(VOVWORLD) - Vietnam's national brand was worth 498 billion USD last year, an increase of 15.6% from 2022, ranking Vietnam 33rd among the world’s top 121 national brands, according to the UK’s brand valuation consultancy Brand Finance. This is one of the important premises for Vietnamese businesses to affirm their names and positions in the current international market.
 (Photo: tapchicongthuong.vn) |
According to Brand Finance, Vietnam continues to be a bright spot in building and developing national brands and had the world’s fastest value growth rate of 102% in the five-year period from 2019-2023.
In 2019, Vietnam's national brand was valued by Brand Finance at just 247 billion USD, but in 2023 it reached 498.13 billion USD, recording a continuous double-digit growth. This has boosted Vietnam’s prestige and position in the international arena.
Product brands, corporate brands, and national brands have a very close relationship and directly influence each other. Behind prestigious corporate brands in the market is the story of a successful national brand. The success of the national brand is made of multiple corporate brands and national product brands.
So, the significant increase in national brand value also demonstrates the dynamics and creativity of Vietnamese businesses. Over the years, Vietnamese businesses have made great strides in building, developing, and promoting their brands, thus improving product competitiveness, attracting investment, increasing foreign trade, and affirming their position in domestic and foreign markets.
Do Manh Hung, Chairman of the Board of Directors of the Viettel Construction Joint Stock Corporation, said, “National brand building helps us reach out to the international market during the integration of the Vietnamese economy.”
 Hoang Minh Chien, Deputy Director of the Trade Promotion Department of the Ministry of Industry and Trade (Photo: chinhphu.vn)
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Enhancing the national brand is the goal of the Vietnam National Brand Program, a trade promotion program that began in 2003.
Hoang Minh Chien, Deputy Director of the Trade Promotion Department at the Ministry of Industry and Trade and Deputy Head of the Program’s Secretariat, said that the three core values of the National Brand Program are quality, innovation, and pioneering.
“The program’s purpose is to build strong product brands and business brands that tell the world that Vietnam has premium products and services, thereby upgrading Vietnam's national brand,” said Chien.
Green growth is considered the key to ensuring the achievement of goals set by Vietnam’s socio-economic development strategy until 2030, creating momentum for making Vietnam’s growth model more sustainable.
To compete in the market, "greening" a brand is increasingly popular. Green growth is inevitable, and right now it’s an opportunity for every country to catch up with global development by becoming a regional pioneer, said Chien.
According to Chien, “In the future, Vietnam's national brand will be a green brand. To that end, the program involves two groups of solutions. The first is to strengthen regional coordination with ministries and sectors to promote the national brand. The second is to connect trade consuls and Vietnamese businesses in other countries to promote Vietnam’s product brands, corporate brands, and national brand.”
Thanks to efforts of businesses as well as ministries and sectors, the number of strong Vietnamese brands has increased over the years, providing a foundation for Vietnam’s national brand to eventually stand on a par with other national brands.