Branding Vietnam Exports
Vietnam has a lot of strong export items but most of them are raw and unbranded in the international market. This is a longstanding paradox which is unlikely to be addressed in a short time.
The Vietnam Value Program - a national branding program - helps build an image of Vietnam as a prestigious supplier of a variety of high-quality goods and services. Joined by local corporate brands, the Vietnam Value Program was valued at US$235 billion by Brand Finance, ranking 43rd among strong national brands in the world. Mr. Vu Ba Phu, General Director of the Vietnam Trade Promotion Agency (Vietrade), talked about this program with the press.
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Could you share about the Vietnam Value Program?
The Vietnam Value Program was assigned to be launched every two years to the Ministry of Industry and Trade by the Prime Minister since 2003. Since then, the ministry has carried out many activities aimed at promoting national images and national brands through certified product brands. This long-term trade promotion program aims to build and promote trade names, geographical indications and trademarks of Vietnamese goods and services on domestic and foreign markets.
Why must we build brands for Vietnamese exports?
Amidst economic integration with new-style trade trend and protectionism, the brand name is increasingly affirmed as a valuable asset of every business and every nation as well. Corporate branding is an integral element and foundation of the national brand. Corporate brand and national brand is interactively supplementary. Any country that gathers many well-branded businesses will enhance its image. National brands will empower business brands.
What do you think about benefits of the Vietnam Value Program?
Briefly speaking, the Vietnam Value Program aims to select businesses whose products meet its criteria to represent Vietnam's images in domestic and international markets, promote their products on international markets and deliver messages to global customers and consumers that Vietnam is capable of making good-quality, reputable and reliable goods.
Joining the Vietnam Value Program, Vietnamese businesses with certified products will be sponsored and supported by the Government to promote their products on domestic and international markets in different forms to boost the image of Vietnam.
As the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has already been effective for Vietnam, what advantages will the Vietnam Value Program give to exporters to take advantage of this agreement?
As in CPTPP, Vietnam’s branding promotion will muster businesses with nationally branded products and give priority to key export markets and important industries. When CPTPP comes into effect, member countries will obviously become key markets where export promotion and market expansion activities will be launched. Therefore, the Government will prioritize more resources on promoting products and images of Vietnam on CPTPP member markets.
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Supported by the Vietnam Value Program, many Vietnamese businesses have made great strides in building, developing and protecting brands. The steadily rising number of businesses with certified products shows that their awareness, capacity and concerns about branding development have been improved.
Businesses certified by the Vietnam Value Program have become leading representatives for each industry and business field such as VNPT, Hoa Phat, Viet Tien, Cadivi, SJC, Traphaco, PTSC, Binh Minh Plastic, Vinacafe, VietinBank, Sabeco, Vinamilk, Hoa Sen and Viglacera. A considerable number of Vietnamese businesses have strengthened their own brands and are highly valued by foreign investors.
In 2017, Forbes Vietnam announced the list of the 40 most valuable corporate brands in Vietnam, with a total value of more than US$5.4 billion, 20% higher than a year earlier. More than a half of them are certified by the Vietnam Value Program, including Vinamilk, Sabeco, Habeco, Thaco, Hoa Phat, BIDV, Vietcombank and Binh Minh Plastic.
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