<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=331640213977849&amp;ev=PageView&amp;noscript=1"> Biggest consumer finance survey reveals strongest financial brands in Vietnam
Market Research

Biggest consumer finance survey reveals strongest financial brands in Vietnam

By 
Lan Truong

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The biggest-ever consumer finance survey in Vietnam has named Vietcombank, BIDV, and Techcombank as the country’s three strongest financial brands. Based on over 45,222 interviews with Vietnamese consumers between July 2019 and July 2021, the results were revealed in the first YouGov’s Banking & Insurance rankings

The rankings are based on an aggregate of six unique criteria measuring consumer perceptions of local and international financial institutions in Vietnam. Banks and insurers were rated on their reputation, customer satisfaction, value-for-money, quality, overall impression, and whether people would recommend it to others.

Vietcombank topped the table with a score of 26.6. BIDV came in second with 21.6, just ahead of third-placed Techcombank which scored 20.3.

TopRanked Finance Rankings

 

The rankings also measure changing trends in consumer attitudes towards banks and insurers, tracking which financial brands have improved over time. Once again, Vietcombank topped the table with a rise of 6.2 points when comparing scores from the previous 12-month period. Techcombank was the second-most improved institution, growing 4.7 points, with VietinBank coming in third after recording a 3.3 point increase.

TopImprovers Finance Rankings

 

One of the most important individual measures of future growth in the banking and insurance sector is the likelihood that customers would recommend an institution to their friends and families. On this metric, Techcombank ranks number one with a ‘Recommend’ score of 81.2. Meanwhile, MBB (74.6) and TPBank (74.4) achieved second and third places in the ‘most recommended’ league table.

Vietnamese banks dominate the list of ‘most recommended’ financial institutions. However, foreign banks look to be gaining ground in the minds of Vietnamese consumers. HSBC and Citibank both appear in the top ten ‘most recommended’ while Citibank is also the third-biggest improver in this score.

Foreign brands have a much stronger presence in the insurance sector. While BaoViet Life takes the gold medal, insurers from Canada, the US, Hong Kong, Japan, Italy, Switzerland, Taiwan, and the UK take up eight of the top ten places.

Commenting on the rankings, YouGov Vietnam CEO Thue Quist Thomasen said:

“For the first time, these rankings reveal the financial brands that consumers trust, value, and recommend. Our data shows that local banks have the strongest brands for Vietnamese consumers. However, foreign institutions dominate the insurance market. This poses a challenge to local banks looking to grow their customer base in this area.

“Building a strong brand is one of the most important factors in creating a successful company in Vietnam, sustaining a competitive advantage, and achieving a high valuation. Our data can give financial institutions unique insights into how customers rate their brands and services, which banks can use to optimize their marketing campaigns and gain greater market share.”

With operations in the UK, North America, Mainland Europe, the Nordics, the Middle East, and Asia Pacific, YouGov BrandIndex draws data from million of interviews across different sectors in the global market.

Download YouGov Banking and Insurance rankings report 2021 and discover if your brand made it to the list! 

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You can read more about YouGov BrandIndex here and reach out to us at hello@yougov.vn to learn about how we can start tracking your brand.

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