Dairy giant Vinamilk maintains its top position, with an estimated brand value of nearly 2.3 billion USD, much higher than the 1.7 billion USD last year. It is followed by military-run telecom firm Viettel, and Vietnam Posts and Telecommunications Group.

Forbes compiled the list by looking at brands' incomes before and after tax based on their financial reports and data on the stock market. 

The other brands in the top ten are the country’s biggest brewery Sabeco (393 million USD); Vinhomes, the residential property arm of Vingroup (384 million USD); Vinaphone, one of Vietnam’s big three mobile operators and belonging to VNPT (308 million USD); Vietnam's largest real estate developer Vingroup (307.2 million USD); food and beverage producer Masan Consumer (238 million USD); Vietcombank (177.9 USD); and tech giant FPT (169 million USD).