Hanoi (VNA) - With a value of 498 billion USD in 2023, the national brand of Vietnam was placed 33rd out of 121 countries ranked by Brand Finance, defining a strong position in the international market.
Last year, strategic geopolitical competition and trade wars among major countries heated up, while political instability and regional conflicts still existed in many parts of the world. These have posed numerous difficulties and challenges to the global economy, hence negative impacts on enterprise investment, production, business activities, and trade.
With a series of comprehensive solutions, the Vietnamese business community has made concerted efforts to overcome difficulties and challenges to recover and develop, contributing to the nation’s rise to become the 4th largest economy within the Association of Southeast Asian Nations (ASEAN) and the 40th in the world. Vietnam’s international trade scale also ranked in the top 20 globally.
According to Hoang Minh Chien, Deputy Director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, the national brand of Vietnam has been evaluated by international organisations, including Brand Finance, as one of the fastest-growing in the past five years.
Vietnam’s brand was valued at 498 billion USD in 2023, nearly doubling the figure logged in 2019.
Chien attributed the results to the firm direction and active involvement of the Government, ministries, and localities as well as to efforts made by the national-brand-recognised enterprises.
According to experts, having products that achieve national brand status is now a goal for many enterprises.
Associate Professor, Dr. Nguyen Thuong Lang, a senior lecturer at the School of Trade and International Economics under the National Economics University, emphasised that with the value of the national brand reaching nearly 500 billion USD, Vietnam's core capabilities are increasingly accredited around the world, and businesses know how to leverage those capabilities.
He said in the context of extensive integration, the core value is reflected in building a reputable, professional, and long standing brand.
Branding activities must be done regularly, professionally, and systematically, the expert noted. He advised enterprises to come up with products and services that demonstrate their credibility and class, and to develop a far-reaching corporate culture and professional branding capacity.
Meanwhile, Alex Haigh, CEO of Brand Finance Asia-Pacific, stated that creating a compelling story is the "key" to shape the brand and image of Vietnam. Along with that is a promise to create trust, credibility, and familiarity associated with the brand.
To this end, enterprises need to invest in creating an ecosystem, where the business climate is an important issue, including diplomacy, the economy, and a favourable business environment. On the other hand, Vietnam's strength comes from processing and manufacturing, so it is necessary to take this as a key factor in the branding work.
Chien said that in the future, the Ministry of Industry and Trade will focus on supporting Vietnamese enterprises with the capacity to build, manage, and develop product brands to approach and meet the criteria of the national brand programme, hence the formation of strong brands that bring greater value added./.
