Program to enhance Vietnam’s national brand

Economy

19/01/2020 13:48 GMT+7

The Prime Minister has approved the Vietnam National Brand Program from 2020-2030, which aims to build an image of Vietnam as a prestigious country with high-quality goods and services. It will promote the country’s attractiveness, competitiveness and foreign trade.

The program, which was approved by the Prime Minister under Decision No. 1320/QD-TTg of October 8, 2019, looks to have more than 1,000 products recognized as national brands between 2020 and 2030.

Vietnam’s national brand was valued at 235 billion USD, ranking 43^rd in the world and sixth in Southeast Asia, according to the London-based Brand Finance’s 2018 report.

It has set a target of raising the national brand value by 20% annually on average according to the evaluation by rating agencies around the world.

It also has aimed for a 10% annual increase in the number of businesses entering the list of firms with the most valuable brands by the world’s major rating agencies.

In the program, 90% of the enterprises nationwide are set to be well aware of the brands’ importance to production, business and investment activities. All the products which are recognized as national brands will be promoted in domestic and key export markets.

Vietnam’s rice ST25 was awarded the best in the world at The Rice Trader (TRT) World Rice Conference 2019.
In the first nine months, Vietnam exported 5.06 million tons valued at 2.2 billion US dollars. Photo: Cong Dat

Kien Cuong Robusta coffee from Dak Lak, which sells for around 7,000 US dollars/kilo, is exported all over the world. Photo: Tat Son

Da Lat is the capital of flowers in Lam Dong with a total growing area of nearly 9,000 ha.
Annually, about 300 million flowers from Da Lat are exported to Japan, South Korea, Taiwan, Australia and China. Photo: Nguyen Luan

Delco Farm is one of the first smart farm models in Bac Ninh. Photo: Cong Dat

Silk making in Bao Loc, Lam Dong. The export of Bao Lock silk to Russia increased in 2019. Photo: VNP

Minh Long is a leading china and pottery brand in Vietnam. Photo: Kim Phuong

An auto assembly line at Hyundai Thanh Cong in Ninh Binh. Photo: Cong Dat

The largest milk producer in Vietnam, Vinamilk, annually produces 8 billion products and exports them to 43 countries,
including such choosy markets as the US, Australia and Japan. Photo: Kim Phuong

“In the current context of globalization where Vietnam has entered various new-generation free trade agreements, brands have played an increasingly important role for enterprises. The national brand has helped support the development of corporate brands,” said Nguyen Huu Nghia, deputy head of the Party Central Committee’s Economic Commission.

Vietnamese enterprises have been paying more attention to building their brands, according to Dr. Nguyen Quoc Thinh, head of the Brand Administration Faculty of the Trade University. Nearly half of the enterprises have shown interest in the national brand program and about 86% of them have invested in building brands.

To enhance Vietnam’s national brand, it is necessary to adopt an overall strategy to promote Vietnamese brands in the world market in a professional, uniform and consistent manner, according to Vu Ba Phu, director of the Trade Promotion Agency of the Ministry of Industry and Trade.

“The Vietnam national brand program in the future is set to associate corporate brands with investment, culture and tourism promotional activities. It specifies the coordination responsibilities of ministries, localities, socio-political organizations, enterprises and individuals in implementing the program,” he said.

The national brand has helped not only develop tourism and attract investment, but also has increased the value of domestic products and services and helped promote the image of Vietnam brand in the international community.

Story: VNP - Photos: VNA

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