|Vietnam National Brand Forum 2023 is organized by the Department of Trade Promotion and RMIT in Hanoi on April 20, 2023. (Photo: baoxaydung.com.vn)
A report by Brand Finance, a brand evaluation organization in the UK, released on April 20th showed that Vietnam National Brand had the fastest value growth in the world in the 2019-2022 period.
Building Vietnam Green brand in the global value chain
Brand Finance said despite negative impacts of the COVID-19 pandemic and political conflicts worldwide, Vietnam National Brand grew 74% over the past three years.
On Brand Finance’s list of top 100 Strong National Brands in the world, Vietnam always ranks in the first half and has steadily increased over the years. Last year, Vietnam National Brand ranked 32nd out of 100.
In recent years Vietnamese brands have improved remarkably in both Brand Value and Brand Strength Index. Enterprises are increasingly aware of the importance of brand as a "key" to increase product value as well as corporate value. They have contributed to building the image of Vietnam as a country with high-quality and competitive products and services.
As the world's leading exporter of textiles, footwear, and agricultural products, Vietnam used to be known for mainly exporting raw materials and very few branded products. This has changed since Vietnam now has strong brands and "billion-dollar" businesses that can compete in the global market. Among them are prominent names such as Viettel, Vinamilk, Trung Nguyen, and TH Group.
Applying clean and environmentally-friendly technology, TH Group has become a pioneer in green production of food and beverages and has influenced other businesses to transform to green and sustainable production.
VinFast with its electric vehiclesis building its name in the international market. Hoang Minh Chien, Deputy Director of the Department of Trade Promotion at the Ministry of Industry and Trade, said: “Green transformation toward sustainable growth promises to bring practical economic benefits as well as intangible values, helping businesses improve their competitiveness, particularly as Vietnam’s economy is integrating deeply in to the world. Consumption is moving toward environmentally-friendly products. Green production is an advantage for Vietnamese businesses to improve their brand and have more customers.”
Government supports green development
Having more Vietnamese brands in the international market shows the Vietnamese government’s right direction of green and sustainable development. The government has adopted many policies to steer economic development toward sustainability, environmental protection, and climate change adaptation by improving investment quality and efficiency and focusing on quality projects.
Alex Haigh, Managing Director of Brand Finance Asia-Pacific, said that Vietnam's national brand is growing faster than other countries. To bring Vietnamese brands to the international markets, it will require greater cooperation among the government, businesses, and the people to help promote the brands, said Haigh.
He stressed the importance of creating a powerful story in building a brand image, as well as familiarity with consumers, reputation of Vietnam and its businesses, and Vietnam’s green and sustainable values.
At the annual Vietnam Business Forum 2023 in March, Prime Minister Pham Minh Chinh said that the green economic development policy should be implemented drastically and committed to creating favorable conditions for businesses to grow in green national development.