Brand plays a huge role in the introduction of any companies or organizations. In Vietnam companies and organizations have recognized the function and be increasingly more professional within their re-branding, specifically for banks. It’s very obvious that there’s a wave of bank re-branding in Vietnam. A number of small or large-scaled, local or worldwide banks in Vietnam for example VietinBank, MaritimeBank, Techcombank, Seabank, VIBank, Oceanbank, etc., happen to be re-branded within the professional manner.
Since Vietnam has became a member of the planet Trade Organization (WTO), an growing quantity of worldwide banks are entering the potential banking market of Vietnam. The Conventional Chartered Bank, HSBC bank, ANZ are normal examples. It has elevated the competitive pressure for local banks in Vietnam to contend with not just service and product, but additionally brand perception. For this reason, banks in Vietnam have tended to re-brand to get more professional from the pressure.
In addition, the re-branding can make banks difference. There’s a viewpoint that the majority of the profit that banks earned from credit activities quite simply, there’s very little improvement in business among banks. Hence banks might have re-branded themselves to right target their number of customers. Go ahead and take issuance of Flexicard of PG Bank (a nearby bank in Vietnam) for instance. The an atm card are meant for people to purchase oil flexibly with ease. The credit card users may use this card to buy oil and oil at the gas stores of Petrolimex – 51% oil and oil share of the market holder in Vietnam – with no money in their pocket.
Finally, it is a fact that banks in Vietnam are carrying out a trend of re-branding. If a person bank re-brands, other competitor banks will begin re-branding. It’s the fact just like you have been in the situation your direct competitors have re-branded and acquired great thought of the prospective customers in the re-branding, can you perform the same to keep and enhance your market position? Now I believe you will find the answer.
Briefly, so far as the wave of bank re-branding in Vietnam is worried, banks should consider re-branding themselves to become professional, various and trend-setter to compete well within the more and more competitive market in Vietnam or perhaps in all over the world. If a person bank really wants to professionally re-brand itself it has to invest a somewhat big amount of cash. Therefore, they ought to know who they really are and who they’ll be because they start considering a re-branding.