A brand is a valuable asset that includes both tangible elements (name, logo, image, and slogan) and the intangible elements (core values, customer experience, vision, and mindset) that a business wants to convey to its customers.
The stronger the brand, the greater the competitive advantage it brings, said Huynh Van Phap, Deputy Director General of the Thanh Thanh Cong – Bien Hoa Company. According to Phap, “There are three types of brands: national brands, corporate brands, and product brands. A brand is like a passport for a business. It is no longer just a slogan but a mandatory requirement for all enterprises. A brand is essential for the survival and sustainable development of a business.”
Vietnam has a large number of businesses capable of self-reliance and advancement. Digital transformation and the adoption of new production technologies have made innovation a key. Several companies have earned the National Brand award, underscoring their pioneering role in moving toward a green economy. Strong Vietnamese brands last year included Viettel, Vinamilk, VNPT, Vietcombank, BIDV, and FPT. Viettel led the list of the most valuable Vietnamese brands, with a brand value of 8.9 billion USD.
Amid increasing global competition, Vietnamese businesses face both opportunities and challenges. Stronger government support is needed. State agencies should implement better credit incentive policies to help businesses operate efficiently and grow. And more investment in workforce training and ensuring market transparency is needed, says Nguyen Thi Binh, Chairwoman of the Nguyen Binh Service Company. “With government support, all Vietnamese businesses can develop and reach the global stage. It’s important that the state take strong action against counterfeit goods,” Binh noted.
The goal for Vietnam’s brand building is to raise both national competitiveness and the competitiveness of Vietnamese enterprises. Associate Professor Dr. Le Xuan Ba, former Director of the Central Institute for Economic Management, said that to build a brand, the first priority is to improve product and service quality. Second, competitive pricing is essential.
“These two factors are critical. Vietnam should focus on building brands for products where it has a clear advantage and a competitive edge, such as agricultural products, fruits, vegetables, handicrafts, and technology products,” said Ba.
Protecting a brand involves safeguarding intellectual property rights and combating infringement. Brand building is a continuous, persistent process that demands constant innovation.
According to Dr. To Hoai Nam, Deputy Chairman and Secretary General of the Vietnam Association of Small and Medium Enterprises, in today’s volatile global economy, brand protection is a concern, not only for Vietnamese businesses, but for the nation as a whole. He added, “A brand represents accumulated value, a sustainable competitive advantage, and a precious asset of each business and the nation. As a result, the state and enterprises must continuously invest in nurturing and preserving brand development.”
According to Brand Finance, a London-based global brand valuation and strategy consultancy, Vietnam’s national brand was valued at 507 billion USD last year, ranking 32nd of 193 evaluated countries, but Vietnamese-branded goods and services still have limited international recognition. Building and protecting the Vietnamese brand is crucial to increasing the value and competitiveness of Vietnamese enterprises domestically and globally.