Vietnam’s brand value ranked 42nd among the 100 most valuable nation brands in 2019 at US$247 billion, up 5.4% year-on-year or US$12 billion, according to a report by the Vietnam Trade Promotion Agency (VIETTRADE) under the Ministry of Industry and Trade (MoIT).
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The report also announced priorities for the Vietnam National Brand Program from 2020 to 2030, aiming to promote national brands through the introduction of Vietnamese high quality products.
In 2019, the combined value of Vietnam’s top 50 most valuable brands reached over US$9.3 billion, according to Forbes Vietnam’s ranking, of which 50% have products qualified as national brands such as Thaco, Hoa Phat, Vinamilk, Habeco, Vietcombank, Vietnam Airlines, Cadivi, Viglacera, Saigontourist, among others.
“Over the last three years, the ranking of Vietnam’s national brands has been improving with an increase of eight ranks and the country is named among strong brands, thanks to the government’s efforts to improve the business environments, promote trade and positive economic outlook, as well as the Vietnam National Brand Program,” stated the MoIT.
However, the MoIT acknowledged shortcomings of the program, including the inefficient legal framework and coordination between state agencies at central and provincial levels, not to mention low awareness of branding.
The MoIT stated it aims to support enterprises in creating and promoting brands with an aim to enhance competitiveness, particularly as Vietnam is pushing for greater global economic integration.
Recently, Prime Minister Nguyen Xuan Phuc issued Decision No.30 providing mechanisms for the implementation of the Vietnam National Brand Program, focusing on developing Vietnamese brands on the back of unique value of each product.
The MoIT targets to have 1,000 products qualified as national brands of Vietnam, while the number of Vietnamese enterprises included in list of the world’s most valuable brands would increase by 10% annually.
Additionally, the MoIT expected over 90% of Vietnamese enterprises to be aware of the role of branding in production and investment processes; 100% of products named as national brands of Vietnam to be promoted domestically and in Vietnam’s major export markets.
