Firms told brand building is key to success
Firms told brand building is key to success
Vietnamese enterprises need to make greater efforts to build their brand names to gain a competitive edge amidst rapid international integration, according to experts.
According to the Ministry of Industry and Trade’s Trade Promotion Agency, although the number of businesses honoured with Vietnam National Brand recognition has increased throughout the years (from 30 in 2008 to 124 in 2020), it lagged behind expectations.
Deputy head of the agency Hoang Minh Chien said the Vietnam National Brand (Vietnam Value) Programme has raised the awareness of many local firms and corporations of the important roles of brands in improving the value of their products and the businesses themselves.
It is difficult to develop Vietnamese brand for specific products, he said, adding despite being the world’s leading agro-forestry-fisheries exporter, Viet Nam lacks branded products in its shipments.
Up to 80 per cent of Vietnamese agricultural exports lack brands. Many export products in the nation’s 'one-billion USD' club such as timber, rubber, pepper and cashew nuts don't have their own brand names yet, according to agricultural specialist Hoang Trong Thuy.
Chairwoman of the Ngan Ha Science and Technology Company Limited Pham Thi Kim Loan said a good brand is developed from good-quality products as well as customer service and marketing strategies.
Meanwhile, Chairman of the Advice Council to the Institute for Brand and Competitiveness Strategy Nguyen Quoc Thinh said that besides financial resources, businesses need determination and in-depth knowledge of brand building.
Chien said the Ministry of Industry and Trade will work with enterprises to develop and popularise their brand names, adding focus will be sharpened on raising public awareness of brand development, helping businesses satisfy the criteria of the Vietnam National Brand Programme, and introducing the brands to domestic consumers and international partners.
According to Brand Finance, the value of the 'Vietnam Nation Brand' skyrocketed 175 per cent from US$141 billion in 2016 to $319 billion in 2020. The country also jumped 17 places from 2016 to 33rd in the list of the world’s 100 most valuable brands compiled by the UK consultancy firm.
