Of course, we can rename the created folders on the Xiaomi smartphone to better localize their contents, so you can easily create folders on shopping, finance, or games that also contain the appropriate apps.

Android 10 (MIUI 12.0)
Step 1:  Tap on a  folder
Step 2:  Tap on the  current name
Step 3:  Enter a  name  and tap  Confirm
  1. Tap on a folder
  2. Tap on the current name
  3. Enter a name and tap Confirm

Xiaomi Instructions