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Vietnam moves up three places from 50th to 47th in the Global Soft Power Index 2021. Photo: Brand Finance

Vietnam is considered a bright spot thanks to the increasing value of Vietnam's national brand and the socio-economic results achieved over the past year.

According to Brand Finance, Vietnam has brought into play all aspects of its perception quite well, especially the integration and alignment of its nation brand and the brands from the country.

Furthermore, the country’s national prestige over the past year has been enhanced due to the Government's rapid response and policies, especially in terms of supporting businesses and promoting local brands both at home and abroad.

Brand Finance therefore outlines that Vietnam represents a nation that objectively managed the impact of the novel coronavirus (COVID-19) extremely competently. It was spared a year full of lockdowns and overwhelmed hospitals, whilst recording one of the lowest COVID-19 infection and death rates in the world.

In order to publish the Global Soft Power Index 2021, Brand Finance held the "2021 Global Soft Power Summit" from 7:00 pm to 11:00 pm on February 25, 2021 (Vietnam time).

Brand Finance outlines that Vietnam represents a nation that objectively managed the impact of the novel coronavirus (COVID-19) extremely competently. Photo: cafef

Samir Dixit, Managing Director of Brand Finance Asia Pacific, said Prime Minister Nguyen Xuan Phuc approved the Vietnam National Brand Programme from 2020 to 2030, which aims to increase the value and rankings of the nation brand while targeting over 1,000 products to become strong national brands.

The brands from the country are managed through specific efforts and initiatives undertaken by Vietrade, under their nation mark program “Vietnam Value”.

Vu Ba Phu, Director General of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, said Vietnam is one of the most open economies in the world, with the ratio of trade to GDP increasing from 136 percent in 2010 to approximately 200 percent in 2019.

Amid COVID-19 shutdowns, causing outputs to slump in early 2020, Vietnam was among a very few number of countries to achieve positive GDP growth - of nearly 3 percent.

Thanks to the support of the Programme, many Vietnamese enterprises have gradually created, developed, and promoted their brands professionally, thereby improving their competitiveness and affirming their position in the domestic and foreign markets. Many outstanding brands of Vietnamese enterprises have resonated in the regional and international markets.

Vietnam is considered a bright spot thanks to the increasing value of Vietnam's national brand and the socio-economic results achieved over the past year. Photo: I.T.

In order to build up and promote its soft power, first of all, Vietnam needs to undertake a strategic orientation for systematic and long-term soft power promotion in the digital era, according to Phu.

Secondly, it is necessary to improve growth quality and labor productivity, and to promote creative industries - thereby improving the competitiveness of the economy.

Thirdly, to continue to preserve and promote the diversified and rich values of Vietnamese culture.

Fourth, diplomacy should concentrate on enhancing capacity and asserting the role of "pivotal, leading and mediating" in the region and international affairs.

Fifth, focused investment for science and technology development needs to be prioritized.

In addition to building and promoting soft power, Vietnam also needs to strengthen and accomplish its hard power to create synergy – “smart power” -to demonstrate the nation’s new geostrategic and geo-economic position./.

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