Firms urged to develop brand names
Firms urged to develop brand names
Enterprises must attach special importance to building their brand names, they were urged during a seminar held in the central city of Da Nang on July 29.
Do Kim Lang, the deputy head of the Viet Nam Trade Promotion Agency (Vietrade), said brand names play an important role in helping companies maintain and expand markets, both at home and abroad, as well as in resisting unhealthy competition.
Brand building efforts are specially important since local firms are facing stiff competition right at home as the country becomes more and more integrated into the global economy, he said.
"Worldwide, countries in general and ASEAN nations in particular, have been racing to enhance competition and build capacity, considering trade name development as a core strength. Inspite of that, the issue has been receiving inadequate attention in Viet Nam," he added.
Lang said enterprises whose names have been recognised in the National Trade Promotion Programme, organised every two years since 2008, are mostly major firms.
Small and medium-d companies, whose capacity also remains inadequate, have not yet been able to build such a name at the national level.
Some companies, which have already achieved the national brand name level, still show a limited ability in leaving their footprints in the international markets because they lacked mutual linkages.
Thach Bich Mineral Water Factory Director Ho Van Van said his firm has continuously tried to improve the quality of products, and was nationally acknowledged as a reputed name last year for its efforts.
The company currently sells 20 kinds of products in different markets, including India, Nepal, Malaysia, Cambodia and the Philippines. But like other local soft drink firms, it has to compete with international businesses in terms of product quality, prices as well as technology.
Increasing instances of mergers and acquisitions in this industry over the last few years have made it even more difficult for the domestic firms to develop national names, Van added.
Bernd Khunemund, a senior marketing and brand name consultant from Germany, suggested that Viet Nam should formulate a clear strategy for trade name development. The strategy should embrace marketing ideas for specific firms and products, promotion channels, as well as human resources.
Enterprises must take a keen interest in this process by renewing their products to meet international demand, he noted.
Deputy Prime Minister Hoang Trung Hai said at a Vietrade's event earlier this month that trade promotion activities should focus on enhancing the export of key Vietnamese products, and the consumption of local products in home markets.
Viet Nam is aiming to develop a Vietnamese rice brand that would become the world's leading rice, quality wise and in terms of food hygiene, by 2030, under a project approved by the government in May.
Viet Nam's 2014 Favourite Brand Name, an annual award determined by a nationwide customer vote, was awarded in January to businesses such as Saigontourist, Sai Gon Co-op, Vinasun and Sai Gon Petro.
