Private enterprises to be a driving force behind VN's brands

Private enterprises to be a driving force behind VN's brands

The brands have not only reached global markets with high-quality products but also built compelling brand narratives, an innovation spirit and strong commitments to sustainable development.

Vinamilk ranks sixth among the world’s top ten most valuable dairy brands and second in global brand strength. VNA/VNS Photo

With a powerful spirit of innovation and creativity, numerous private enterprises have pioneered investment in research and development to elevate product quality and brands, gradually establishing their positions in international markets.

Many have risen to become influential brands that have gained recognition both at home and abroad.

According to Brand Finance, Việt Nam's national brand value reached US$507 billion in 2024, ranking 32nd globally and climbing one position from the previous year. This achievement reflects collective efforts, with the most notable being the pioneering footprint of private enterprises such as VinFast, Vinamilk, Masan, Duy Tân and TH True Milk. These brands have not only reached global markets with high-quality products but also built compelling brand narratives, an innovation spirit, and strong commitments to sustainable development.

The number of businesses receiving the Việt Nam Value title grew significantly, from 30 in 2008 to 190 in 2024, representing 359 products. These enterprises generated revenue of up to VNĐ2.4 quadrillion ($91.7 billion), contributed VNĐ150 trillion to the state budget and created jobs for over 600,000 workers.

Vinamilk, particularly, has made tireless efforts to bring Vietnamese brands to global standards, ranking sixth among the world’s top ten most valuable dairy brands and second in global brand strength, Brand Finance rankings showed.

Other standout brands include TH Milk and Nafoods in the agricultural, food and beverage sectors and PlasmaMED in high-tech health care — all exemplifying how Vietnamese private businesses are going global through product quality, brand identity, innovation, and a sustainable vision, reinforcing Việt Nam’s image as a dynamic and responsible nation in the international community.

Deputy Director of the Ministry of Industry and Trade’s Trade Promotion Agency Hoang Minh Chiến noted that without the private sector’s drastic engagement and persistent companionship, the National Brand Programme could not have attained its current achievements. Amidst globalisation and fierce competition, private firms’ proactive investment in technology, management and brand building is the key to positioning the value of Việt Nam’s goods and services, helping improve the nation’s image.

Despite their pioneering role in promoting the Việt Nam brands, private enterprises have continued to face significant barriers on the international stage. Beyond capital, technology and talent constraints, a lack of support policies remains a major hurdle.

Deputy Secretary General of the Vietnam Chamber of Commerce and Industry (VCCI) Đậu Anh Tuấn said although Vietnamese products have been present in 200 countries and territories across the globe, many brands have struggled overseas due to weak intellectual property protection, irrational brand communication strategies, or intense competition from similar-tier products from China, Thailand and the Republic of Korea.

Against this backdrop, building national brands should be the collective effort of the State, industry associations, trade promotion agencies, enterprises, and consumers, he underscored.

To encourage private enterprises to make further contributions in the coming time, the State should continue to improve the investment and business environment, ensuring conditions for the sustainable business and investment of private firms.

Simultaneously, it should create mechanisms and policies encouraging private enterprises to apply scientific and technological advancements, embrace innovation, and adopt sustainable business models and cleaner production technologies.

The State will also bolster a startup and innovation spirit, support improvements in labour productivity, develop high-quality human resources, enhance management and corporate governance capabilities, as well as strengthen the roles of business associations.

For businesses, Chiến held that it is necessary to develop high-quality products that reflect Việt Nam’s unique strengths. He also emphasised the need for companies to standardise and digitise management and production processes in accordance with international norms, in order to boost competitiveness, reduce waste and remain agile in a volatile global market.

Enterprises should develop a people-centred management model that fosters innovation, while reforming distribution systems to earn lasting trust in global markets, he suggested. 

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