(VOVWORLD) - Vietnam was the world’s fastest-growing national brand this year. Its value surged 29 percent to 319 billion USD, on the list of the world’s 100 most valuable national brands compiled by London-based independent brand valuation and strategy consultancy Brand Finance raising Vietnam nine places from 42nd last year to 33rd this year
 Businesses winning Vietnam National Brand Awards are honored (photo: thuonghieucongluan.com.vn) |
Vietnam’s product brands strengthening internationally
The international prestige of “made in Vietnam” products has increased over the past few years, particularly since the COVID-19 pandemic began. With global supply chains disruption by COVID-19, businesses in HCM City have seen orders triple or quadruple for such products as outdoor furniture, kid toys, fishing rods, and sports equipment. A small mould-making business in HCM City tripled its orders from the US and a garment business in the city got bigger orders for anti-viral facemasks from the US, Europe, and Israel after Vietnam became a star of the coronavirus fight. Minister of Trade and Industry Tran Tuan Anh, who is Chairman of the National Brand Council, said: 'Businesses with national brands have strengthened their foothold in the market, seeing increase revenue and profit and expanding outlets despite the challenges of recent years, particularly the COVID-19 pandemic. The value of Vietnam’s brands has risen internationally thanks to improved quality of products and services. This has made Vietnam more competitive.'
More than 280 Vietnamese received a Vietnam National Brand last year. An annual increase of those numbers reflects the growth of Vietnamese businesses who recognize the importance of branding in raising the value and competitiveness of their products. Nguyen Nhat Vu, Deputy Director General of the Lam Dong Tourism Company (Dalattourist), a recipient of a National Brand Award, said, 'Branding is the key to successful competition, particularly in the 4th Industrial Revolution. Someone once noted that a product can grow outdated, but a successful brand will live forever”. Dalattourist has focused on promoting its brand considering that the key to the international market.'
Opportunities seized to strive forward
Vu Ba Phu, Director of the Trade Promotion Department, says participating in free trade agreements like CPTPP, RCEP, and EVFTA gives Vietnam opportunities to grow despite a receding global economy. Phu said Vietnamese businesses need to be more determined and more creative about developing national brand, 'We need to identify the brands in each sector, and work out plans for the next five years and beyond to develop those brands,' said Phu.
At a meeting with 124 businesses that won a National Brand Award in 2020, Prime Minister Nguyen Xuan Phuc asked them to promote innovation and creativity to drive the national economic development. Phuc said, 'Businesses need to adapt Vietnamese corporate culture to promote national development. I want the Vietnam National Brand Council to devise better policies for businesses’ development.'
Every economy will face several difficulties in the near future but Vietnam’s economy, more than most, can be confident of continued growth.