Vietnam’s National Brands Are Increasingly Valuable

11:12:25 AM | 13/1/2020

According to Brand Finance, in the ranking of the world's 100 most valuable national brands in 2019, Vietnam’s National Brand was valued at US$247 billion.

Higher ranking

That value was increased by US$12 billion, equivalent to 5.4%, compared to US$235 billion in 2018, and ranking 42nd among 100 strongest national brands in the world.

Over the past three years, the ranking of the Vietnam’s National Brand has continuously improved, up eight places and among the strong brand group. The value of Vietnam's national brand in recent years has increased sharply due to the Government's efforts on reforming the business investment environment, improving import and export performance, supporting product brands and enterprises and positive forecasts for GDP growth. In particular, there is great contribution of the Vietnam National Brand Program (Vietnam Value).

Vietnam Value is the Government's unique, long-term and unique trade promotion program on building and developing national brands through the introduction and promotion of prestigious and quality product brands of Vietnam.

In the early 2000s, no Vietnamese brands appeared in the rankings of international organizations. With the tireless efforts of the Government and businesses, by 2019, according to the ranking of Forbes Vietnam, the total value of the top 50 brands reached over US$9.3 billion, 50% of which are national brands, such as Thaco, Hoa Phat, Vinamilk, Habeco, Vietcombank, Vietnam Airlines, Cadivi, Viglacera and Saigontourist.

Over 1,000 products will qualify for Vietnam Value in the period of 2020-2030

In 2019, the Vietnam Value program was significantly strengthened with the issuance of Decision 30/2019/QDTTg on Regulation on building, managing and implementing the Vietnam National Brand Program and Decision 1320/QD. -TTg on approving the Vietnam National Brand Program from 2020 to 2030. Up to now, the program has over 16 years of implementation, contributing to raising the awareness of all administration levels, sectors and the business community on the importance of brand building, development and protection; honoring product brands, typical businesses representing Vietnam’s national brand and supporting enterprises to improve their business capacity and brand development.

According to the above decisions, in the period from 2020 to 2030, Vietnam Value Program will focus on building and developing Vietnam's Brand towards associating positive and outstanding values ​​of product brands with specific goals including: Unifying and synchronizing the program's operation objectives with the strategy of import and export of goods and services; supporting export turnover of the group of products with the Vietnam National Brand to achieve a growth rate higher than the national average; Over 1,000 products reaching the national brand; an annual 10% rise in the number of the most valuable brands listed by the world’s major ratings agencies; 100% of products obtaining Vietnam National Brand recognition to be promoted domestically and in key export markets. In addition to those specific goals, the program must achieve a rate of 90% of businesses across the country that are aware of the role of brands in production, business and investment.

The new regulation issued by the Prime Minister in Decision 30/2019/QDTTg is the legal basis to ensure the success of the program. Accordingly, the mechanism for the coordination between the leading agencies and the ministries, sectors, localities, organizations and associations in the implementation of the program to ensure the legality of a national program was prescribed clearly. By implementing this regulation, the ministries and sectors within their functions and tasks will sum up the needs of localities, organizations and enterprises to propose, elaborate and coordinate in the implementation of the projects according to the program’s content. Particularly, with the coordinating responsibility, the Ministry of Industry and Trade has built a plan to propagandize in order to raise awareness of all administration levels, sectors and the business community on the importance of brand building, development and protection; Supporting businesses to improve the capacity of building, managing and developing brands; Promoting and propagating about the National Brand Program and typical product brands of the businesses representing Vietnam’s national brands. At the same time, the ministry will strengthen cooperation with domestic and international organizations and businesses in the field of brand building and development.

Nguyen Thanh (Vietnam Business Forum)