Hanoi (VNA) - Vietnam’s national brand value increased 12 billion USD to reach 247 billion USD in 2019, up 5.4 percent over 2018’s value, according to the Brand Finance’s annual report on the most valuable and strongest national brands 2019.

Efforts made to promote national brands hinh anh 1Businesses have products recognized as national brands in 2118 (Photo: VietnamPlus)

The country moved up one place from the 2018 rankings to stand 42nd among the world’s 100 most valuable national brands.

Jumping eight places in three years

Vietnam’s national brand edged up eight places over the past three years, attributable to the Government’s efforts to reform the business and investment environment, promote exports and imports, and support brands and enterprises, as well as the positive forecasts on gross domestic product (GDP) growth and the Vietnam National Brand Programme (Vietnam Value).

In the early 2000s, no Vietnamese brands appeared in the international rankings, while by 2019, the total value of the top 50 Vietnamese brands reached more than 9.3 billion USD, according to Forbes rankings, of which 50 percent are national brands such as Thaco, Hoa Phat, Vinamilk, Habeco, Vietcombank, Vietnam Airlines, Cadivi, Viglacera and Saigontourist.

Vietnam Value”, introduced in 2003, is the Vietnamese Government’s unique and long-term trade promotion programme which aims to introduce and promote prestigious and quality product brands of Vietnam.

Vu Ba Phu, head of the Trade Promotion Agency under the Ministry of Industry and Trade, said over the past 15 years, the programme has reaped significant outcomes, helping to improve the awareness of agencies and the business circle about the significance of brand building, development and protection.

Besides, the programme is also set to honour outstanding brands and enterprises, and assist businesses to raise their competitiveness and develop their own brands, the official said.

Efforts made to promote national brands hinh anh 2"Vietnam Value", introduced in 2003, is the Vietnamese Government’s unique and long-term trade promotion programme which aims to introduce and promote prestigious and quality product brands of Vietnam. (Photo: VietnamPlus)

Aiming for 1,000 national branded-products

Phu, however, pointed out limitations in mechanisms, policies, coordination between State agencies at central and local levels, resources and public awareness of the role of brands.

Given this, the Ministry of Industry and Trade has teamed up with relevant ministries and agencies to provide consultations for the Government in building and supplementing legal regulations in support of brand development, he said.

It is noteworthy that on October 8, 2019, the Prime Minister issued Decision No. 30/2019/QD-TTg on the issuance of regulations on building, managing and implementing the “Vietnam Value” programme, and Decision No. 1320/QD-TTg approving the programme for 2020-2030.

The ministry looks to have more than 1,000 products recognised as national brands, boost such products’ export growth at a faster pace than the national average, and help increase the value of Vietnam’s nation brands by 20 percent annually on average as assessed by global rating agencies.

The programme also targets a 10-percent rise in the number of businesses entering the list of firms with the most valuable brands by the world’s major rating agencies.

Besides, up to 90 percent of enterprises nationwide are expected to be aware of the role of brands in production, business and investment.

At the same time, all the products obtaining the national brand recognition are set to be promoted in the domestic and key export markets, according to Phu.

To that end, Phu said the Ministry of Industry and Trade will step up the communication work among the public and the business community in particular, about brand building and development, carry out activities to popularise the programme as well as recognised products, and enhance international cooperation in this regard.

On November 13, the Trade Promotion Agency is scheduled to sign an agreement with Brand Finance, on cooperation in brand development.

“The two sides will map out a specific plan to promote brands of Vietnam’s potential sectors lie food, garment-textile, leather and footwear, and timber,” Phu said./.