Vietnamese brands gain foothold in international markets
Vietnamese brands gain foothold in international markets
Brands from Viet Nam have gained more recognition and value in recent years, according to the Director of the Trade Promotion Agency, Vu Ba Phu.
Phu, also head of the Secretariat of the National Brand Programme, said there had been significant contributions from the business community and that the success in brand development was a key factor in strengthening the country's national brand.
Thanks to the enhanced competitiveness of domestic businesses and products, Viet Nam's export revenue has increased sharply, which has also helped South East Asia's brands to gain more popularity among consumers globally.
He noted that the country's import-export revenue rose nearly 800 per cent from US$84.7 billion in 2006 to $668.5 billion in 2021, with exports increasing from $39.8 billion to $332.2 billion.
In 2016, manufacturing products made up 80.3 per cent of total export revenue. The proportion rose to 85 per cent in 2020 and is expected to reach 90 per cent in 2025.
Notably, Viettel has entered the Global 500 list for 2022, while Vinamilk ranks eighth in Brand Finance’s top 10 most valuable milk brands in the world in 2021.
He said that in 2016-20, the country's national brand value increased 226 per cent from $141 billion to $319 billion, pushing it to 33rd among the 100 strongest brands globally.
To successfully establish their brands in new markets, on top of product quality, businesses should give more attention to intellectual property protection for their products abroad and research and development.
At the same time, it is necessary to foster strong ties between domestic suppliers with foreign distributors and attract more foreign investors to bring Vietnamese products to distribution systems in foreign countries.
Together with raising public awareness of trademark development, the ministry said it would support brand building and management businesses.
The ministry also called for greater engagement of enterprises in expanding the National Brand Programme.
Forum calls for OV entrepreneurs’ help with promoting Vietnamese goods, brands
The Viet Nam National Brand Week 2022 kicked off in Ha Noi on Wednesday with a forum held to call for overseas Vietnamese (OV) entrepreneurs’ support in promoting Vietnamese goods and brands.
Addressing the opening ceremony, Deputy Minister of Industry and Trade Do Thang Hai, who is also Vice Chairman of the Viet Nam National Brand Council, cited a Brand Finance report as saying that the country’s nation brand value last year grew 21.6 per cent from 2020 to $388 billion, sustaining the 33rd position in the global rankings.
This is a considerable stepping stone for Vietnamese businesses to improve their competitiveness in the world, he said, noting that with support from the Viet Nam national brand programme, many enterprises have become aware of the importance of brands so as to increase products and businesses’ value.
The official pointed out the need to pay due attention to advertising Vietnamese goods and brands via trade centres owned by OVs so as to improve their competitiveness in international markets.
Echoing the view, Deputy Minister of Foreign Affairs Pham Quang Hieu, Chairman of the State Committee for OV Affairs, highlighted the contributions of the 5.3 million Vietnamese people living abroad, especially the entrepreneurs working in over 100 countries and territories, to the promotion of trade, products, and brands of Viet Nam.
He said with their knowledge, experience, and love for the homeland, OV entrepreneurs have surmounted numerous challenges to bring Vietnamese goods to their host countries. They have also helped domestic agencies and businesses learn about laws and consumers’ tastes in other countries.
In the future, the Ministry of Foreign Affairs will push ahead with economic diplomacy and coordinate with the Ministry of Industry and Trade, localities, and agencies to boost the export of Vietnamese goods to the strongly recovering markets so as to capitalise on the growth trend in the global economy, according to Hieu.
At the national brand forum, participants discussed issues that attracted many companies’ attention, including the nation's brand in relation to product and enterprise brands, international experience in national brand building, how to raise the stature of Vietnamese brands amid the integration trend, and measures for helping firms overcome challenges.
