The brand plays an important role in the development of any company or organization. In Vietnam, companies and organizations have realized the role 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 renamed.
Since Vietnam joined the World Trade Organization (WTO), an increasing number of international banks are entering Vietnam’s highly 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 on products and services, but also on brand perception. Because of this, banks in Vietnam have tended to rebrand themselves to become more professional in the face of pressure.
In addition, the brand change will make a difference for the banks. There is an opinion that most of the profits that banks made from lending activities; in other words, there is not much difference in business between the banks. Therefore, banks may have rebranded to properly target their customer pool. Take the Flexicard issuance of PG Bank (a local bank in Vietnam) as an example. Debit cards are intended for customers to purchase oil with flexibility and ease. Card users can use this card to buy oil and oil at all Petrolimex oil stores, which owns 51% of the oil and oil market in Vietnam, without cash in their pocket.
Finally, it is true that banks in Vietnam are following a rebranding trend. If one bank changes brands, other competing banks will start to change brands. It is the fact as if you were in the case; Your direct competitors have rebranded and gained great insight from target customers through the rebrand, would you do the same to maintain and improve your market position? Now I think you have the answer.
In short, as far as the wave of bank rebranding in Vietnam is concerned, banks should think about rebranding to be professional, different and trend-setting to compete well in the increasingly competitive market in Vietnam or anywhere else. part of the world. world. If a bank wants to rebrand professionally; you must invest a comparatively large amount of money. So they need to know who they are and who they will be when they start thinking about a rebrand.