Vietnam’s national brand in 2019 was valued at 247 billion USD by Brand Finance, up 12 billion USD compared to 2018.
|Businesses winning national brand award in 2018. (Photo: VNA) |
According to this year’s valuation, Vietnam’s national brand moved up one place from the 2018 rankings to stand 42nd among the world’s 100 most valuable national brands.
The ranking takes into account factors including value of product brands and large companies in the economy, improvements in the business and investment environment and forecasts on GDP growth and import-export growth.
According to the Ministry of Industry and Trade (MoIT), Vietnam’s national brand has edged up eight places over the past three years, attributable to the Government’s efforts to reform the business and investment environment, promote exports and support enterprises, as well as the positive forecasts on GDP growth and the Vietnam Value Programme.
‘Vietnam Value’, introduced in 2003, is the Vietnamese Government’s unique and long-term trade promotion programme which aims to introduce and promote the prestigious and quality product brands of the country.
Over the past 15 years, the programme has helped raise awareness of ministries, sectors and businesses about the importance of building, developing and protecting brands. It has also honoured many prestigious products and enterprises, as well as supported local businesses in improving capacity and building their brand.
In the early 2000s, no Vietnamese brands appeared in the international rankings, while by 2019, the total value of the top 50 Vietnamese brands reached more than 9.3 billion USD, according to Forbes rankings, of which 50 per cent are national brands such as Thaco, Hoa Phat, Vinamilk, Habeco, Vietcombank, Vietnam Airlines, Cadivi, Viglacera and Saigontourist.
For 2020-30, the national brand programme will attach the building and developing Vietnamese brands to positive and outstanding values of the product brands with specific goals. The implementation will match with the country’s import-export strategy, targeting to lift export turnover of national brand products higher than the average export value.
The programme also targets a 10 percent rise in the number of the most valuable brands listed by the world’s major ratings agencies. All products that obtain national brand recognition will be promoted in the domestic and key export markets.
The Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade will sign a cooperation agreement with Brand Finance on training, brand communication and promotion campaign on Vietnamese brands and businesses. The two sides will also work out specific plans to support brand development for potential products such as food, textile, footwear and wood furniture.