Firms urged to pay more attentiont to building brands

Wednesday, Nov 18, 2020 08:01

Products of national diary company Vinamilk. Building brand was important to firms to increase competitiveness in the context of rapid internatinal integration. — Photo

Firms should attach greater attention to building their brands to enhance competitiveness in the context of rapid global integration as Viet Nam has few globally-recognised brands.

A survey of more than 500 enterprises carried out by the Ministry of Industry and Trade found that only 20 per cent of the firms invested in building their brand with most focusing on registering brands in Viet Nam and ignoring registration in international markets. Firms also paid little attention to managing and exploiting brands.

According to Le Tat Chien from the National Office of Intellectual Property of Viet Nam under the Ministry of Science and Technology, despite having a position in the domestic market, many Vietnamese products were still struggling to expand in foreign markets because most firms still ignored brand promotion.

Deputy Head of the Party Central Committee’s Economic Commission Nguyen Huu Nghia said firms still lacked solutions to build and manage their brands. Some enterprises had not really considered brand as a way to bring products to consumers and some lacked awareness of the importance of brands, he said.

Mac Quoc Anh, Deputy President of the Ha Noi Association of Small and Medium-Sized Enterprises, said that 90 per cent of firms in Viet Nam were of small and medium scale, even micro-scale with limited financial capacity, making it difficult for them to invest in developing brands.

Anh said firms expected more effective mechanisms and policies would be introduced to protect domestic goods, adding that the legal framework also needed improving to ensure a fair business environment for domestic and imported products.

Director of the Viet Nam Trade Promotion Agency Vu Ba Phu said the Ministry of Industry and Trade was developing a national brand project which would focus on brand promotion for Vietnamese products via international media.

It was important that Vietnamese firms must be well aware of brand value and building recognition for Vietnamese products, to create prestige and confidence among domestic and foreign consumers, said Vo Tri Thanh, Director of the Institute for Brand and Competitiveness Strategy.

According to Brand Finance, the Vietnamese national brand was valued at US$247 billion in 2019, $12 billion higher than 2018, ranking 42nd in the world.— VNS

Companies to be honoured as national brands

After nine months of selection, 124 companies with a total of 283 products will be honoured as Viet Nam National Brand this year, according to a decision of the National Brand Council.

The figure this year was 27 higher than in 2019. Among them, 17 enterprises had products honoured as Viet Nam National Brand for seven consecutive times since the programme was launched.

The information was disclosed at a Tuesday conference held by the Ministry of Industry and Trade to introduce the ceremony honouring these companies which will be held on November 25 in Ha Noi.

Deputy Minister of Industry and Trade Do Thang Hai said with the recognition of national brands, firms could affirm their position in the domestic market and expand in global markets.

The programme significantly contributed to increasing the awareness of the business community about the importance of brands in increasing added value for products as well as corporate value, through which, enterprises’ competitiveness would be enhanced, Hai said. — VNS


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