Hanoi (VNA) – Brand development is key to the global market for Vietnamese products. Various brand development activities have been undertaken over the years, with driving force being the Vietnam National Brand Programme.
Vietnam's leading brands have been improved in terms of both value and brand strength index (BBS), gradually catching up with global trends.
Its national brand value increased 29.1% year on year in 2020 to 319 billion USD, 21.6% in 2021 to 388 billion USD, and 11.1% in 2022 to 431 billion USD, according to a report by the British consultancy Brand Finance.
Last year, the value climbed to the 32nd position among the world top 100 brands.
In the top 100 most valuable brands in Vietnam 2023, telecommunications, banking and food contributed the most to the total value, making up 31%, 30%, and 10% respectively.
Bui Thi Huong, Executive Director of the Vietnam Dairy Products JSC (Vinamilk), said her company seeks innovation based on its core values to affirm its brand at home, while contributing to promoting the Vietnamese National Brand abroad.
At a recent ceremony to announce national-branded products, the south-central coastal province of Khanh Hoa was honoured with five, comprising bird's nest products, and fish sauce.
Nguyen Anh Hung, Chairman of the Board of Members of Khanh Hoa Salanganes Nest Company, said the recognition has affirmed product quality, consolidated confidence among consumers, partners and state management agencies, and helped firms raise their reputation, image and brand in the market.
Particularly, with the recognition, bird's nest products of Khanh Hoa province can firmly stand in the domestic market, and reach out to the world, he added.
A 2023 report by the Ministry of Industry and Trade (MoIT) said Vietnam remained a bright spot in national brand building and development, growing 102% in the 2019-2023 period, among the fastest in the world.
In the early 2000s, Vietnamese brands were absent in international rankings. In 2022, according to the ranking of Forbes Vietnam, the total value of the top 50 brands reached over 36.6 billion USD, an increase of 36% compared to 2021.
Enterprises honoured with the Vietnam National Brand tittle accounted for over 60% of the top 10.
Dang Thuy Ha from Nielsen Vietnam said the MoIT and the business circle at home have performed well in promoting Vietnamese corporate brands and products globally.
However, apart from big enterprises, many others have yet to build and promote their brands, she pointed out, suggesting they identify their target customers first, and then marketing channels.
The also noted that finding communication channels is not enough, the importance lies with ideas and methods to approach clients.
For each market, businesses must learn about its uniqueness in terms of culture and consumer motivation, as well as their competitors there, Ha said.
According to Alex Haigh, Managing Director of Brand Finance Asia-Pacific, building a compelling story is essential for creating a strong Vietnamese brand and national image.
This requires a promise to deliver trust, prestige, and familiarity with the brand, as well as the creation of an ecosystem that includes a favorable business environment, diplomacy, and a strong economy, he said.
Given that Vietnam’s strength lies in manufacturing, processing, and production, it should be considered a key factor in building Vietnam’s national brand and image, he suggested./.
