Businesses urged to strengthen national brands

Vinh Phong
Chia sẻ
(VOVWORLD) - April 20 has been designated Vietnam Brand Day for 15 years. Many activities have been held to strengthen the Vietnam National Brand and promote products recognized as Vietnam National Brands at home and overseas.

In the last three years, despite the COVID-19 pandemic and other crises around the world, the Vietnam National Brand has grown steadily. The value of Vietnam's National Brand last year increased 11% from the previous year (from 388 billion USD to 431 billion USD), bringing Vietnam to 32nd place among the top 100 national brands in the world.

Hoang Minh Chien, Deputy Director of the Trade Promotion Department of the Ministry of Industry and Trade, said Brand Finance – a national brand valuation organization based in the UK – praised Vietnam’s effort to build and develop its national brand globally.

"Many Vietnamese brands have resonated and affirmed their position in regional and global markets. In the early 2000s, Vietnamese brands were not found in any international rankings. According to Forbes Vietnam's ranking, the brand value of the top 50 Vietnamese firms reached 36.6 billion USD last year, up 36% from the previous year. Among them, businesses with products recognized as Vietnam National Brands, accounted for over 60%.' said Chien.

The Vietnam National Brand Program, approved by the Government since 2003, has contributed to raising the awareness of the public and businesses about the importance of brand building, development and protection.

Vu Xuan Truong, a lecturer at the University of Commerce and a brand expert, said: "Vietnamese businesses focus on building and managing their brands in the first stage and then in the second stage, they focus on building the image of products and services in close association with the brand."

Building a strong national brand will help Vietnam improve its competitiveness and at the same time promote Vietnam’s image, traditions, culture and people to the international community.