 10 satisfying banks in Vietnam in 2023.
Shinhan Bank (5.2) secured the runner-up position. Despite a slight decrease in score, Standard Chartered Bank (3.0) maintained its third-place position.
UOB (2.3) showed the best improvement score among the foreign banks, indicating its efforts to enhance its image in the Vietnamese market and securing fourth place in the rankings. Overall, the rankings suggest stability in the foreign banking sector in Vietnam.
Download the full ranking at Decision Lab’s website.
Want to know your brand's score and where you stand with your competitors? Get in touch now!
Methodology
The Decision Lab Best Bank Rankings 2024 are calculated using data collected from YouGov's online panel in Vietnam daily from the flagship YouGov BrandIndex solution.
The brands were ranked based on YouGov BrandIndex’s Index score, which measures overall brand health calculated by taking the average of Impression, Quality, Value, Satisfaction, Recommend and Reputation.
The Index Rankings chart shows the brands with the highest Index scores between 1 January 2023 and 31 December 2023.
The Index Improvers chart ranks the brands with the highest increase in Index scores, comparing 1 January 2023 to 31 December 2023 with the previous 12 months.
Both scores are representative of the online population of adults 18+.
All brands have been tracked for at least six months to be included in the rankings and have been tracked for at least 18 months (as well as being currently tracked) to appear in the Improvers tables.