This article was originally published in the Brand Finance Vietnam 100 2024 report
In a Brand Finance exclusive, Mr. Pham Nhu Anh, CEO of MB Bank, a leader in Vietnam’s financial sector, discusses the pivotal moments that have fuelled the brand's remarkable growth and its ongoing journey towards innovation and sustainability.
Interview with Pham Nhu Anh
CEO,
Military Bank
MB’s brand value has been growing recently. In your opinion, what are vital moments and milestones in having built up the MB brand?
Over the past three decades of formation and development, MB has been transforming and springing up with bold, constant, and persistent steps on the journey to assert its position as being not only a firm and reliable brand but constantly innovative, modern, and a sustainable development-oriented one as well.
The MB brand value has gained outstanding growth of more than 40% in the past four years, rising up to being among the Top 2 strongest brands in Vietnam in the Vietnam 2022 and 2023 reports and to the 227th position in Brand Finance’s Banking 500 2024 report.
2017 was a crucial turning point when MB embarked on a strategic shift with the goal of robust digital transformation and all-round customer-centered changes. This was the essential milestone in the strategy and vision to develop the MB brand into “the most convenient bank” and being listed among the Top 5 Efficient and Safe Vietnamese Commercial Banks.
In 2019, MB continued launching a new brand identity to the public on our 25th anniversary of establishment, with a forward-moving star icon and the streamlined, modern, and sturdy MB letter, creating the new impression of a digitalised, friendly bank and being ready for further advancement in the Vietnamese and international markets.
Entering 2024 – a significant milestone of MB's 30th anniversary, we are committed to creating outstanding value for customers, thanks to our ability to serve and offer excellent service experiences and connect them on digital platforms to bring about convenience and satisfaction.
As a leading bank in Vietnam, MB plays a key role in promoting the country’s green growth strategy. What is the bank doing to align with the national strategy in its desire to become the bank that provides sustainable financial services to serve the community?
MB has determined our strategic vision and direction towards the goal of becoming a leading financial enterprise with responsibility for the community, society, and future generations via our technologies. MB has built up the "MB Development Strategy for 2022 – 2026" with a focus on sustainable development and close alignment with the nation’s National Strategic Orientation on green growth, including:
- MB has developed a utility ecosystem on the APP MBBank (App for individual customers) and BIZ MBBank (App for corporate customers) platforms, empowering customers to make cashless payments. MB now serves approximately 97% of transactions on digital channels, and over 90% of internal operations at MB are paperless. We have also digitalised social charity activities on the MB Thien Nguyen Charity App to make the future transparent and sustainable. Up to now, the App has attracted ~1.1 million users, launched almost 3,800 campaigns and ~ VND 510 billion has been mobilised and funded for purposes of charity.
- Promoting the mobilisation of green resources, gradually increasing the proportion of green credit balance, managing environmental and social risks in credit granting activities, and gradually accessing and complying with international standards on green finance.
- Building a green lifestyle – a sustainably responsible lifestyle, alongside boosting the roles and capabilities of MB’s employees in green banking activities.
In your opinion, what are some main trends in the banking industry in the next three years in Vietnam and what should MB do to keep up with/leverage those trends?
In the face of Vietnam's economic challenges, two primary trends are set to redefine the banking industry: the digital revolution, emphasising generative AI, and the rising consumer demand for ethical standards, focusing on environmental, social, and governance (ESG) criteria. Therefore, to embrace these changes, the banking industry, needs to act decisively and urgently to contribute towards the nation’s economy.
To navigate these trends, MB must undertake strategic actions: to convert ourself and orientate towards medium to long-term strategies to accelerate the digital transformation process and apply AI to banking operations, while also protecting consumer interests. Additionally, to establish a differentiated business model to increase revenues, boosting competitiveness to quickly grasp market share. These steps will enable MB to contribute positively to economic stability, environmental sustainability, and social justice.
