Samsung Is Still King For Vietnamese Consumers, But Local Brands Are Increasingly Gaining Trust

Vietnam’s consumer market is one of the world’s most dynamic and exciting. The country’s discerning consumers — from the growing middle class to the Gen Z consumers who’ve gained a more influential purchasing power — have shaped the way brands and companies are putting out products and connecting with consumers.

And it seems that Samsung continues to impress Vietnamese consumers.

In its new Best Brands Ranking, international market research firm YouGov revealed that the South Korean electronics giant had retained its top spot as the ‘Best Brand’ in Vietnam this year.

YouGov’s Best Brand Rankings report measures brands’ overall health, considering consumers’ impressions, satisfaction, recommendation, product quality, value, and reputation. Samsung topped the table with 49.4 points.

“Samsung is one of the biggest international enterprises in Vietnam, and we are delighted that consumers here hold our brand in such high esteem,” said Kevin Lee, president of Samsung Vietnam. “This shows the value of our long-term investment in the Vietnamese market.”

The electronics brand has long cemented its position in the country. In 2021, amidst pandemic challenges, Samsung Vietnam achieved $74.2 billion in revenue and $65.5 billion in export turnover. The South Korean company has poured $18 billion into Vietnam and contributes one-fifth of total exports.

Vietnam flag carrier Vietnam Airlines also held onto the second place, with a score of 44.3 points. The airline led the list pre-pandemic, but the halt of travel and grounding of flights affected its reputation. However, Vietnam Airlines’ score this year is noticeably not too far behind first-placer Samsung. The two brands had a 6.4-point gap last year.

Impressively, besides Vietnam Airlines, six other Vietnamese brands dominated the rankings — MoMo (5th place), Kinh Do (6th place), Omachi (7th place), Thế giới di động (8th place) and Biti’s (10th place).

Singapore-headquartered e-commerce platform Shopee and Japanese electronics brand Panasonic completed the top 10 at third and fourth places, respectively.

It’s worth noting that the top brands represented a range of industries, from electronics to food and beverage, fintech, and fashion.

The Best Brands Ranking indicates that “brand loyalty is strong among Vietnamese consumers,” commented Thue Quist Thomasen, CEO of Decision Lab, YouGov’s exclusive partner in Vietnam.

Given how the top brands retained their spot amidst a competitive landscape, he advised brands to “invest not just in high-quality products and services but also in brand reputation” to build long-term brand engagement and customer loyalty.

Alongside its Best Brands Ranking, YouGov also released the ten “most improved brands,” spotlighting brands that have shown resilience and growth over the past year. Financial service companies were some of the biggest winners, making up half of the top ten.

MB Bank was named the most improved brand, rising seven points from 14.9 in 2021 to 21.9 this year. Other brands from the finance sector that made it to the list include ZaloPay (3rd), ShopeePay (4th), VNPay (5th), and FE Credit (8th). ShopeeFood also saw significant improvement as the second most improved brand, rising 3.5 points in the last 12 months.