Vietnam strengthens green branding

April 20, 2023 | 17:18
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Vietnamese businesses face a new challenge as consumption patterns swiftly transition towards environmentally favourable goods.
Vietnam strengthens green branding
Vietnam National Brand Forum 2023. Photo: Angela Nguyen

Tran Quoc Khanh, Deputy Minister of Industry and Trade, said on April 20 that the proportion of businesses with Vietnam National Brand-achieved products in the Top 10 most valuable brands in the country increased from 20 per cent in 2018 to 60 per cent in 2022.

According to Khanh, Vietnam was the national brand with the quickest "value growth" in the world from 2020 to 2022.

Vietnam's value in 2020 rose by 29.1 per cent compared to 2019, reaching $319 billion; in 2021, it expanded by 21.6 per cent compared to 2021, reaching $388 billion; and in 2022, it improved by 11.1 per cent compared to 2021, reaching $431 billion.

"Vietnam's leading brands have witnessed outstanding increases in brand value and brand strength index, strengthening their solid position in the rankings," Khanh said. "The results also demonstrate that Vietnam Value enterprises have steadily caught up with the worldwide pattern of investing in brand value, contributing significantly to the growth of the Vietnam National Brand Value."

In Vietnam, an increasing number of companies are investing significantly in developing and constructing product brands and corporate brands. In 2018, Vietnam had 14 national-brand enterprises in the top 50, representing 28 per cent. According to the Ministry of Industry and Trade (MoIT), this has increased to 21 companies, representing a 42 per cent share by 2022.

Many Vietnamese businesses are expanding their presence in domestic and international markets. Nguyen Duy Thuan, general director of Loc Troi Group, announced in September 2022 that the company's "Vietnam Rice" brand was officially available in two French hypermarket chains, Carrefour and Leclerc.

This is because Loc Troi has reached "the finest technical requirements" of the European market when it comes to agricultural processes, standard crop protection products, and guaranteeing sustainability and safeguarding people and the environment in large-scale agricultural production.

The Vietnam Value Programme is a one-of-a-kind, long-term trade promotion initiative that the MoIT is responsible for coordinating with other ministries and sectors.

The scheme seeks to establish Vietnam as a nation renowned for its high-quality products and services, enhance the nation's and its people's sense of dignity and attractiveness, promote international commerce, and enhance national competitiveness.

Hoang Minh Chien, deputy director general of the Vietnam Trade Promotion Agency, said that green production had evolved into one of the most advantageous factors for promoting and enhancing brand value among businesses.

"This is also an essential requirement for Vietnamese businesses to promote exports to the world's main markets, particularly those with new-generation free trade agreements with Vietnam that contain stringent environmental standards," Chien said.

In Vietnam, green growth is regarded as a key to the objectives of the Socioeconomic Development Strategy to 2030, providing impetus for Vietnam to accelerate transformation of its growth model in accordance with the development strategy and ensuring sustainability.

"Enterprises with products and services that achieve Vietnam Value are pioneers in building a green brand associated with sustainable development," Chien said.

Vietnam National Brand Week 2023 will be held from April 17–23 to raise awareness of Vietnam Value and promote and showcase Vietnam Value products to domestic and international communities.

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By Angela Nguyen

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