Innovation and creativity: Helping to enhance competitiveness.

This is a proud achievement, affirming the effectiveness of the economic development and deep integration policies that our Party and State have steadfastly implemented.

Vinamilk is a company that brings honor to the Vietnamese national brand on the international stage, ranking 6th among the most valuable dairy brands globally and being the most valuable food brand in ASEAN.

The bright spots

According to Hoang Minh Chien, Deputy Director of the Trade Promotion Department ( Ministry of Industry and Trade ), over the past 20 years, the Vietnam National Brand Program has contributed to raising awareness of the meaning, role, and necessity of building, developing, and protecting national brands among all levels, sectors, localities, and the business community.

In 2024, the 9th selection round saw 190 businesses with products achieving National Brand status, an increase of more than six times compared to 2008 (the first year of the selection process for businesses with products achieving Vietnam's National Brand status).

With the support of the National Brand program, many Vietnamese businesses have invested seriously in building and developing product and corporate brands. As a result, the Top 50 Most Valuable Brands in Vietnam in 2024 included 23 product brands that achieved the Vietnam National Brand status, a 15% increase compared to 2023. Notably, among the top 10 most valuable brands in Vietnam, the number of product brands that achieved the Vietnam National Brand status accounted for 8 leading positions, representing 88.8% of their value.

Notably, many Vietnamese product brands have achieved global stature. For example, Viettel is included in the "Top 500 Most Valuable Brands in the World 2024" (Global 500 by Brand Finance), ranking 241st. Similarly, Vinamilk is a company that contributes to enhancing the prestige of the Vietnamese national brand internationally, ranking 6th among the most valuable dairy brands globally and being the most valuable food brand in ASEAN.

Sharing Vinamilk's brand development strategy, which is linked to sustainability, integration, and innovation, Mr. Nguyen Quang Tri, Marketing Director of Vinamilk, stated that Vinamilk focuses on consumers, improving product quality to meet international standards, developing sustainable raw materials, digital transformation, and expanding exports. The company is also committed to green development and social responsibility, affirming the position of Vietnamese brands on the international stage.

According to Hoang Minh Chien, Deputy Director of the Trade Promotion Department (Ministry of Industry and Trade), the value and position of Vietnam's national brand have increased significantly over the years. According to Brand Finance, Vietnam is considered a bright spot in the development of national brands and has the fastest-growing national brand value in the world during the 2019-2023 period, at 102%. By 2024, the value of Vietnam's national brand is projected to reach US$507 billion, ranking 32nd out of 193 countries, an increase of one position and 2% in value compared to 2023, despite the complex and unpredictable global situation.

“This is the result of the Government's efforts in reforming the investment and business environment, boosting exports and imports, and supporting the development of product and business brands. At the same time, it affirms the solid leading position of the Vietnamese business community in maintaining high growth rates, both in terms of profit and revenue, securing the domestic market and developing export markets,” Mr. Hoang Minh Chien affirmed.

The business community plays a key role.

In reality, in the context of global competition, branding is not just a marketing tool, but has become a strategic factor determining a company's position and national competitiveness. Accordingly, many domestic businesses have made efforts to maintain and develop their brands strongly in recent times.

Commenting on this issue, Mr. Le Hong Quang, General Director of MISA Joint Stock Company, affirmed that the international market is increasingly aware of Vietnam, especially through well-organized and in-depth trade promotion activities.

“Vietnam currently possesses a force of innovative businesses capable of self-reliance, but to develop more strongly, it urgently needs an innovation ecosystem with clear focus and priorities. Setting ambitious goals is the first factor in promoting innovation, because great aspirations lead to decisive action, while low goals easily lead to efforts remaining at an average level,” said Mr. Le Hong Quang.

Sharing insights on internal strategy, Mr. Le Hong Quang stated that MISA always proactively embraces new technological trends, actively innovates its business model, and learns from market practices. No longer hesitant as before, businesses today are ready to innovate, experiment, and embrace new things.

In addition, the company has developed internal evaluation mechanisms and indicator sets to support its technical and technology staff in proactively and effectively managing their own innovation capabilities.

Assessing the role of the business community in the current process of building and developing Vietnam's national brand, experts believe that the business community plays a key role, not only in improving the quality of products and services, but also in the ability to affirm identity, reputation, and competitiveness in the international market.

According to Deputy Director of the Trade Promotion Department Hoang Minh Chien, innovation is an inevitable trend that helps businesses enhance their competitiveness, in line with the development of the digital economy and international integration. In the context of profound changes in the global economy, innovation has become a vital factor for businesses to maintain competitiveness and create differentiated value. Vietnam is no exception to this trend.

Source: https://hanoimoi.vn/doi-moi-va-sang-tao-giup-nang-cao-nang-luc-canh-tranh-700522.html