Brand building - key to add value to business
Vietnam enterprises need greater efforts to build their brand names so as to better competitive edge amidst rapid integration, according to experts.
According to the Ministry of Industry and Trade’s Trade Promotion Agency, although the number of businesses honoured with the Vietnam National Brand increased throughout years (from 30 in 2008 to 124 in 2020), it lagged behind expectations.
Deputy head of the agency Hoang Minh Chien said the Vietnam National Brand (Vietnam Value) Programme has raised awareness of many local firms and corporations of the important roles of brand name in improving value of their products and the businesses themselves.
It is difficult to develop Vietnam brand for specific products, he said, adding despite being the world’s leading agro-forestry-fisheries exporter, Vietnam lacks in branded products in its shipments.
Up to 80% of Vietnamese agricultural exports are yet to have brand name. Many exports in the nation’s “one-billion US$” club such as timber, rubber, pepper and cashew nuts have not their own brand names yet, according to agricultural specialist Hoang Trong Thuy.
Chairwoman of the Ngan Ha Science and Technoloy Company Limited Pham Thi Kim Loan said a good brand is developed from good-quality products as well as fine customer service and marketing strategies.
Meanwhile, Chairman of the Advice Council to the Institute for Brand and Competitiveness Strategy Nguyen Quoc Thinh stressed that besides financial resources, businesses need dogged determination and in-depth knowledge of brand building.
Chien said the Ministry of Industry and Trade will accompany enterprises to develop and popularise their brand names, adding focus will be sharpened on raising public awareness of brand development, helping businesses to satisfy criteria of the Vietnam National Brand Programme, and introducing the brands to domestic consumers and international partners.
According to the Brand Finance, value of the Vietnam Nation Brand skyrocketed 175% from US$141 billion in 2016 to US$319 billion in 2020. The country also jumped 17 places from 2016 to 33rd in the list of the world’s 100 most valuable brands compiled by the UK consultancy.
