Vietnamese national branded businesses gradually catching up to the global trend: Experts
WVR - With the support of the National Brand Program, many Vietnamese businesses have recognized the crucial role of branding and thus made serious investments in building and developing their product and corporate brand identities.
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| Viettel Viet Nam serves as an example of how a Vietnamese brand breaks out of its 'safe zone' and reaches international heights. (Photo: Viettel Telecom) |
According to Brand Finance, Vietnam’s national brand value in 2020 witnessed an increase of 29.1% compared to 2019, valued at 319 billion USD. In 2021, it rose 21.6% compared to last year (388 billion USD). In 2022, it further increased by 11.1%, reaching 431 billion USD.
With the support of the National Brand Program, many Vietnamese businesses have recognized the crucial role of branding and thus made serious investments in building and developing their product and corporate brand identities.
As a result, in the 2022 Top 50 Most Valuable Business Brands in Vietnam, numerous companies with products achieving the Vietnamese national brand status were featured. In 2018, there were only 14 Vietnamese national branded businesses in the Top 50, accounting for 28% of the list. However, after five years, this number increased to 21 businesses, representing 42%.
Notably, within the Top 10 most valuable brands in Vietnam, the proportion of companies with products attaining Vietnamese national brand status surged from 20% in 2018 to a striking 60% in 2022.
Deputy Minister of the Ministry of Industry and Trade Tran Quoc Khanh emphasized that, Vietnam has been highly regarded for its development of the national brand and is the fastest-growing national brand globally between 2020 and 2022.
“According to the observed results, Vietnam's leading brands have shown exceptional growth in both brand value and brand strength indices, thus solidifying their positions in the rankings. Vietnamese national brand businesses are gradually catching up with the global trend of investing in brand value, significantly contributing to the increase in the value of the Vietnamese national brand”, he added.
Nancy Elizabeth Snow, Honorary Professor at the California State University, Fullerton also noted that, Vietnam's reputation in the international market is steadily increasing. While Vietnam has several strong national brands, there's a need to develop product brands globally.
Sharing insights on international experience in building and developing brands, Professor Nancy Elizabeth Snow highlighted that the 'best global brands' all share two crucial elements: reputation and trust.
Successful brands, whether national or product-based, hinge significantly on reputation—the name and standing of an individual or organization. Consumer trust in product endorsements and service commitments is the key to a strong brand,' she said.
Meanwhile, Alex Haigh, CEO of Brand Finance in Asia-Pacific, observed that Vietnam differs from other countries due to its immense economic development potential. Economic experts worldwide believe that Vietnam possesses a high entrepreneurial spirit.
Building a brand equates to strengthening Vietnam's soft power. The fundamental pillars in cultivating Vietnam's soft power, including business and commerce, management, international relations, cultural heritage, media, human resources and education, and sustainable future.
The CEO of Brand Finance Asia-Pacific emphasized: “How do we make Vietnam familiar, a household name, creating a wave of influence... Viettel Vietnam serves as an example of how a Vietnamese brand breaks out of its 'safe zone' and reaches international heights.
Through Viettel, the world gets to know Vietnam. The country needs to build numerous internationally recognized brands so that whenever these brands are mentioned, everyone associates them with Vietnam. This endeavor isn't just the Government's responsibility but of all its people, artists, media agencies, etc, to help the world understand Vietnam better".
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