Vietnamese National Brand has incresed 8 levels

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Photo: Vietnam News

The complicated COVID-19 disease has had significant impacts on the world economy in recent years, causing many businesses to fall into difficulties.

However, in difficult and challenging time, Vietnamese enterprises, especially the National Brand enterprises, still affirm their pioneering role in ensuring economic growth and social security.

On the occasion of Vietnam Trademark Day (April 20), Deputy Minister of Industry and Trade Do Thang Hai had some discussions with reporters on the National Brand Program, thereby assessing in more detail the contributions of businesses. Most businesses are in the context of the COVID-19 epidemic.

On being asked about the development of businesses in the current period, Hai said The National Brand Program from the time the Government implemented until now (in 2003) has achieved many very positive results. A review from Brand Finance of the United Kingdom recently released that in 2019, Vietnam National Brand ranked 42nd among the 100 most valuable national brands in the world and valued at 247 billion USD.

This is an encouraging result because compared to 2018, Vietnam National Brand was worth only 235 billion USD, but after that one year increased by 12 billion VND, equivalent to an increase of 5.4%. In the last 3 years, Vietnam National Brand has increased 8 levels on the evaluation of the 100 most valuable national brands in the world. This is an encouraging result in the current context when most Vietnamese businesses are mostly small and medium-sized enterprises, compared to other countries, Vietnam is just beginning in building a national brand.

Workers in a factory (Photo: Vietnam News)

In addition, Vietnam National Brand enterprises are cooperating with ministries and sectors to enter measures to develop their businesses and brands in a sustainable manner. It is the improvement of product quality and the Vietnam National Brand, taking measures to trace the origin of product quality that is currently exported, helping businesses to develop designs, packaging products, develop brand and protection.

Furthermore, evaluating the contribution of Vietnam National Brand Enterprise to the achievements of Vietnam economy in 2019, Hai said: Remarkably, the Kingdom's Brand Finance has assessed that, among the world's leading enterprises, Vietnamese businesses have got their foothold, most of which are enterprises with Vietnam National Brand. Next, the Vietnam National Brand enterprises have made great contributions to exports, the domestic market and created jobs in localities across the country, helping to stabilize the macro-economy, reported by Vietnam Plus.

Photo: International News

Last year, Vietnam achieved impressive GDP growth of 7.02 per cent, surpassing the set target by the National Assembly and bringing the economy scale to more than US$262 billion – the highest level so far. The achievement was partly attributed by the Vietnamese business community to build brands and reputation for the country’s goods and services to the regional and global levels.

However, the novel coronavirus outbreak has had impacts on the global economy in general and Vietnam in particular, especially on production, business, investment and trade activities. Therefore it is expected that the business community should maintain unity to surpass the difficulties and stabilising production as soon as possible. Meanwhile, they should maintain and protect their brand names, contributing to enhance the Vietnamese trademark in the global supply chain.

The ministry has given support to firms in building, developing and improving their brand names, thus creating momentum for export activities and boosting production after the pandemic. Many local companies found opportunities amid the COVID-19 pandemic to gradually affirm their brand names both in domestic and global markets. Meanwhile, many garment and textile companies, such as Vinatex and TNG, have affirmed their brands with face mask products in the local market and export to other countries. Though the country now has 97 firms recognised as national brands out of 700,000, the number of such enterprises has been on the rise, reported by Vietnam News.

In addition, Deputy Minister Hai added that as Covid-19 quickly spread out in the world, businesses also have to accept to face these challenges. The Ministry of Industry and Trade also assessed that Vietnamese enterprises in general and enterprises with national brands in particular have to stand ready to face difficulties. Some businesses have taken advantage of the challenges to stabilize production and increase market share in the domestic market, Hai said.

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