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 2020 and July 2021, the results were revealed in the first YouGov’s Banking & Insurance rankings, published on 7 September 2021.
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.
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.
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.
“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”, YouGov Vietnam CEO Thue Quist Thomasen told Vietnam Insider.
“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.” Quist Thomasen added.
YouGov is an international research and data analytics group, which supplies a continuous stream of accurate data into what the world thinks, so that organisations can better serve the communities that sustain them. With operations in the UK, Americas, Mainland Europe, the Middle East, India and Asia Pacific, YouGov has one of the world’s largest research networks.
YouGov Vietnam is an independent partner of YouGov operated by Decision Lab.