Firms urged to fully exploit national brand’s benefits
Local businesses should take advantages of the national brand to raise the image of Vietnamese products, attendants heard at a conference held in Ha Noi on Thursday.
Local businesses should take advantages of the national brand to raise the image of Vietnamese products, attendants heard at a conference held in Ha Noi on Thursday.
Vu Ba Phu, director general of the Viet Nam Trade Promotion Agency under the Ministry of Industry and Trade, said Viet Nam is considered a bright spot thanks to the remarkable increase in national brand value along with socio-economic achievements. Viet Nam also affirms its prestige and position in the international arena, demonstrating its proactive nature and stature in international integration.
According to Brand Finance, a leading global brand valuation and strategy consultancy, in 2020 Viet Nam’s national brand was valued at US$319 billion, up 29 per cent from 2019 and nine places to 33rd in the National Brands list of the world’s 100 most valuable brands.
In addition, Viet Nam is also the only country in ASEAN to be upgraded in the global soft power ranking from 50/60 to 47/105 countries according to the Global Soft Power Index 2021.
Nguyen Thanh Son, chairman of MVV Group, said the national brand is a lever for businesses to build communication programmes. However, businesses should not only focus on achieving a National Brand title but look at values that they could take advantage of. The national brand will provide businesses with a set of tools including implementation methods and metrics to clarify their position and evaluate effectiveness of the ongoing activities and their intrinsic strength.
Phu said the ministry would co-operate with relevant ministries and agencies to facilitate the business community, including those awarded a National Brand. This could bring new values to local firms.
Experts also offer practical and effective support solutions for businesses in market penetration research, establishing information systems and updating brand knowledge, towards criteria of the Viet Nam National Brand Programme in a new context.
The event is an activity within the framework of Viet Nam National Brand Week which is taking place from April 19 to 25. The week is annually held to increase awareness among the business community about the Viet Nam National Brand Programme and enterprises awarded with the title. It helps equip firms with knowledge on the importance of brand building and development in production and business activities, especially in the context of international economic integration. — VNS
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