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Vietnam Today

Vietnam's national brand value reaches $247bn

Released at: 19:22, 11/11/2019

Vietnam's national brand value reaches $247bn

At the announcing ceremony for Vietnam Value 2018 (Photo:congthuong.vn)

Latest Brand Finance report puts national brand value up 5.4% against 2018.

by Huyen Thanh

Vietnam’s national brand value now stands at $247 billion, up 5.4 per cent against 2018, according to Brand Finance’s annual report on the most valuable and strongest national brands in 2019.

The country’s ranking has improved over the past three years, where it is in 42nd position and among the excellent brand group.

Factors taken into account in the report include the value of product brands, brands of large companies, improvements in the government’s business investment environment, and the country’s forecasts of GDP growth and import-export growth.

Launched in 2003, Vietnam Value is the Vietnamese Government’s unique and long-term trade promotion program and aims to introduce and promote the country’s prestigious quality product brands.

The program has helped increase awareness over the past 15 years among ministries, sectors, and businesses about the importance of building, developing, and protecting brands. It has also honored many prestigious products and enterprises and supported local businesses to improve their capacity and build their brand.

In the early 2000s, no Vietnamese brands appeared in international rankings.

The total value of the top 50 Vietnamese brands now stands at more than $9.3 billion, according to Forbes’ rankings, of which half are national brands, such as Thaco, Hoa Phat, Vinamilk, Habeco, Vietcombank, Vietnam Airlines, Cadivi, Viglacera, and Saigontourist.

In 2020-2030, the national brand program will focus on building and developing Vietnamese brands with specific goals. Implementation will match the country’s product and service import-export strategy, targeting to lift export turnover of national brand products at a rate higher than the average export value. More than 1,000 products are to become national brands.

The program also targets a 10 per cent increase in the number of the most valuable brands listed by the world’s major ratings agencies. All 100-per-cent products that obtain national brand recognition will be promoted in the domestic market and key export markets.

The Vietnam Trade Promotion Agency (Vietrade) at the Ministry of Industry and Trade will sign a cooperation agreement with Brand Finance on training, brand communication, and promotion campaigns for Vietnamese brands and businesses.

The two sides will also compile specific plans to support the brand development of products with potential, such as food, textiles, footwear and wooden furniture, among others.

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