Branding key to export growth, experts advise
Branding key to export growth, experts advise
It's becoming urgent for businesses to invest in branding to help them penetrate and expand their markets better during global integration.
The Viet Nam Chamber of Commerce and Industry and Trade (VCCI) and the Association of Vietnamese Retailers jointly organised a workshop yesterday on investing in branding and spending on advertisements, in response to a recent proposal to remove the cap on advertising expenses.
Experts from the Nation Consultancy pointed out at the workshop that the export of raw materials and products, which often helped a third party to make profits, and the lack of foreign market information and knowledge were among the major problems of Viet Nam.
Viet Nam continued to fail in building a clear image of the country's export products, especially agricultural products, which were being exported without branding, while many low-quality products exported under Vietnamese brand names were destroying the nation's prestige.
Experts pointed out that these problems would lead Vietnamese products to have low added value and low ability to engage in the value chain.
Stephen Kreppel, an expert in nation branding in the Nation Consultancy, said that exports were important for the economic growth and prestige of Viet Nam.
Brands can be built with sustainable economic development, environment-friendly policies and social responsibility, together with natural and cultural heritage and the nation's pride.
He stressed the important roles of both the government and enterprises in branding, in which the government would play the role of a supporter, but would not interfere in brand management.
Enterprises should also have knowledge about potential markets and the consumers' taste to create high-profit products and build unique Vietnamese brands, he said.
Pham Thi Thu Hang, general secretary of VCCI, added that enterprises needed to invest further in developing their brands to have a worldwide reach.
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