Hanoi (VNA) – Innovation is an inevitable trend that helps businesses enhance competitiveness and develop brands, matching the development of the digital economy and international integration, Deputy Director of the Trade Promotion Agency under the Ministry of Industry and Trade Hoang Minh Chien has said.
Chien said that over the past 20 years, Vietnam Value – the national brand programme – has helped raise awareness about the significance, role, and necessity of building, developing, and protecting the nation brand among all-level authorities, sectors, localities, and the business community.
In 2024, 190 businesses had their products winning the Vietnam Value recognition, an increase of more than six times compared to 2008 – the first year products were selected under the programme.
The programme has supported many Vietnamese enterprises in building and developing their product brands and corporate brands. As a result, among the 50 most valuable brands in Vietnam for 2024, there are 23 meeting the Vietnam Value standards, a 15% increase from 2023. Notably, among the 10 most valuable brands in Vietnam, the eight leading ones were recognised under the Vietnam Value programme with their value accounting for 88.8%.
Remarkably, many Vietnamese brands have gained a foothold in the global market. For instance, Viettel ranked 241st among the world's 500 most valuable brands 2024 (Global 500) listed by Brand Finance. Vinamilk stood at the 6th position among the most valuable dairy brands globally and was the most valuable food brand in ASEAN.
Sharing a strategy for brand development linked to sustainability, integration, and innovation, Nguyen Quang Tri, Marketing Executive Director of Vinamilk, said that Vinamilk focuses on consumers to improve product quality to meet international standards, develop sustainable raw material sources, boost digital transformation, and expand exports. It is also committed to green development and community responsibility, helping affirm the position of a Vietnamese brand on the international stage.
Chien said that the value and position of the nation brand of Vietnam have grown significantly over the years.
According to Brand Finance, he noted, Vietnam is a bright spot in the nation brand development and also the one posting the fastest value growth in the world, 102%, during 2019–2023. In 2024, the nation brand of Vietnam was valued at 507 billion USD by Brand Finance, ranking 32nd out of 193 countries, a rise of one place and 2% in value compared to 2023, despite a complicated global situation.
This came as a result of the Government's efforts in reforming the investment and business environment, promoting exports and imports, and supporting the development of product and enterprise brands, Chien noted, adding that it also demonstrates Vietnamese businesses' strong moves to maintain high growth rates in both profit and revenue, sustain the domestic market, and stretch their reach to foreign markets.
Key role of business community
In the context of global competition, branding is not just a marketing tool but also becomes a strategic factor that determines the position of enterprises and the national competitiveness. Many domestic enterprises have made concerted efforts to maintain and develop their brands.
Le Hong Quang, General Director of the MISA Corporation, said Vietnam is becoming more popular in the international market, particularly through well-organised and in-depth trade promotion activities.
Vietnam currently boasts a creative business community that are self-reliant to move forwards. However, to grow more robustly, it’s necessary to develop a focus- and priority-driven innovation ecosystem. Setting ambitious goals is the first step to fostering innovation as great aspirations lead to decisive actions, Quang said.
For MISA, Quang noted that it always proactively engages with new technological trends, actively innovates its business model, and learns from market practices.
No longer hesitant as it was before, the firm is now ready to innovate, experiment, and embrace the new, he said.
Additionally, it has established internal evaluation mechanisms and indexes to assist its technical staff and technology personnel in effectively managing their own innovation capacities.
Assessing the role of the business community in the current process of building and developing the nation brand of Vietnam, experts stressed that they play the key role not only in improving product and service quality but also in affirming the country's identity, reputation, and competitiveness in international markets./.
VNA
