Vietnam - a ray of hope in the process of establishing and growing a worldwide national brand

DNHN - According to a recently published Brand Finance report on brand valuation, many countries will be unable to maintain their international brand rankings in 2021 due to the severe impact of the COVID-19 pandemic on the global economy, but Vietnam will retain its 33rd position in the top 100 strongest national brand values in the world. This result validates that the country's national brand is being developed and built according to the correct standards and procedures.

According to Deputy Minister Do Thang Hai, Vietnam's national brand value has steadily increased over the last three years and now ranks among the world's strongest brands. 

Deputy Minister Do Thang Hai said:”Vietnam is currently one of the world's top 10 economies in terms of market openness, with an export-to-GDP ratio that has been steadily improving over the years. This is also an excellent condition for Vietnamese firms to improve their competitiveness in global rankings. Vietnam is also seen as a bright spot due to the amazing development in the value of the national brand and the socioeconomic outcomes obtained, confirming the country's prestige and growing position in the international arena. economic. Simultaneously, showcasing Vietnam's leadership and prestige in international integration, particularly economic integration”.

Additionally, the Ministry of Industry and Trade has worked together with agencies and organisations to implement a series of local and foreign events (in Singapore, the Netherlands, and Dubai), gradually increasing public awareness. customers about a Vietnam with a reputation for high-quality goods and services, so strengthening the country's pride and attractiveness and contributing to the development of foreign trade and national competitiveness.

According to Brand Finance - the world's leading independent brand valuation and strategy consulting organization based in London (UK), Vietnam is considered a bright spot in the picture of building and developing national brands. Global. In 2019, the Vietnamese national brand was valued at USD 247 billion, up 5.4% compared to 2018 of USD 235 billion and ranked 42nd in the Top 100 most valuable national brands in the world.

In 2020, Brand Finance highly appreciates Vietnam's handling of the health and economic crisis during the COVID-19 pandemic and emphasizes that this is a good time for countries like Vietnam to step up promotion. economic growth. As a result, the value of Vietnam's national brand has increased by 29% compared to 2019, to 319 billion USD, up 9 places to 33rd in the Top 100 most valuable national brands in the world.

According to a recently published report on brand valuation by Brand Finance, many countries will be unable to maintain their international brand rankings in 2021 due to the severe impact of the COVID-19 pandemic on the global economy, but Vietnam will retain its 33rd position in the top 100 strongest national brand values in the world. 

This result validates the country's brand building and development rules and regulations.

The value of Vietnam's national brand, in 2021 will continue to increase by 21.6% compared to 2020, from 319 billion USD to 388 billion USD. This result goes against the global downward trend due to the COVID-19 pandemic. 

Many Vietnamese businesses are now aware of the critical function of brands in bringing value to their products and businesses as a result of the National Brand Program's support. Enterprises have steadily constructed, developed, and promoted their brands professionally, so increasing their competitiveness and establishing a foothold in domestic and international marketplaces. 

According to Brand Finance data, numerous firms with products bearing Vietnamese national brands have been included in the list of Vietnam's Top 50 Most Valuable Brands (VIETNAM 50 2021 RANKING). The rate of firms achieving national brand status is 28% in 2018, and 34% in 2021. For example, the percentage of firms with nationally branded products climbed significantly from 20% in 2018 to 60% in 2021 in the Top 10 most valuable brands in Vietnam.

Along with the increase in number, the percentage of Vietnamese national brand enterprises that gained in value in the top ten most valuable brands in Vietnam, as determined by Brand Finance, increased dramatically, from 21.9 per cent in 2018 to over 68 per cent in 2021. 

Brand Finance values businesses that have developed a national brand in Vietnam and account for a sizable share of the Top 10 most valuable brands in the country. 

Specifically, there are 6/10 enterprises in the group of three leading industries (telecommunications, banking, and food) that have products with national brands (including Viettel, Vinamilk, Agribank, Vietcombank, Mobifone, and VietinBank), accounting for up to 68 per cent of the business's total brand value.

With these encouraging signs, Vietnamese national brand enterprises are catching up to the worldwide trend of investing in intangible business assets, most notably brand value, thereby greatly expanding the value of Vietnam's national brand. 

Vietnamese businessmen's position in foreign markets

Mr Pham Quang Hieu - Deputy Minister of Foreign Affairs and Chairman of the State Committee on Foreign Vietnamese - continued the programme by emphasising the importance of overseas Vietnamese businessmen. 

Deputy Minister of Foreign Affairs said:”Vietnamese enterprises and brands are expanding and expanding their reach into the worldwide market. The enormous successes of our country over the last few years are the consequence of developing the immense strength of national unity, which includes the critical contribution and role of the 5.3 million-strong community. Vietnamese nationals living abroad, particularly the Vietnamese business sector, are increasingly successful in over a hundred nations and territories”.

One could argue that the role of expatriate entrepreneurs today is not limited to financial resources remitted to the country in the form of investments or annual remittances, but also plays a significant role in promoting international integration, particularly in connection activities between domestic and foreign enterprises, and between Vietnamese enterprises and enterprises from a variety of other countries. 

With local expertise, experience, and, most importantly, a love for the nation, the abroad Vietnamese business community has overcome numerous obstacles to delivering Vietnamese goods to the host country's market and distribution bases. Although overseas Vietnamese advertising of Vietnamese products is still restricted, it has reached several nations and territories, contributing to the promotion of Vietnamese products among international friends. 

Additionally, the community assists domestic business agencies in becoming familiar with the legal systems of host nations, indigenous people's tastes, and the international legal system to choose and distribute Vietnamese products through partners' distribution networks. Simultaneously, list Vietnamese items on foreign internet trade platforms, thereby increasing the visibility and protection of Vietnamese brand products. 

Deputy Foreign Minister Pham Quang Hieu said:”We have been thrilled to watch the abroad Vietnamese community's continued development and its contributions to trade promotion and the promotion of Vietnamese products and brands in the past. In the future years, the Ministry of Foreign Affairs will continue to promote and efficiently implement economic diplomacy, and diplomacy in the developing region, and work in collaboration with the Ministry of Industry and Trade, local governments, and domestic agencies to promote Vietnamese exports. markets, particularly those that are rapidly recovering from the pandemic, to take advantage of the global economy's growth momentum”. 

5 orientations to implement activities

In 2022, towards the goal set out in Decision No. 1320/QD-TTG, the Ministry of Industry and Trade orients the implementation of activities of the National Championship program to continue focusing on the following contents: 

To begin, collaborate with relevant ministries and sectors to analyse and re-evaluate the current situation to build a targeted strategy plan for the period 2022-2025 for propagating and promoting the Vietnam National Brand Program and its national brand products shortly. In which case, it is required to establish communication products, communication channels, and communication objectives and scopes precisely to maintain a focus, focus, and priority orientation appropriate for each strong commodities business in potential export markets. 

Second, cooperate with ministries and branches to review and re-evaluate the current situation to produce a medium-term strategic plan for the period 2022-2025 to increase the capacity for future brand growth, development, and management. In such a case, it is critical to define the audience, scope, substance, and methods of capacity building in detail to maintain an adequate level of focus, focus, and priority orientation. 

Third, focus on seriously and effectively implementing the product selection period to achieve the 8th Vietnam National Championship in 2022 by the orientation plan and objectives set out in Decision No. 1320/QD-TTG. 

Fourth, coordinate with ministries, branches, and localities to mobilise all resources necessary to integrate activities within the Vietnam National Brand Program with programmes assigned by ministries, branches, and localities, with the latter bearing primary responsibility for implementation and management to assist enterprises in building, developing, and protecting their brands, thereby contributing to the restoration of normal production and business activities. 

Fifth, launch and call for more socialization resources of businesses with products that have achieved the national brand of Vietnam in joining hands to develop the program by the meaning and stature of the Government, for a Vietnam are powerful with valuable product and business brands. 

To maintain the operational efficiency of the Vietnam National Championship Program, the Ministry of Industry and Trade proposed to the Government that it allocate appropriate funds and direct the implementation of the program's activities, while also developing preferential mechanisms and policies for enterprises whose products have won the national championship when it comes to tax, customs, and other administrative procedures. Coordination is necessary to assess the current situation and develop solutions for state administration of awarding and honouring activities associated with product and business brands, ensuring that relevant organisations adhere to applicable norms, conditions, and authority. 

After the forum, Mr Vu Ba Phu - Director of the Ministry of Industry and Trade's Trade Promotion Department; Head of the Secretariat of the Vietnam National Brand Program - expressed his wish that ministries, branches, provincial and centrally administered cities' People's Committees, and industry associations continue to coordinate with the Ministry of Industry and Trade to effectively implement activities, ensuring the achievement of the Prime Minister's objectives. Simultaneously, and by the unit's functions, duties, and authority, coordinate with the Ministry of Industry and Trade in implementing activities to assist enterprises in developing and protecting distinctive product brands. of localities and industries associated with the orientation of developing national product brands by the Vietnam National Brand Program's criteria.

Contributing to the seminar, there were many prestigious domestic and international experts in the field of branding and brand development. 

Bich Chi