Techcombank named ‘Vietnam’s Best Bank’ for record fifth time at Euromoney Awards for Excellence 2024

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) was named “Vietnam’s Best Bank” and “Vietnam’s Best Bank for Corporates” in 2024 at this year’s Euromoney Awards for Excellence.

The bank 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 win all three prestigious awards in the same year. In June, it was named the #1 Bank in Vietnam in the World’s Best Banks 2024 rankings from Forbes magazine, based on an extensive survey of customer opinions.

“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,” said Mr. Jens Lottner, CEO of Techcombank. “These awards are a 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 highly regarded among the most prestigious and coveted recognition in the banking sector, serving as a robust and independent validation of outstanding performance and success. In 2024, banks from over 100 countries competed for these awards, and Euromoney’s independent team of editors and analysts meticulously selected the top banks in each market.

Techcombank has achieved a remarkable milestone by winning the Euromoney award for Vietnam’s Best Bank for an unprecedented fifth time, surpassing other banks in the country. This year’s accolade highlights its exceptional financial performance and profitability in 2023, which was accomplished despite challenging economic conditions, demonstrating the resilience of its business model. “Techcombank further solidified its leadership in Vietnam’s banking sector in 2023,” noted Ms. Louise Bowman, Editor of Euromoney.

The bank’s sustained profitability, robust asset quality, and strong balance sheet enabled it to pay a cash dividend of VND1,500 (5.88 US cents) per share to its shareholders in the second quarter of 2024; the highest in the industry.

The award also highlights Techcombank’s commitment to customer-focused innovation and its role as a trailblazer with new digital and data-driven solutions. For instance, Techcombank’s new Auto-earning solution helps individual customers earn from their idle cash, while Techcombank Merchant supports Vietnamese merchants in growing their businesses and the C-Cash solution enhances treasury management for large corporations in Vietnam.

The quality of Techcombank’s suite of payments and collections, cash and treasury management, and FX solutions for small and medium-sized enterprises (SMEs) and corporate customers was given special recognition with the award for Vietnam’s Best Bank for Corporates in 2024.

Techcombank has broadly applied data analysis and AI within the bank and most major systems have been transitioned to the cloud. This was acknowledged by the Euromoney Best Bank in Vietnam award, putting Techcombank years ahead of its competitors in Vietnam and enabling 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,” Ms. Bowman said. “Techcombank’s apps have received the market’s highest customer rating.” 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 Vietnam’s banking industry, encompassing over 19,000 points of sale with over 300 brands where customers can earn reward points.

Techcombank’s commitment to ESG (environmental, social, governance) excellence and to making a positive social and environmental contribution to Vietnam was also noted by Euromoney. The bank provided more green credit to sustainability projects in Vietnam than ever before last year, while also supporting social initiatives with donations reaching VND148 billion ($5.8 million) and promoting healthy living and physical fitness through support for the Hanoi and Ho Chi Minh City Techcombank marathons.

“We are proud and humble to have been named Best Bank in Vietnam by Euromoney for a record fifth time,” said Mr. Lottner. “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.”