Hanoi (VNA) – April 20 was chosen by the Prime Minister as "Vietnam Brand Day" to honour and promote national brands and images, contributing to foreign trade, improving national competitiveness and the National Brand value in the international arena.
According to the Ministry of Industry and Trade, in 2023, challenges to the global economy, geostrategic competition, trade wars between major countries, and local conflicts negatively impacted investment, production, business, and import and export activities.
However, with the effective participation of ministries, branches and localities, the Vietnamese business community has made efforts to overcome challenges to recover and develop. This has helped Vietnam to become the fourth largest economy in ASEAN and 40th in the world. Vietnam’s international trade scale was in the TOP 20 globally.
Notably, Vietnam’s National Brand continued to rise strongly with a growth rate of 102% in the period from 2019 to 2023, to rank 33rd in the Top 121 strong national brands in the world, which were evaluated and ranked by the world’s leading brand valuation consulting organisation – Brand Finance.
Hoang Minh Chien, Deputy Director of the Trade Promotion Department under the Ministry of Industry and Trade, shared that the National Brand was evaluated by international organisations including Brand Finance as one of the brands with the fastest growth rate in the last five years (from 2019-2023).
Specifically, in 2019, the value of the Vietnamese National Brand was valued at 247 billion USD. By 2023, this number doubled to 498 billion USD. The results reflected many factors, including the drastic action of the Government, stakeholders, and from Vietnamese enterprises themselves. With a value of 498 billion USD in 2023, Vietnam’s National Brand was ranked 33rd of the 121 countries and territories ranked by Brand Finance. This also showed that Vietnamese National Brand is also one of the strong in the international arena.
Chien said that the Ministry of Industry and Trade was assigned by the Government to be the lead agency to coordinate with stakeholders to implement the National Brand Programme. The goal is to build strong national products and corporate brands to promote to the world, thereby enhancing the value of the National Brand.
Vietnam exports many products with the highest quantity and value in the world, but most of them in the form of raw products or semi-processed products. Vietnam needs to improve capacity to support domestic businesses to build, manage and develop product brands in order to create added value for export products.
He said that the National Brand Day consists of three core values, including quality, innovation and pioneering capacity.
Accordingly, for a product brand to become reputable, it must first have quality and that quality must have the brand value of the product. A strong brand must be innovative, creative and different from other products, reflecting the business’s innovation (businesses can apply advances in science and technology, research and launch new products, follow the orientation of developed countries such as moving towards a green, circular, and sustainable economy).
In addition, the pioneering factor is reflected in the reputation of the leader who owns the product brand. That is, the financial and investment potential and industry leadership of that business.
Currently, Vietnam has integrated very deeply into the world economy by participating in a series of free trade agreements (FTAs). Vietnamese products have many advantages because partners in these agreements offer preferential tariffs and market access for Vietnamese products, so to penetrate and have a good foothold for development, we must strongly build the brands through the three core values above./.
