Vietnam National Brand Forum 2023. (Photo: Duc Duy/Vietnam+)
Hanoi (VNA) - In 2018, only 14 Vietnamese firms had made it to the list of top 50 national brand enterprises, accounting for 28% of the total. However, as of 2022, this number has increased to 21 enterprises, which now accounts for 42% of the total.
The Vietnam National Brand Forum was organised by the Ministry of Industry and Trade on April 20 in Hanoi, following the theme “Positioning Vietnam’s Green National Brand.”
Deputy Minister Tran Quoc Khanh emphasised that the number of enterprises with national branded products in the list has significantly increased to 21 in 2022 from 14 in 2018.
Furthermore, the percentage in the top 10 most valuable brands in Vietnam has also risen to 60% in 2022 from 20% in 2018.
The results demonstrate the enterprises’ success in keeping up with the global trend of investing adequately in branding, which has contributed significantly to the improvement of the Vietnam National Brand.
Rapid growth
Vietnam has received significant praise for its efforts in building and developing its national brand, which has experienced the fastest growth in value in the world during the 2020-2022 period.
TH True milk is honored with Vietnam National Brand in 2022. (Photo: Duc Duy/Vietnam+)
According to a report by Brand Finance, the value of Vietnam’s National Brand increased by 29.1% year-on-year in 2020. The annual growth in 2021 and 2022 was 21.6% and 11.1%, respectively.
Deputy Minister Tran Quoc Khanh emphasized that the National Brand Programme has played a crucial role in raising awareness among Vietnamese businesses about the importance of corporate branding. As a result, many businesses have made significant investments in building and developing their brands.
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.
Green transformation orientation
Experts held that green production is a prerequisite for entering global markets and participating in agreements such as the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA).
These trade agreements have strict regulations on environmental criteria, making it necessary to implement green production practices effectively.
Moreover, implementing green production practices is a good opportunity to utilise free trade agreements effectively and meet the requirements of such choosy markets as the US, Japan, and Europe.
Representative of the Ministry of Industry and Trade speaks at the Vietnam National Brand Forum. (Photo: Duc Duy/Vietnam+)
According to Hoang Minh Chien, Deputy Director of the Trade Promotion Department at the Ministry of Industry and Trade, businesses must develop products and services that use resources efficiently to contribute to the formation of Vietnam’s green business network, in line with the trend of green living and consumption.
He also stressed the importance of close direction from the government, which should issue appropriate supporting mechanisms and policies.
The coordination of ministries and sectors in disseminating policies and programmes, as well as creating legal channels for businesses to promote green business brands and green national brands, is also crucial, he added./.
