Vietnam Gold Star Award: Best Brands Honoured

With the purpose of encouraging young entrepreneurs to build brands for international integration and honouring prime brands and products of Vietnam, in 2003, Vietnam Gold Star Award was founded. VGSA was one of the key contents of the Campaign for international economic integration by Vietnam Youth and young businesses.

 

So far VGSA has honoured about 1,327 brands and products. Particularly: in 2003, there were 626 prime brands and products of 46 provinces, cities and industries nominated, 147 brands and products of 141 enterprises awarded; in 2004, there were 778 prime brands and products of 52 provinces, cities and industries nominated, 155 brands and products of 128 enterprises awarded; in 2005, there were 1006 prime brands and products of 55 provinces, cities and industries nominated, 175 brands and products of 172 enterprises awarded; and in 2006, there were 1,254 prime brands and products of 52 provinces, cities and industries nominated, 150 brands and products of 149 enterprises awarded.

 

Especially, since 2007 VGSA has made big changes, aiming to become a prestigious and successful award in the enterprise community. Accordingly, the award has focused on honouring brands and formed the 100 leading brands in Vietnam (Top 100). In 2008, VGSA awarded 25 industries and the 200 prime brands in Vietnam. Based on votes, brands awarded will be recognized with titles TOP10, TOP100 and TOP200 Vietnam brands. This successful change has been considered a breakthrough in building Vietnam brands for international integration.

 

Moreover, VGSA also contributes to boosting business and increasing profits for enterprises. According to statistics, 2010’s Top 200 brands had total turnover in 2009 reach VND 453 trillion, which increased by 5 percent to VND 475.6 trillion in 2010, submitted to the National budget VND 43.9 trillion (exceeding by 28.1 percent against 2009), and created jobs for nearly 400,000 labourers (up by 27.8 percent against 2009). Many enterprises have expanded their business and investment in foreign countries. This once more affirmed VGSA as the playground in which enterprises developed and promoted all their strengths.

 

Over the years, VGSA has asserted itself as a prestigious, national leading award, had positive impacts and benefited Vietnam enterprises, brands and services. VGSA logo will be registered for national protection as a certificate at the international level for brands and products’ prestige and quality. The award is held professionally, prestigiously in the community with fair voting procedures and with voting criteria valuing enterprises increasing international competitiveness. The award’s examiners are all top experts in their industries who are fair, reputable and professional assessors. To win the award, enterprises and brands have to overcome challenging assessment rounds.

 

VGSA’s assessment criteria are rather strict. VGSA makes assessment based on brands’ competitiveness and market scale; quality control procedures, brand development and management, and especially environmental technology meeting domestic and international requirements. Brands meeting such criteria will be honoured and presented this prestigious award. The honour is re-assessed over time, and recipients exploit and use the VGSA logo for a given time only. This also reminds enterprises to continuously move up and assert themselves.

 

2011 is the first time the Organizational Board applied a score sheet in voting for participating enterprises. Thus, competition to TOP 200, TOP 100 and especially TOP 10 VGSA in 2011 will be severe. VGSA 2011 will have differences in award structure and assessment criteria. In award structure, the Organizational Board will add awards for TOP 10 enterprises taking social responsibility. As for criteria and voting committee, VGSA 2011 assigns brand experts to identify and evaluate brands of participating enterprises; representatives from ILO and UNDP to appraise sustainable development value; representatives from Social Insurance to advise and assess enterprises’ social responsibility; and international financial institutes and experts to evaluate VGSA against other international awards.

 

Notably, brands voted as TOP10/TOP100 must have audit report in 2010. Beside quantitative criteria about enterprises’ business efficiency, consultants will build up criteria and voting procedures to award social enterprises. Priority will be given to indicators of sustainable growth, competitiveness and brand development, environment friendliness, technology, social responsibility of participating enterprises. Evaluation will also be based on priority industry groups and fields. Building up band score aims at bringing the award to a new height. It helps to save and optimize screening, assessment and voting time for Voting Committee and increase efficiency, profession and objectiveness, ensuring the award’s quality and reputation.

 

This year, VGSA will be held on the occasion of Entrepreneurs’ Day on October 13^th. The award ceremony will be held together with the 4^th Young Business Forum ASEAN Open, which again asserts VGSA as the place for Vietnam brands to shine and boost international exchange and integration.