Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has been named ‘Vietnam’s Best Bank’ and ‘Vietnam’s Best Bank for Corporates’ in 2024 at this year’s Euromoney Awards for Excellence.
Techcombank has now been awarded the title of ‘Best Bank in Vietnam in 2024’ by three leading international finance publications, Euromoney, FinanceAsia and Global Finance, becoming the only Vietnamese bank to ever win all three prestigious awards in the same year. In June, Techcombank was named the “#1 Bank in Vietnam” in World’s Best Banks 2024 rankings by Forbes Magazine, based on an extensive survey of customer opinion.
Jens Lottner, CEO of Techcombank, said: “That Techcombank has been chosen as the Best Bank in Vietnam by Euromoney, FinanceAsia and Global Finance in the same year is an unprecedented achievement. These awards are testament to the success of our customer centric strategy, the quality of our advanced data capabilities and digital infrastructure, and our unwavering commitment to excellence throughout our organization. Together, these pillars have firmly established Techcombank as one of the strongest banking platforms in Asia.”
The Euromoney Awards for Excellence are widely considered to be one of the most prestigious and sought after accreditation in the banking industry, and a strong and independent endorsement of excellence and achievement. Banks from over 100 countries entered the Awards for Excellence in 2024 and the Best Banks in each market were carefully selected by Euromoney’s independent team of editors and analysts.
Techcombank has now won the Euromoney award for Vietnam’s Best Bank for an unprecedented fifth time, more than any other bank in Vietnam. This year’s award recognized Techcombank for its strong financial performance and profitability in 2023, achieved despite economic headwinds and proving the resilience of Techcombank’s business model. “Techcombank further solidified its leadership in Vietnam’s banking sector in 2023”, acknowledged Lousie Bowman, Euromoney Editor.
Techcombank’s sustained profitability, robust asset quality and balance sheet strength, have enabled it to pay a cash dividend of VND1,500 per share to its shareholders in Q2 2024, the highest cash dividend in the industry.
The award also acknowledged Techcombank’s focus on customer-centricity and its role as an industry pioneer through the launch of innovative digital and data-led solutions for individual, business and corporate customers. For example, Techcombank’s new Auto-earning solution enables individual customers to generate profit from their idle cash, Techcombank Merchant is a holistic solution designed to empower Vietnam’s many merchants to run and grow their businesses, while Techcombank’s new C-Cash solution helps Vietnam’s largest corporates uplift their treasury management to a world-class level.
The quality of Techcombank’s suite of payments and collections, cash and treasury management, and FX solutions for SME and corporate customers was given special recognition with the award for ‘Vietnam’s Best Bank for Corporates’ in 2024.
As of today, Techcombank has broadly applied data analysis and AI across the bank and most major systems have been transitioned to the cloud. This was acknowledged by the Euromoney ‘Best Bank in Vietnam’ award to put Techcombank years ahead of its competitors in Vietnam and to enable the bank to leverage its best-in-market digital platforms and data and AI capabilities to create more meaningful and more personalized experiences for customers than ever.
“The bank’s key differentiator is its digital capability. Techcombank’s apps have received the market’s highest customer rating,” said the Euromoney Editor. This rating is due to the smooth and personalized experiences that customers can enjoy when using the Techcombank Mobile app. For example, the bank is helping customers improve their financial awareness by providing personalized financial management advice and insights via the app, which enable them to enjoy their money and save for the future. Techcombank has already delivered over 52 million personalized pieces of financial advice to more than 4 million customers since the experience was launched.
Another example is Techcombank’s new loyalty ecosystem, available through the app, and offering rewards and experiences tailored to individual customer’s preferences and lifestyles. It is already one of the largest and most diverse loyalty programs in the Vietnamese banking industry, encompassing over 19,000 points of sale with over 300 brands, where customers can earn reward points.
Techcombank’s commitment to ESG excellence and to making a positive social and environmental contribution to Vietnam was also called out by Euromoney. Notably in 2023, the Bank provided more green credit to sustainability projects in Vietnam than ever before, while also supporting social initiatives with donations reaching VND148 billion and promoting healthy living and physical fitness through support for the Hanoi and HCMC Techcombank marathons.
“We are proud and humble to have been named Best Bank in Vietnam by Euromoney for a record fifth time. But this achievement is just the beginning of a new period of growth. We are now ready to accelerate and to leverage our digital platforms and data and AI capabilities to create more meaningful experiences for our customers and grow our business faster and more profitably than any other bank in Vietnam,” concluded Jens Lottner.
