According to the latest announcement from Brand Finance (the leading consultancy on national brand valuation based in the UK), in the ranking of the 100 most valuable national brands in the world in 2019, Vietnam’s national brand is valued at USD 247 billion, equivalent to an increase of 5.4% compared to USD 235 billion in 2018 and ranked 42nd.
Jumping 8 places
In the past three years, the rank of Vietnam’s national brand has been continuously improved, jumping 8 places thanks to the Government’s efforts in reforming the business investment environment, improving export and import achievements, supporting business brands, as well as positive forecasts for GDP growth, including significant contributions from the Vietnam National Brand Program (Vietnam Value).
While in the early 2000s, Vietnamese enterprises’ trademarks were not included in the rankings of international organizations, by 2019, according to the rankings of Forbes Vietnam, the total value of 50 leading brands was over USD 9.3 billion. 50% of which have products with national brands, including: Thaco, Hoa Phat, Vinamilk, Habeco, Vietcombank, Vietnam Airlines, Cadivi, Viglacera, Saigontourist …
Vietnam National Brand is the Government’s long-term and unique trade promotion program on national brand development through introduction and promotion of prestigious and quality product brands of Vietnam. According to Mr. Vu Ba Phu, Director of Vietnam Trade Promotion Agency (Ministry of Industry and Trade), over the past 15 years, the Program has achieved many positive results, contributing to raising the awareness of all sectors and business communities on the importance of brand building, development and protection.
Target: 1,000 national brand products
Despite achieving encouraging results, according to the representative of the Ministry of Industry and Trade, the Vietnam National Brand Program has had certain limitations on mechanisms, policies and coordination among agencies from central to local, resources, as well as awareness of the meaning and role of brands.
Therefore, to enhance effective support for businesses to build and develop brands, improving competitiveness in the context of Vietnam increasingly integrating deeper and deeper, and to resolve all the above-mentioned limitations, the Ministry of Industry and Trade has collaborated with relevant ministries and localities to advise the Government in elaborating and supplementing legal provisions to support branding activities.
In the period from 2020 to 2030, the program will focus on building and developing the Vietnam’s brand in association with the positive and outstanding values of product brands in sync with strategy of importing and exporting goods and services. The export turnover of products with Vietnam’s national brand reached a higher growth rate than the national average.
The Ministry also aims to have more than 1,000 products bearing Vietnam National Brand, with annual increase of 10% in the number of businesses put on the list of enterprises with the highest brand value by prestigious rating agencies in the world, and 90% of businesses across the country being aware of the role of brands in production and investment. Along with that, 100% products with Vietnam National Brand are expected to be promoted domestically and in key export markets.