Forbes Vietnam has released a list of the 40 most valuable brands in Vietnam, estimating their total value at $5.4 billion, a rise of 20 percent against last year.

Dairy giant Vinamilk retained top spot this year with a brand value of more than $1.7 billion, rising from the $1.52 billion Forbes estimated last year.

Following Vinamilk is Military-run telecoms firm Viettel with $849.6 million, while property developer Vingroup earned the third place with $299 million.

The other brands in top ten were Sabeco ($254.5 million), Masan Consumer ($217.9 million), FPT Group ($176.2 million), Vietcombank ($137 million), Vietinbank ($134.5 million), Truong Hai Auto Corporation ($130 million) and BIDV ($124.32 million).

Commodity brands accounted for the majority of this year's list, followed by finance and banking and technology.

The four new faces on this year's list, which was selected from 80 brands, were Quang Ngai Sugar Joint Stock Company, Petrolimex, Saigon Tourist and agricultural group Loc Troi.

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