Agribank up 17 places in Brand Finance Banking 500

Friday, 2021-02-05 17:22:25
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Transactions at Agribank (Photo: VNA)
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NDO/VNA – The Vietnam Bank for Agriculture and Rural Development (Agribank) jumped 17 spots to rank 173rd in the recently announced Brand Finance Banking 500 list for 2021, which featured the most valuable and strongest banking brands in the world.

As of December 31 last year, Agribank’ total assets reached nearly VND1.57 quadrillion (US$68.07 billion), with its capital exceeding VND1.45 quadrillion. The bank’s accumulated outstanding loans surpassed VND1.2 quadrillion, of which nearly 70% was invested in agricultural and rural development.

According to the latest report by Brand Finance, the world’s leading brand valuation consultancy, as governments scramble to stimulate economic growth in the face of the ongoing global health crisis, and profits and interest rates take a hit, nearly two-thirds of the world’s 500 most valuable banking brands have recorded brand value losses.

It said Vietnam’s banking sector has seen the greatest year-on-year brand value growth compared to any other nation in the ranking, standing at 23%. Vietnam’s ability to effectively control and constrain COVID-19 has allowed it to buck the sector-wide trend of declining brand value. Internal reforms have strengthened accountability of the Vietnamese financial sector, which has had the knock-on effect of boosting not just revenues, but brand reputation and trust.

Vietnam’s banking sector has also recorded a 753% 5-year cumulative brand value growth, the second fastest national growth in the ranking, noted Brand Finance.