Vietnam Trusted 2023: “Essentially Practical

This afternoon, December 21, 2023 in Hanoi, Vietnam Economic Magazine - VnEconomy organized the Consumer Festival - Announcement & Honor Ceremony of the Top 50 Trusted Vietnamese Products - Services 2023 voted by consumers.

Mr. Dao Quang Binh, General Director, General Secretary of Vietnam Economic Magazine - VnEconomy spoke at the event.

Essential and practical - Pioneering breakthrough The main theme of the 2023 Vietnam Trust Program is: Essential and practical - Pioneering breakthrough . Accordingly, the evaluation and voting criteria focus on necessary and convenient products and services that directly benefit daily life. This year, the program also specially honors products and services that are at the forefront of applying new technologies, boldly digitizing and greening to optimize operations, production, sales management and effective marketing. In 2023, due to the influence of macro factors, many retail businesses are facing the problem of costs and price stabilization in business to retain customers in the context of consumers increasingly tightening their spending. Faced with this reality, retail businesses have proactively made strategic changes to adapt to the trend of the times, adapt to changes in consumer habits and culture. At the same time, retailers also pay attention to cost control to optimize profits, focusing on in-depth development, optimizing store operating costs, inventory, product categories, etc. On the other hand, also in 2023, retail businesses have made efforts to find many solutions to promote smart consumption, paying more attention to essential needs; anticipating and implementing sustainable economic development trends, green economy, circular economy, etc. Finally, the operating structure, responding to technology and digitalization in accordance with modern development trends. Notably, 83.3% of retail businesses participating in a recent Vietnam Report survey said they plan to increase budget allocation for digital marketing, customer relationship management and customer experience. By prioritizing new technology, businesses expect to create higher brand awareness, create positive impressions and increase trust from customers.

Assoc. Prof. Dr. Pham Ngoc Linh, Vice President of Vietnam Union of Science and Technology Associations at the Vietnam Trust Program 2023.

Within the framework of the Announcement & Honoring Ceremony of Top 50 Trusted Products - Services of Vietnam 2023, with the theme " Essential and practical - Pioneering breakthrough" , each honored product or service is a testament to the trend of "BUYING ESSENTIAL items, SPENDING money on PRACTICAL services" - from both the perspective of consumers and businesses. In addition, this is also an opportunity for businesses to share new technologies, support each other to build a sustainable retail market. Dr. Chu Van Lam, Editor-in-Chief of Vietnam Economic Magazine - VnEconomy - Vietnam Economic Times, in his opening speech at the Program emphasized: “ A large population of 100 million people, the population size ranks 15th in the world , the population structure is at the golden age with over 60% of working age; rapid urbanization... has helped promote many consumer classes in recent years. In the long term, the development space of the retail industry promises to be increasingly large. The developing economy, increasing average income or higher living standards are all favorable factors supporting the growth of the Vietnamese retail market. The development space of the retail industry in the long term will be increasingly large ”. In the Trusted Vietnam 2023 program, all products and services of enterprises that are producing, trading and distributing in Vietnam, fully complying with the provisions of Vietnamese law, are eligible to participate in voting. Each enterprise has the right to register to participate in one or more product and service brands. The voting council includes the Editor-in-Chief of Vietnam Economic Magazine, industry economic experts, representatives of associations, industries, market research experts and representatives of the Organizing Committee and the Advisory Council to select products and services that deserve to be honored as Trusted Vietnam 2023. Accordingly, there were 6 products honored as Impressive Products in 2023, namely: Vinfast VF6 smart electric car for Vietnamese families; Rang Dong smart home solution - Rallismart Make in Vietnam; The Landmark - Ecopark green city with high-rise hot mineral complex for home therapy; Golden product set for health and beauty: bird's nest, bird's nest water and Sanvinest Khanh Hoa bird's nest essence; Saigon Beer brand product lines; Lock&Lock household product line: Bianco household product set and Thermos.

The group of 10 honored products and services belongs to the technology products and services industry.

In addition to the top Impressive Products of 2023, the Top 50 Trusted Products - Services of Vietnam 2023 are divided into 5 main industry groups: Healthcare - Resort services ; Banking, Finance, Insurance, Securities ; Agricultural products, Food, Beverages ; Construction materials, Interior - Exterior, Household appliances ; Technology products and services . Also from the voting results of the Top 50 Trusted Products - Services of Vietnam 2023, we can further affirm that timely adaptation and finding a direction suitable to market needs are always the secret to helping businesses survive and develop strongly. Especially in the past few years, the retail sector has undergone continuous transformation due to changes in consumer buying behavior due to the impact of the pandemic. This also requires retail businesses to transform their sales, operations, and management methods from traditional methods to online methods with the support of technology. Tin Dung Vietnam has gone through 17 years of creating and developing the Tin Dung Vietnam Program, an annual event initiated and maintained by Vietnam Economic Times, now Vietnam Economic Magazine, since 2006. This is a program to collect consumers' opinions on product quality, after-sales services; consumers' choices and future plans for shopping and using consumer goods and services through the publication system of Vietnam Economic Magazine. The program also includes survey, information, and communication activities on publications and topics of Vietnam Economic Magazine - VnEconomy - Vietnam Economic Times, combined with in-depth seminars and discussions.

The organizers announced and honored 6 impressive products of the year.

In 2023, the Vietnam Trust Program has gone through 17 years of creating and developing a community connecting manufacturers, business units distributing products and services and Vietnamese consumers. The program recognizes and honors prestigious and quality product and service brands that ensure national and international standards, for the environment and public health... that are trusted and used by consumers.