Vietnamese national brand enterprises gradually catch up with global trends

With the support of the National Brand Program, many Vietnamese enterprises have realized the important role of brands and have seriously invested in building and developing product brands and business brands.

Viettel Vietnam is an example of bringing the Vietnamese national brand out of its 'comfort zone' and reaching international standards. (Source: Viettel Telecom)

According to a report from Brand Finance, the value of Vietnam's national brand in 2020 increased by 29.1% compared to 2019, reaching 319 billion USD; in 2021, it increased by 21.6% compared to 2020 (388 billion USD); in 2022, it increased by 11.1% compared to 2021 (431 billion USD).

With the support of the National Brand Program, many Vietnamese enterprises have realized the important role of brands and have seriously invested in building and developing product brands and corporate brands.

As a result, in the Top 50 most valuable business brands in Vietnam in 2022, there are many businesses with products that have achieved Vietnamese national brands.

If in 2018 there were only 14 Vietnamese national brand enterprises in the Top 50, accounting for 28%; then after 5 years this number has increased to 21 enterprises, accounting for 42%.

Notably, in the Top 10 most valuable brands in Vietnam, the percentage of enterprises with products achieving the Vietnamese national brand increased sharply from 20% in 2018 to 60% in 2022.

Deputy Minister of Industry and Trade Tran Quoc Khanh said that Vietnam is a country that is highly appreciated in building and developing national brands and is the national brand with the fastest growth rate in value in the world in the 2020-2022 period.

Mr. Tran Quoc Khanh said: “According to the recorded results, Vietnam's leading brands have had remarkable growth in both brand value and brand strength index, thereby improving their solid position in the rankings.

Vietnamese national brand enterprises have gradually caught up with the global trend of investing in brand value, contributing significantly to increasing the value of Vietnam's national brand.

Professor Emeritus of California State University, Fullerton, Nancy Elizabeth Snow also assessed that Vietnam's reputation in the international market is increasing. Vietnam has many good national brands but needs to develop its product brands globally.

Sharing her international experience in building and developing brands, Professor Nancy Elizabeth Snow said that the “best global brands” all have two elements: reputation and trust.

“A successful brand, whether a country or a product, is nothing more than the reputation and name of an individual or organization. Consumer confidence in the product presentation and service commitment is the key to a strong brand,” she said.

Mr. Alex Haigh, CEO of Brand Finance Asia- Pacific , sees that Vietnam is different from other countries in its great economic development potential. Surveys of economic experts around the world all believe that Vietnam has a very high entrepreneurial spirit.

Building a brand is building soft power for Vietnam. The basic pillars in building soft power in Vietnam include: Business, trade; administration; international relations; cultural heritage; communication; people and education; sustainable future...

The CEO of Brand Finance Asia-Pacific emphasized: “We must find a way to make Vietnam familiar, so that everyone knows about Vietnam, creating a wave of spread… Viettel Vietnam is an example of bringing the Vietnamese brand out of the 'safe zone' and reaching out to the international level.

Through Viettel, the world knows Vietnam. The country needs to build many brands that reach international standards so that when talking about these brands, everyone knows Vietnam. This work is not only the Government’s but also the people, artists, media agencies… so that the world can understand Vietnam better.”

Source: https://baoquocte.vn/cac-doanh-nghiep-thuong-hieu-quoc-gia-viet-nam-dan-bat-kip-voi-xu-the-toan-cau-239393.html