10:57:12 AM | 5/10/2021
Vietnam's national brand value has continuously improved on the world rankings in recent years. A well-managed Vietnamese national brand name will be the key to success and can greatly benefit the country's economy in general and the business community in particular.
Rapid rise in national brand value
According to a recent report by Brand Finance, in 2020, Vietnam was one of the fastest-growing brand-value countries in the world, with a growth of 29% over 2019. Vietnam's national brand value climbed nine places to No. 33 in the Top 100 valuable national brands in the world.
In addition, Vietnam was the only nation in ASEAN to be upgraded in the global soft power ranking from 50/60 to 47/105 countries according to the Global Soft Power Index 2021.
The Brand Finance concluded that Vietnam utilized all aspects of soft power relatively well, especially the integration of the Vietnamese National Brand. Vietnam's national reputation in the past year picked up largely thanks to the Government's quick policy and response, especially its close direction in supporting businesses to build and promote brands domestically and internationally, and to dynamism and efforts of Vietnamese businesses.
Corporate branding aligned with national branding
In 2003, the Vietnam Value Program was approved by the Prime Minister to promote the national image and national brand name by assisting enterprises to develop their product and service brands, enhancing their position and added values of each industry and sector of the economy as Vietnam actively integrates into the international economy, deeply participates in value chains and production networks. As a result, Vietnam has the fastest growth in national brand value in the world.
Meanwhile, the Ministry of Industry and Trade has focused on building and promoting geographical indications and collective brand names of Vietnam in foreign markets; supported boosting corporate competitiveness based on quality reputation, environmentally friendly production and professionalism to strengthen the position of Vietnamese brands in the world market.
In addition to developing national brands, many Vietnamese brands came as a surprise to the region and the world, including Viettel - Top 15 operators in the world by mobile subscribers and Top 40 in the world by revenue; Truong Hai Auto Corporation (THACO) - gradually reaching the leading position in the ASEAN region; State-owned Khanh Hoa Salanganes Nest Co., Ltd - Asia’s leader by bird’s nest output; and TH Milk Joint Stock Company - the first to get a passport to enter the Chinese market.
Mr. Nguyen Thanh Son, President of MVV Group, said that businesses should not only focus on making their products recognized as national brands, but look at the values they can take from now. The Vietnam Value Program will provide them with a set of tools, including action methods and metrics, helping them know where they are, what they should do and how they work to have an overview of their performance and internal strengths.
Mr. Lai Tien Manh, Director of Mibrand Company, pointed out three core values that businesses in the national brand program must adhere to: quality, innovation and leadership. These values are not slogans but need to be turned into true actions to match their actions and words with values in the National Brand program.
Affirming that national brand is a lever for businesses to build communication programs based on the prestige of the national brand, Mr. Vu Ba Phu, Director of the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade, said that in the coming time, the ministry will continue to coordinate effectively with relevant bodies to facilitate and support the business community, including Vietnam Value-certified companies, to participate more actively in building and promoting the image of Vietnam, so as to further increase benefits coming from their new position and new values generated by the national brand.
By Huong Ly, Vietnam Business Forum
Vietnamese
