To enhance Vietnamese soft power and national brands’ impact on the wold: Unity, consensus, cooperation

Sharing with the World and Vietnam Report, Mr. Cu Van Trung, PhD., Chairman of the Board of Directors of Educational Consulting and Training Joint Stock Company, feels positive, confident and excited about the assessment of Brand Finance (the world-leading organization in brand valuation and strategic consulting) on Vietnamese national brand.

According to this organization, Vietnam continues to shine in the landscape of building and developing a global national brand. It's also the national brand with the fastest value growth rate globally - a staggering 74% during the 2019-2022 period.

Mr. Cu Van Trung, PhD., Chairman of the Board of Directors of Educational Consulting and Training Joint Stock Company.

What is your assessment of the recent business landscape, as well as other branding factor in Vietnam?

It’s evident that the assessment of an independent and highly reputable agency, situated in an advance country (the UK) like Brand Finance is significant. It serves as a crucial evidence and a reliable metric for investors, international organizations, and nations worldwide to form a positive and comprehensive perspective about Vietnam. This pertains to both the national brand and the current activities of businesses within our country.

As a Vietnamese citizen, I, like all others, share the same positivity, confidence and excitement towards such evaluations. However, it's important not to be overly subjective or excessively jubilant, but rather to perceive this as substantial encouragement and significant validation from an international organization that has provided an accurate and realistic view of Vietnam's and its businesses’ development at present.

Brand Finance’s assessments are based on stringent criteria, and they make their evaluation across four main areas: the nation's product and service brand, investments (both domestic attraction and direct investment), tourism, and human capital. Over the span of three years from 2019 to 2022, Vietnam has consistently performed well and optimistically across all these dimensions outlined by the organization.

Despite the impact of COVID-19, Vietnam’s economy has maintained a positive growth, controlled inflation. Its agricultural exports continue to shine in international trade. Vietnam’s investment attraction and investment environment still retains its advantages, posing as an attractive destination for businesses around the world, with its numerous incentive policies.

Additionally, in recent years, the Vietnamese Government consistently reforms administrative procedures and enhances the country's governance capacity. Particularly, the anti-corruption campaign initiated by our Party has yielded significant positive outcomes, fostering trust among both domestic and foreign investors.

Moreover, Vietnam possesses a long coastline, a great tourism potential, and a number of internationally regconized landmarks and scenic spots. Also, we have a rich and enduring cultural heritage, abundant in both tangible and intangible aspects. The Vietnamese people are known as friendly and peace-loving people. All these factors contribute to Vietnam scoring high in the evaluation criteria set by Brand Finance.

A map of Viet Nam made from FPT-made chips. (Photo: Vnexpress)

How to build and maintain a business brand still poses a huge question for companies of all sizes. What is your advice to them on this matter?

Vienamese people don’t have much experience in general brand building and preservation, particularly in terms of business branding. In fact, many businesses are often “carelessly” commiting infringement upon trademarks, logos, and symbols of international organizations and enterprises."

According to Brand Finance’s criteria, the national brand and business brands as part of a culture and the inherent values of the Vietnamese people, reflecting the essence of the country, its people and history. However, these products must have a significant emphasis on reputable products, high-tech applications, and meeting international standards.

Any product from any enterprise aiming to build a brand and establish itself on the international stage, besides having good quality, needs to embed the essence of Vietnamese values, character, spirit, and identity within it.

We can see that developed nations aren't just known for nationally-branded industrial or agricultural products; they excel in services, filmmaking, music, entertainment, football, sports, and more. This represents soft power, a form of influence that carries the values of a people and a nation, shaping the brand and unique characteristics of each nation and its people.

In 1996, Republic of Korea regconized the importance of national branding. In order to promote the image of their country and businesses, they established a council involving nearly 10 ministers from various sectors, along with numerous experts in the field of communication and brand promotion.

With a systematic, long-term, and persevering approach, this country has ignited the spirit and strength of businesses and its people, leading to their success in projecting their image and national brand globally as we witness today. Vietnam has also dedicated nearly two decades to building its National Brand Program, aiming to develop and strengthen the national brand by supporting businesses in building strong brands in the market. I hope this program will enhance the country's competitiveness, elevate the brand position, and promote Viet Nam's image as a nation offering high-quality goods and services in both domestic and international markets.

In your opinion, what are the weakneses of Vietnamese business in bulding their brand? What can they do to overcome them?

A short-term strategy, a preference for immediate gains and a lack of strategic vision are weaknesses that infiltrate the operational psyche of some businesses in our country. Even though this is Vietnam’s “golden age” to build both enterprise and national brands, this endeavor demands persistence and long-term commitment; it's not something that can be achieved overnight.

Most of our businesses haven't ventured too far in considering the long-term narrative of image and brand. This is understandable since it’s the typical Vietnamese trait. Moreover, discussing brand building inevitably involves financial aspects; it requires investment and spending on product advertising. Even some major enterprises took considerable time to integrate into the international scene, such as Viettel, Vinamilk, Thaco, Vingroup, FPT...

In essence, the journey of constructing a national and international brand is indeed a long-term commitment, involving significant financial costs and effort.

Brand Finance believes that Vietnam has relatively well leveraged all aspects of soft power, especially in the integration of the Vietnamese national brand and leading product brands. So, what should businesses and citizens do to further elevate Vietnam's status in terms of soft power and the value of its national brand, in your opinion?

International experts believe that a country's ascent, particularly in the proliferation of its national brand, spans roughly 120 years within a nation's developmental cycle. Therefore, citizens and businesses need to deeply understand that this is Vietnam's "golden opportunity" to elevate the country's status, brand, and image as well as its products.

We have gone through a 40-year-journey of renovation, integration, and national development. Presently, Vietnam's stature and influence have notably garnered numerous achievements, as reiterated by the Party and the State on multiple occasions.

A dynamic, innovative business with valuable products is essential. Besides self-capability, enterprises need to align with national responsibility and commitment while engaging in international economic integration.

High evaluations from independent organizations like Brand Finance provide robust backing, attracting entities such as credit, banking, insurance, and investment sectors towards Vietnam.

The “heart and stature” of our nation has been shaped. More importantly, at this juncture, the people, businesses, and Government need to be stronger and more confident in promoting our brand and image globally. Concurrently, it is crucial to boost support for young businesses with good products and sustainable operations but lacking deep experience in the global market.

Unity, consensus and cooperation to participate in the international economic community is the quickest way to enhance Vietnam's soft power and make its national brand's profound impact on the world.

In my view, the national brand through business enterprises is the most prominent and distinctive feature. Therefore, businesses must recognize this responsibility and honor to fortify and maintain their products and image as they step into the world.

Citizens need to stand alongside businesses and the Government in this endeavor. Each citizen should act as an ambassador, spreading inspiration about Vietnam's exceptionally new socio-economic image to international friends whenever possible. Only then can we write Vietnam's story similar to current successful Asian nations and territories like Japan, Republic of Korea, and Chinese Taipei, and tell the whole world about what we have achieved in the past.

Thank you so much!

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