Increasing the competitiveness of Vietnamese firms

Building a national brand is the most important first step to making Vietnamese companies more competitive in global rankings.

The government, ministries, local governments, and business community are all interested in developing national brands in general and Vietnamese corporate brands in particular. This has led to some specialized efforts being put in place.

Typically, this includes approving the Vietnam national brand program for 2020–2030, coordinating the annual Vietnam National Brand Week, and arranging the Ho Chi Minh City Golden Brand program.

Brand improvement

The Vietnam National Brand Program for the period 2020–2030 is determined to build Vietnam's image as a country with a reputation for high-quality goods and services; increase the country's and people's pride and attractiveness, and contribute to promoting foreign trade development and improving national competitiveness.

Currently, the initiative is focused on establishing and strengthening Vietnamese brands linked with good and exceptional characteristics. According to data and assessments of famous ranking organizations throughout the globe, more than 1,000 goods have reached the national brand of Vietnam, and 90% of enterprises across the country have acquired the national brand Vietnam.

Mr Do Thang Hai, Deputy Minister of Industry and Trade, said during the Vietnam National Brand Week at the end of April that Vietnam is a bright light due to the amazing development in national brand value. Economic and social goals have been met, and the country is gaining respect and standing on the international stage.

From this perspective, developing a national brand is a key stepping stone toward increasing the competitiveness of Vietnamese firms in global rankings.

Ho Chi Minh City has hosted several programs to assist and develop corporate branding. Mr Phan Van Mai, the Chairman of the City People's Committee, According to Ho Chi Minh, the brand of the company is also the brand of the city.

The municipal government of Ho Chi Minh City is always focused on creating favourable conditions for businesses to promote digital transformation and a digital economy; prioritizing investment in the development of infrastructure systems, particularly logistics infrastructure; lowering transaction costs; improving business competitiveness; all so that the enterprise's brand name grows and shines more and more, contributing to the city's long-term economic development.

The Ho Chi Minh City administration is committed to promoting and developing enterprises' product and service brands, as well as executing a realistic Golden Brand development plan. "Ho Chi Minh City is about opening up resources, minimizing product distribution bottlenecks, and creating the best business investment environment for enterprises," Mr Phan Van Mai concurred.

After 26 years of operation, the Association of High-Quality Vietnamese Goods Enterprises' annual vote for high-quality Vietnamese goods, which is voted on by customers, has also become a "launching pad" for enterprises to develop. product quality and corporate identity.

Because of this, people are more likely to trust items with the high-quality Vietnamese certification mark in local, regional, and global markets.

According to Vu Kim Hanh, Chairman of the Business Association of High-Quality Vietnamese Goods, the business community has entered a phase of greater and deeper integration in the face of globalization, with numerous competitive obstacles, the average program, and competitiveness. Choosing high-quality Vietnamese items has taken on new significance.

Notably, defending customers' legitimate rights via the manufacturer's commitment to quality standards compliance; promoting enterprises to fulfil Vietnamese and international quality standards

Create a company launcher

Ms Tran Tue Tri, Brand Director of AVSE Global, has cited several effective lessons from certain Asian nations on creating and strengthening national brands. The first is Japan, in terms of environmental friendliness and COVID-19 response measures.

At the Tokyo 2020 Olympics, Japan stated clearly the goal of the waste reduction strategy measurement index by calling on the hydrogen community to implement the 3R strategy (Reduce, Reuse, Recycle).-recycled), using medals made of renewable materials has helped Japan make a good impression on the world and contribute to building a national brand.

Similarly, Dubai (United Arab Emirates) is regarded as a tourist leader after implementing an efficient COVID-19 control strategy.

They devised a recovery plan with extraordinarily tight collaboration of the government and stakeholders, and they emphasized domestic market recovery at the outset to lay the groundwork for welcoming foreign visitors in July 2020.

Ms Tran Tue Tri said Dubai is committed to providing an extraordinary travel experience to foreign tourists while emphasizing traveller safety at every step and touchpoint of their trip, from start to finish,

According to Ms Tran Tue Tri, Vietnam may learn a lot of things from the aforementioned methods, including enhancing the quality of life, namely health and education; promoting sustainable development; tourist recovery and development; and developing Vietnamese brands with worldwide significance. This is a fantastic chance for Vietnam to build a national brand that will serve as a reliable launchpad for Vietnamese enterprises in the future.

Branding is more than simply a logo or an advertisement; it always begins with a clear grasp of the positioning of any product, business, individual, or nation.

According to Ms Tran Tue Tri, a successful national brand must also express honest, close, and remarkable themes that are unique and long-lasting.

An evaluation study from Brand Finance, the world's top company, the ranking value of Vietnam's national brand has steadily increased over the last three years and is now in the group of strong brands, according to the Ministry of Industry and Trade. Thanks to the government's efforts to foster economic development, including the important contribution of the Vietnam National Brand Program, the country ranks first in the world in brand evaluation.

Brance Finance analysis showed the Vietnamese national brand's worth would expand by 21.6 per cent in 2021 compared to 2020, to 388 billion USD, keeping the country in 33rd place in the globe while the COVID-19 pandemic occurs. a very complex variable given that Vietnam is now one of the ten countries with the most market openness in the world, the import/export to GDP ratio has steadily grown over the years.

This is a significant step toward increasing the competitiveness of Vietnamese firms in global rankings. Vietnam is seen as a bright spot due to the significant development in the national brand value as well as the accomplished social and economic outcomes that confirm its reputation and growing position in the worldwide arena. At the same time, it demonstrates Vietnam's ambition and status in international integration.

Ms Vu Kim Hanh stated in the current new context, that the Program to Vote for Vietnamese High-Quality Goods must meet the spirit of Vietnamese goods at a higher level, as consumers become more demanding, requiring Vietnamese goods to be asymptotically on par with goods from the region and the world.

This confirms that the "spirit of Vietnamese products" must be expressed in an endeavour to reach the world level through a series of standards such as those imposed by the Free Trade Agreement (FTA) that Vietnam has signed and engaged in.

Ms Tran Tue Tri believes that a strong national brand will create a positive perception for people and the international community about that country, transforming advantages into competitive advantages for both the country and the products and services from that country, based on the successful practices of many countries as well as her research.

On the other hand, the brand is invested in the long term for many years of deployment, at various levels ranging from domestic to international, national to corporate, and is introduced to the community via a series of activities. honestly and consistently in both good and bad times.

Anh Tuan