Vinamilk, the dairy giant with a 45 percent government stake, comes first in the top 40 with a brand value of US$1.52 billion. The entire list, which only assesses homegrown brands, is worth around $5 billion.
Valued at $752 million, military-run telecom firm Viettel, which owns more than half of the domestic telecommunications market, ranks second, followed by conglomerate Vingroup and top brewer Sabeco.
Hanoi-based tech giant FPT and top lenders Vietinbank, Vietcombank, BIDV are also among the top brands, together with food giant Masan and national carrier Vietnam Airlines.
Commodity brands account for 70 percent of the list, while the rest are banking, finance, pharmaceuticals, airlines and technology.
Most of the brands were established within the past 20 years.