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Rebranding: An excellent branding strategy for banks in Vietnam

The brand plays an important role in the development of any company or organization. In Vietnam, companies and organizations have realized paper and become more and more professional in their rebranding, especially for banks. It is very clear that there is a wave of bank rebranding in Vietnam. A variety of large or small, local or international banks in Vietnam, such as VietinBank, MaritimeBank, Techcombank, Seabank, VIBank, Oceanbank, etc., have been professionally rebranded.

Since Vietnam joined the World Trade Organization (WTO), an increasing number of international banks are entering Vietnam’s very potential banking market. Standard Chartered Bank, HSBC Bank, ANZ are typical examples. This has increased competitive pressure for local banks in Vietnam to compete not only with products and services, but also with brand perception. Because of this, banks in Vietnam have tended to change their brand to become more professional in the face of pressure.

In addition, the change of brand will mark the difference of the banks. There is an opinion that the lion’s share of the profits that banks earned from lending activities; In other words, there is not much difference in business between banks. Therefore, the banks may have changed their brand to properly target their customer group. Take for example the Flexicard issuance of PG Bank (a local bank in Vietnam). Debit cards are intended for customers to purchase oil with flexibility and ease. Card users can use this card to buy oil and petroleum at all Petrolimex oil stores, which owns 51% of the oil and petroleum market in Vietnam, with no cash in your pocket.

Finally, it is true that banks in Vietnam are following a trend of rebranding. If one bank changes brands, other competing banks will start to change brands. It is the fact as if you were on the case; your direct competitors have rebranded and gained great insight from target customers through rebranding, would you do the same to maintain and improve your market position? Now I think you have the answer.

In short, when it comes to the wave of bank rebranding in Vietnam, banks should think about rebranding to be professional, different and trend-setting in order to compete well in the increasingly competitive market in Vietnam or anywhere else. part of the world. world. If a bank wants to change its brand professionally; you have to invest a comparatively large amount of money. Therefore, they need to know who they are and who they will be when they start thinking about rebranding.

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