German expert: Vietnam striving to establish its brands on international stage
Prof. Dr. Andreas Stoffers, Country Director of the Friedrich Naumann Foundation (FNF) in Vietnam, believes that Vietnamese goods and services are increasingly solidifying their positions in both domestic and global markets.
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According to Brand Finance, the world's leading brand valuation consulting company based in London, UK, which annually evaluates 70,000 brands worldwide, in 2022, Vietnam's national brands were valued at 431 billion USD. What's particularly noteworthy is that the country continues to be evaluated as the national brand with the fastest growing value globally, at a rate of 74% during the 2019-2022 period.
Vietnamese businesses achieve remarkable maturity
In terms of pace of growth in the value of the national brand, Viet nam is considered to be a bright spot in the global landscape of building and developing national brand. Its national brand has the fastest growing rate in the world, increasing by 74% during the 2019-2022 period.
Specifically, in 2019, Brand Finance valued Vietnam's national brand at only 274 billion USD. However, in 2020, it reached 319 billion USD, marking a 29% increase from the previous year. In 2021, it climbed to 388 billion USD, a 21% increase from 2020, and in 2022, it reached 431 billion USD, growing by 11% compared to the previous year.
In terms of ranking, due to the repercussions of the Covid-19 pandemic and geopolitical conflicts and uncertainties worldwide, many countries struggled to maintain their positions for their national brands. Despite this, according to Brand Finance's assessment, Vietnam not only maintains its position but also ascends within the Top 100 powerful national brand values worldwide.
In specifics, in 2019, Vietnam was ranked 42nd. By 2020, it soared nine places to 33rd, maintaining this rank in 2021. Then, in 2022, it further elevated its position by one place to 32nd.
In terms of the growth in enterprises’ brand value, Brand Finance assesses that among the Top 100 most valuable enterprise brands in Vietnam, the growth in value is notably high at 36%. This stands in comparison to Singapore's 22%, Indonesia's 22%, India's 16%, Malaysia's 10%, China's 6%, Japan's 5%, and Thailand's 4% growth rates.
Among the leading brands in terms of brand value, many belong to Vietnam's national brands, such as Viettel, Vinamilk, MB, Vietcombank, Vietinbank, BIDV, Hòa Phát, Vietnam Airlines...
Speaking to TWR about Brand Finance’s assessment, Prof. Dr. Andreas Stoffers, Country Director of the Friedrich Naumann Foundation (FNF) in Vietnam stressed that: “Vietnam has been striving to establish its brands on the international stage”.
He said, these results reflected the active contributions of various involved agencies and organizations in the national brand development, namely:
First, it's the appropriate directives and policies of the Vietnamese Party and Government in constructing and advancing Vietnam's national brand.
Second, it's the dynamism and creativity of Vietnamese businesses that consistently reach out globally in their efforts to build and enhance product brands. These business brands contribute to elevating the value of Vietnam's national brand in the international market.
Prof. Dr. Andreas Stoffers observes that although the number of Vietnam's national brand businesses remains relatively small, it has increased over the years (reaching 172 businesses in 2022).
In terms of quality, these national-branded businesses have asserted their pioneering role, creating a ripple effect and guiding and supporting other enterprises in their development.
Not only that, but Vietnamese goods and services are also solidifying their position in both the domestic and global markets through impressive figures in export turnover, market share, rankings in various sectors, and the significance attributed by international partners.
"This is a convincing testament to the quality of Vietnamese goods and services in the international market," he emphasized.
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| Two electric SUV models, VinFast VF8 and VF9, showcased in Paris, France. (Photo: VinFast) |
Looking at the event where Vietnamese automobile maker VinFast’s shares (VFS) debuted in the US Nasdaq Global Select Market, Director of the Vietnam Institute of Economics, Assoc. Prof., Dr. Bui Quang Tuan takes pride in the exceptional maturity of Vietnamese enterprises.
“Enterprises like VinFast have demonstrated vision, systematic and professional steps, daringly pioneering into the global market, and competing in one of the world's most intense markets. This marks a groundbreaking historical beginning for Vietnamese enterprises”, he said.
“The fact that domestic businesses are accessing international capital markets will be an objective trend, especially considering Vietnam is among the ASEAN’s top 5 economies (2022). According to the International Monetary Fund (IMF), in 2023, Vietnam will ranked 3rd in Southeast Asia in terms of economic scale. Therefore, the country has matured sufficiently to participate in the global arena.”
To enhance the value of businesses
According to Prof. Dr. Andreas Stoffers, Vietnam’s National Brand Program has been implemented for nearly two decades, with the goal of constructing and developing the national brand. This is achieved by supporting businesses in developing strong brands in the market, contributing to enhancing national competitive capabilities, elevating the brand's position, and promoting Vietnam as a nation offering high-quality goods and services in both domestic and international markets.
“Every nation or its enterprises aims to increase the competitive advantage of their products through their brand image. Therefore, in the coming time, to continue enhancing their value, it's crucial to start with the core values of the businesses themselves. These include the value of the product, culture and ethics in doing business, stable financial health, the value created for the community, and contributions to the country's revenue”, he stated.
Simultaneously, each business itself must continuously innovate and develop, pioneering the application of new technologies and elements to improve products and focus on user experience.
Currently, environmental protection and climate change adaptation for sustainable development are significant concerns in all aspects of economic and social life. The green factor must be integrated with growth. "This is also a suggestion to elevate the brand through the value it brings to society: developing businesses that focus on green, sustainable factors," Country Director of the FNF in Vietnam stated.
