Rebrand - a great brand strategy for banks in Vietnam

Rebrand - a great brand strategy for banks in Vietnam

A variety of large or small-scaled, local or international banks in Vietnam such as VietinBank, MaritimeBank, Techcombank, Seabank, VIBank, Oceanbank, ect., have been re-branded in the professional manner. Why do the banks re-brand? The reasons may possibly be that the banks want to become more:

- Professional

- Different

- Trend-setting

Since Vietnam has joined the World Trade Organization (WTO), an increasing number of international banks are entering the very potential banking market of Vietnam. The Standard Chartered Bank, HSBC bank, ANZ are typical examples. This has increased the competitive pressure for local banks in Vietnam to compete with not only product and service, but also brand perception. Due to this, banks in Vietnam have tended to re-brand to become more professional against the pressure.

What's more, the re-branding will make the banks difference. There is an opinion that most of the profit that banks earned from credit activities; in other words, there is not much difference in business among banks. Hence banks may have rebranded themselves to right target their group of customers. Take the issuance of Flexicard of PGBank (a local bank in Vietnam) for example. The debit cards are intended for customers to purchase petroleum flexibly and with ease. The card users can use this card to purchase petroleum and oil at all the petrol stores of Petrolimex 51% petroleum and oil market share holder in Vietnam - without any cash in their pocket.

Finally, it is true that banks in Vietnam are following a trend of re-branding. If one bank re-brands, other competitor banks will start re-branding. It is the fact as If you are in the case; your direct competitors have re-branded and gained great perception of the target customers from the re-branding, would you do the same to maintain and improve your market position? Now I think you have the answer.

In brief, as far as the wave of bank rebranding in Vietnam is concerned, banks should think of re-branding themselves to be professional, different and trend-setter to compete well in the increasingly competitive market in Vietnam or in anywhere in the world. If one bank wants to professionally re-brand itself; it must invest a comparatively big amount of money. Therefore, they should know who they are and who they will be as they start thinking of a re-branding. And they should take the selection of a competent branding design agency into serious account for the corporate re-branding.

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