(VOVworld) – Developing and managing a national brand is essential and urgent for Vietnamese businesses, now that Vietnam is rapidly integrating into the world. Strong, prestigious brands will mark Vietnam as a country with high quality, competitive products and services.

The diagram creates innovation and creativeness links.

Globalization and global economic integration have opened a new path for Vietnamese businesses. Economists say that, in addition to external opportunities and challenges, the Vietnamese business community faces increasing competition at home, particularly since the ASEAN Economic Community was established late last year, which will remove all kinds of export tariffs.

Nguyễn Hoàng Ngân, Director General of the Bình Minh Plastics Company, said that currently many companies prefer a strategy that will maintain their position in the domestic market and improve their competitiveness against foreign companies who are rushing to Vietnam to promote their brands.

He said his company and others understand that“it is a matter of international integration. But what we’re concerned about right now is how to maintain market share at home and promote our trademarks against the strong penetration of foreign groups. Each company must have its own strategy for surviving in the integration storm.”

Trung Nguyen coffee, Vietnam’s largest domestic coffee brand. (Photo: enternews.vn)

Economists say that in the decade since the “National Vietnam Branding Program” was launched, Vietnam hasn’t successfully built a brand which is strong enough to be recognized internationally.  

According to Vinh, “the most important thing now is for enterprises and sectors to spend more time and effort developing and spreading national branding. The key is to encourage all businesses to join the ‘National Vietnam Branding Program’ and jointly develop trademarks for these companies and sectors.”

Bùi Huy Sơn, director of Trade Promotion Department of the Ministry of Industry and Trade, said that “building and promoting trademarks for Vietnamese products in a competitive market is particularly vital for improving sales and production efficiency. As Vietnam integrates into the world through free trade agreements, trademark building will increase the value of Vietnamese export products and services and ensure sustainable competitiveness in the global market.”

Vietnam has signed a number of new-generation trade agreements, including the Trans Pacific Partnership agreement, making brand building an urgent issue for enterprises. If businesses do not take steps to improve national branding, they will not be able to take advantage of the new economic opportunities that are coming.