Hanoi: Building national brands is important to help local businesses engage deeply in the global value chains and establish reputation in the world’s market, experts have said.
According to brand evaluation consultancy Brand Finance, Vietnam brand value has increased to 431 billion USD to rank 33rd in 2022 from 319 billion USD in 2019. The country climbed one place to 32nd in 2023.
A report on the implementation of the Vietnam National Brand Programme 2023 by the Ministry of Industry and Trade showed that Vietnam continued to be a spotlight in the world’s brand development map, posting the fastest growth rate of 102% in the 2019-23 period.
Along with the growth of the nation brand, the brand value of Vietnamese businesses also increased strongly.
While brands of Vietnamese businesses were absent in the rankings of international organisations in early 2000s, the total value of the country’s top 50 brands increased by 36% to $36.6 billion in 2022.
Telecommunications, banking and food are industries with t
he most valuable and strongest brands, according to Brand Finance’s Vietnam 100 2023 report.
Banking brand value increased by 47% in 2022, proved resilient to economic headwinds battering the nation by adopting digitalisation and enhancing customer services. Bank of Investment and Development for Vietnam (BIDV) was the fastest growing brand with the value up 69% to 1.4 billion USD.
Viettel defended its title as Vietnam’s most valuable brand in our rankings for the eighth year running with a growth of 2% to 8.9 billion USD on improvement in financial performance and digitalisation effort.
According to Bui Thi Huong, executive director of Vinamilk, it is important for businesses to seek innovation and creativity based on their core values to not only continue affirm the brand value in Vietnam but also contribute actively to bringing Vietnam brand to the world.
Dang Thuy Ha from Nielsen Vietnam highlighted the remarkable success of the business community in promoting corporate brands and expanding the reach
of Vietnamese goods to international markets.
Vietnam’s strong brands are increasingly known to the world.
Still, many enterprises, mostly small and medium sized, have not paid adequate attention to building brands and invested properly for brand communication.
According to Alex Haigh, Managing Director of Brand Finance, Asia Pacific, a compelling story is the key to building the national brand and image of Vietnam. A number of factors will play roles in establishing brand, including diplomacy, economy and business environment.
Le Ba Ngoc, Deputy President of Vietnam Handicraft Exporter Association, said in brand building, it is necessary to focus on innovative, original and sustainable value.
Economist Tran Dinh Thien said that building a Vietnamese brand means creating prestige and advantage as well as conditions for Vietnamese products to easily reach the world to create national value and increase national pride./.
Source: Vietnam News Agency