The top 100 quality products and services most trusted and used by consumers were announced at a ceremony held in HCM City on November 29 by Tu Van Tieu Va Dung magazine published by Vietnam Economic Times.

The “Cool Products Awards 2018” nominated products and services in seven fields: finance-banking-insurance, food and retail services, fashion-cosmetics-beauty services, household appliances-interior decor, pharmaceuticals and healthcare equipment, tourism-resorts-real estate, and telecommunications-technology.

The awards are based on consumer votes for product and service quality, safety and payment methods that help save costs and offer convenience for customers, sustainable and environmentally-efficient manufacturing, business ethics and brand prestige, and others.

From January to October, the organising board received 21,000 votes and online feedback from 61,000 people nationwide on more than 5,200 products and services.

This year’s awardees include BIDV, HD Bank, FPT Retail, Sabeco, TH True Milk, 28 Corporation, Lock & Lock, OPC Pharmaceutical Joint-Stock Company, and the Reverie Saigon.

Speaking at the event, Nguyen The Hao, deputy editor in chief of the Vietnam Economic Times, said in the context of increasing competition in the consumer goods market, quality is a core factor, but it is not enough to ensure a win for businesses in competition.

Businesses need to create a differentiation and impression for their brand value and products, he said

At a panel discussion on consumers’ trust in the digital era held as part of the awarding ceremony, delegates said that consumer confidence in the digital age is based on two main tiers: quality and business value.

Competition among businesses amid global integration is also based on cultural and ethical factors, of which business ethics is a decisive factor.

Reality shows that business ethics plays an important role in the sustainable development of a business, as well as its profit growth, they said.

It is not difficult to choose a product but consumers want more from a quality product. They want to know values that a product or brand brings to the community through its production and business practices, they added.

Vo Tri Thanh, director of the Institute for Brand and Competitiveness Strategy, said in the current revolution, consumers are concerned about convenience, culture, humanity and green aspects of a product or service.

Unlike previously when businesses usually sell what they have, businesses now must make products based on market demand, he said.

The awards have been presented annually since 2006. — VNS