PETRONAS, DBS + Viettel top Brand Finance’s new report for ASEAN’s most valuable brands of 2024

Malaysian oil and gas giant PETRONAS (brand value up 15% to USD14.6 billion), is crowned as ASEAN’s most valuable brand of the year, according to a new report by Brand Finance, the world’s leading brand valuation consultancy.

Brand Finance finds that PETRONAS’ financial performance remains robust, driven by strategic shifts towards increased trading activities in crude oil and petrochemicals, which have contributed to substantial revenue increases.

Singapore’s banking brand DBS (brand value up 5% to USD11 billion) is the region’s second most valuable brand. Based on Brand Finance’s research, DBS recorded high marks in the ‘consideration’, ‘loyalty’, ‘promotion’, and ‘familiarity’ metrics, attributed to its innovative financial products, consistent customer-centric services, and extensive promotional efforts.

Vietnam’s Viettel (brand value USD8.9 billion) ranks as ASEAN’s third most valuable brand ranked in 2024. The telecoms brand’s ability to maintain its market leadership and deliver affordable, high-quality services has earned it strong brand recognition and consumer trust.

Reigning as the region’s strongest brand ranked this year is Indonesia’s BCA (brand value up 8% to USD3.1 billion), with a AAA+ brand strength rating and a Brand Strength Index (BSI) score of 93.8 of 100. Singapore’s Marina Bay Sands and Vietnam’s Vinpearl follow as the second and third strongest ASEAN brands ranked, with both brands recording a AAA+ brand strength rating.

Meanwhile, Mang Inasal (brand value up 201% to USD374 million) is this year’s fastest-growing brand in the region. The Philippines-based restaurant brand has tripled in value from last year’s USD124 million. Singapore’s Grab and SATS also show impressive brand value growth rates of 91% and 86%, respectively, as regional demand for mobility and commercial services continue to rise.

Brand Finance’s ASEAN 500 2024 report reveals that the region’s food, retail, hospitality, and leisure & tourism sectors are spearheading regional economic growth, driven by rising post-pandemic consumer spending and digital innovation.

Alex Haigh, Managing Director of Brand Finance, Asia Pacific, said: “As consumer demand and digital innovation drive growth, iconic brands like Vinamilk, Lazada, and Marina Bay Sands are not only leading within their sectors but also fuelling broader regional prosperity. The collective strength of these brands reflects ASEAN’s unique ability to adapt and thrive, with each sector’s progress amplifying the region’s overall resilience and forward momentum.”

Other highlights from Brand Finance’s ASEAN 500 2024 report:
• Region’s top five most valuable food brands: Vietnam’s Vinamilk (brand value down 11% to USD2.6 billion), Singapore’s Olam (brand value up 6% to USD1.6 billion) and Wilmar (brand value up 15% to USD1 billion) as well as Indonesia’s Bogasari (brand value USD640 million) and Indomie (brand value down 3% to USD558 million), represent 45% of the sector’s total brand value of USD14.1 billion.
• ASEAN’s retail sector: Rise in consumer spending is benefiting e-commerce leaders including Lazada (brand value USD2.1 billion), Central Retail (brand value up 17% to USD2 billion), and FairPrice (brand value up 1% to USD1 billion) through higher online and in-store sales.
• Hotel & tourism: Travel rebound within Southeast Asia has also boosted hotel and tourism brands, including Berjaya Land (brand value up 2% to USD403 million), Millennium Hotels (brand value up 39% to USD401 million), Centara Hotels & Resorts (brand value USD234 million) and Marina Bay Sands (brand value USD6.2 billion).

The 2024 Sustainability Perceptions Index finds that among ASEAN brands in the rankings, PETRONAS has the highest Sustainability Perceptions Value of USD1.3 billion and also has the highest positive gap value of USD87 million among brands in the rankings.