Telecom giant Viettel crowned most valuable Vietnamese brand for 9th consecutive year

Viettel Military Industry and Telecoms Group, or Viettel, has retained its crown as Vietnam’s most valuable brand for nine consecutive years since 2015, according to Brand Finance, the world’s leading brand valuation consulting company.

According to Brand Finance's latest report, the state-owned telecom corporation’s brand value rose 0.2% from 2023 to $8.9 billion this year.

Diary giant Vinamilk maintained its second place with a brand value of $2.6 billion, down 11% year-on-year, followed by Viettel’s competitor VNPT with $2.6 billion, down 3%.

Despite challenging market conditions and weaker domestic demand, the brand values of Vietnam’s most valuable food and banking brands have defied the odds, the report said.

Banking brands recorded a combined brand value growth of 10% to $13.8 billion. Notably, 17 of 20 banking brands listed in the report saw brand value increases.

Vietcombank, listed on the Ho Chi Minh Stock Exchange as VCB, was the nation’s most valuable banking brand, with a 7% increase in brand value to $2 billion.

VIB posted the largest brand value hike with a 51% growth to $273 million.

Meanwhile, seven of 11 Vietnamese food brands in the report posted double-digit brand value hikes, with the largest jump coming from Chin-su, the flagship soy sauce brand of leading consumer goods conglomerate Masan. Chin-su’s brand value surged 71% year-on-year to $123 million.

In the tech sector, FPT climbed six notches from last year to 12th place in 2024, with its brand value at nearly $1 billion.

Vietnam’s three largest brand value gainers from different sectors surpassed expectations with year-on-year growth of at least 83%.

EV maker VinFast’s 142% brand value growth to $181 million made it Vietnam’s largest brand value performer. The runners-up were Vinschool, with brand value up 109% to $45 million; and Wake-up 247 with brand value up 83% to $149 million.

In 2019-2023, Vietnam’s brand value reached $498.13 billion, coming 33rd among 121 strong national brands globally, Tran Tue Chi, co-founder and senior advisor of Vietnam Brand Purpose said at a Friday ceremony honoring the nation’s top 100 brands in 2024.