Green development adds value to Vietnamese brands

August 16, 2023 | 18:55

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A seminar, organised by Brand Finance and Mibrand Vietnam, on how Vietnamese brands should approach the transition towards sustainable development took place as part of the announcement ceremony of the 2023 Top 100 brands in Vietnam on August 16.

The event brought together numerous leading brands in Vietnam to exchange, meet, and share experiences about the green transition currently taking place in Vietnam.

Green development adds value to Vietnamese brands

Representatives from many of these firms were awarded certificates based on Brand Finance’s 2023 Top 100 list of the strongest and most valuable brands in Vietnam.

The rankings showed strong performances from brands who have demonstrated success in the transition process to a green and sustainable development model, despite the current economic difficulties.

According to Brand Finance, the telecoms, banking, and food sectors contributed the most value to the rankings, accounting for 31 per cent, 30 per cent and 10 per cent respectively. Viettel, Vietcombank and BIDV topped the rankings with the most valuable, strongest, and fastest growing brands.

Hoang Minh Chien, deputy director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, said, "Climate change and environmental pollution have highlighted the need for businesses around the world to shift to a more sustainable and circular-economic model. Vietnamese businesses should not feel immune to this trend."

"Sustainable and green development is a long-term investment strategy that will only see positive results and will contribute value to a brand," Chien added.

Lai Tien Manh, managing director of Mibrand Vietnam, said, “Building a responsible and sustainable brand image becomes even more important as environmental and social challenges increase. This workshop is an opportunity for policymakers, experts, and businesses to jointly propose an appropriate approach to green development for the business sector.”

According to a survey by the Ministry of Planning and Investment, up to 70 per cent of Vietnamese businesses do not understand what the green or circular economy is, nor the benefits that this will bring. Most of the pioneering enterprises in green production are foreign-invested enterprises.