Enhance competitiveness of Vietnamese goods in foreign markets

To effectively increase the development of Vietnamese brands in foreign markets, businesses should proactively increase product value, paying attention to issues that the market is very interested in such as green transformation and sustainable development.

Thương hiệu - bệ phóng cho sức cạnh tranh của doanh nghiệp

Brand - a launching pad for business competitiveness. (Source: Ministry of Information and Communications)

In recent times, with the close attention and direction of the Government as well as the close coordination of ministries, branches, localities and importantly the very active and proactive support of the Vietnamese business community, the Ministry of Industry and Trade has chaired and organized trade promotion activities, brand development and achieved many encouraging results.

Specifically, the Vietnam National Brand Program, launched in 2003, has made efforts to build and promote the image of Vietnam as a country with quality products and services, thereby strongly promoting the promotion of Vietnam's national brand on the international brand map.

According to Brand Finance - a global brand valuation organization based in the UK, in the period 2019 - 2022, Vietnam's national brand increased by 74%. In Brand Finance's assessment of the top 121 countries with strong brands in the world , Vietnam has grown steadily over the years. In 2023, we ranked 33/121 countries, which is also a positive sign in terms of national brand.

As for industry brands, the Ministry of Industry and Trade has prioritized the agricultural and food industry to build brands and thereby promote the Vietnam Food brand along with 9 agricultural sub-sectors: food, seafood, coffee, cashew nuts, pepper, tea, honey and coconut to enhance promotion.

In addition, industry associations are also very proactive, for example, the Leather and Footwear Association, the Wood Association, the Textile and Garment Association, and the Seafood Association have all proactively built their association's export communication strategies and thereby created brand recognition as well as enhanced the competitiveness of Vietnam's export industries.

At the business level, it is also recognized that after the persistent efforts of businesses, there are now a number of "Made in Vietnam" products exported abroad under their own brands.

Ms. Trinh Huyen Mai, Deputy Head of Trade Promotion Policy Department, Trade Promotion Agency, Ministry of Industry and Trade emphasized: “These are positive results, spreading to potential markets, thereby creating motivation and favorable conditions for Vietnamese export industries and enterprises to increase markets or brand value in traditional markets, while approaching and penetrating new markets”.

However, although there are no specific figures, the number of enterprises exporting under their own brands is still not large. Vietnamese exporting enterprises are mainly small and medium-sized enterprises, and export in the form of export processing supply chains or export in raw form, as input materials to manufacturers and processors abroad. Therefore, the added value as well as export activities under Vietnam's own brands are still very modest.

To effectively increase the development of Vietnamese brands in foreign markets, according to Ms. Trinh Huyen Mai, businesses should proactively increase product value through regularly improving product quality, diversifying products to suit the target market, especially paying attention to issues that the market is very interested in such as green transformation, sustainable development, and suiting consumer tastes.

Enterprises need to proactively learn about and actively participate in trade promotion activities implemented by ministries, branches, and associations and take advantage of the reputation of national brands, industry brands, geographical indications, and collective trademarks of Vietnam when penetrating new markets.

In addition to investing thoroughly in brand strategy and regular communication plans, businesses also need to pay attention to registering and protecting intellectual property rights for their branded products in foreign markets.

From the perspective of the functional agencies, on the side of the Ministry of Industry and Trade, Ms. Trinh Huyen Mai affirmed that the Ministry has directed the Trade Promotion Agency and related units to continue to persistently build and develop brands at three levels: national, industry, and enterprise. Accordingly, continue to raise awareness of all levels and sectors, the meaning, role and necessity of brand building, especially at the enterprise leadership level.

On the other hand, strengthen activities, improve capacity in building, developing and managing business brands; promote and propagate the Vietnamese national brand, as well as products achieving National Brand, Vietnam's strong export products.

In addition, continue to support associations in building competitive strategies for industry brands, building and promoting industry geographical indications. Thereby promoting, developing and protecting their brands in the world market.

Finally, encourage and support businesses that have products that have achieved national brands, businesses with potential and aspiration to bring Vietnamese brands to conquer the world market.

At the same time, the Ministry of Industry and Trade will have long-term, focused trade promotion activities for each product and each market and join hands in building brands.

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