Vietnam is a bright spot in developing National Brands.

Vietnam's national brand has risen one place in ranking and increased 2% in value compared to 2023 according to the assessment of the world's leading brand valuation consultancy - Brand Finance. The rapid increase in the value of our country's brand in recent times affirms its prestige and position in regional and international cooperation.

Vietnamese handicrafts are exported to many countries around the world. Photo: HAI NAM

Vietnam is considered a bright spot in the picture of building and developing a national brand and is the national brand with the fastest growth rate in value in the world in the 5-year period from 2019-2023 at 102%. Mr. Alex Haigh, General Director of Asia - Pacific, Brand Finance said: "Vietnam's brand value has increased sharply in recent years thanks to high economic growth, improved brand recognition of Vietnam and a stable business investment environment, especially thanks to the Government's efforts to reduce interest rates in recent times". Prestige and position of the economy with positive growth Commenting on the recovery of the Vietnamese economy, maritimefairtrade.org (Singapore) has just published an article, citing the latest semi-annual economic report of the World Bank (WB), forecasting that the Vietnamese economy will achieve a growth rate of 5.5% in 2024 and gradually increase to 6% in 2025. After experiencing a recession in 2023, the Vietnamese economy is showing signs of recovery in early 2024. Exports are recovering, domestic private consumption and investment are also gradually growing. Actual exports are expected to increase by 3.5% in 2024, reflecting a gradual improvement in global demand. In addition, a turnaround in the real estate sector is expected in late 2024 and 2025, boosting domestic demand as investors and consumers regain confidence. Gross real investment and private consumption are expected to grow by 5.5% and 5%, respectively, in 2024. The article quoted Mr. Sebastian Eckardt, World Bank Director for Macroeconomics, Trade and Investment, as saying that investment in public infrastructure projects is not just for the purpose of stimulating the economy in the short term. Efforts to strengthen public investment management will also address critical infrastructure gaps in energy, transport and logistics, which are the foundation for Vietnam's long-term economic growth. In its latest analysis of Vietnam's great opportunities in attracting capital flows, Forbes.com (USA) assessed that over the past decades, Vietnam has opened its doors to large corporations. Vietnam's reputation and position will continue to be affirmed with even greater business opportunities under the Trump 2.0 administration. According to Forbes.com, Vietnam has a number of advantages over other competitors in the region such as India. Vietnam has the ability and has quickly built a new business-friendly policy framework. Vietnam also has a favorable geographical location when it owns 3 of the 50 busiest seaports in the world and borders China, making trade and logistics activities between the two countries easier. Vietnam is a rare country in the region that has a free trade agreement with the European Union (EU). Vietnam is also rushing to upgrade key infrastructure to support large projects and is welcomed by foreign investors.

Vietnam Dairy Products Joint Stock Company - Vinamilk is a Vietnamese brand with high value in the international market. Photo: TRONG HIEU

Recently, Mr. Trump has repeatedly stated that he wants to promote American manufacturing and make foreign-made goods more expensive to import into the US, warning of a 60% tax on goods made in China and 20% on goods made in other countries. Mr. Tran Ngoc Anh, Professor of Management at Indiana University (USA), said that one of the leading ways for Vietnam to turn these strict new trade regulations into an “advantage” is to target multinational corporations because these corporations will bring their own supplier ecosystems and focus on high-value items. “Vietnam should prioritize corporations that will bring other companies to Vietnam,” he said. “If Apple is brought to Vietnam, there will be many other suppliers who want to be close to Apple - companies that will help Vietnam move into higher-tech sectors. Instead of producing footwear and textiles, Vietnam needs to focus on biotechnology, artificial intelligence (AI) and semiconductors. Southeast Asia, especially Vietnam, is at a very favorable time to welcome the world's production shift. In that context, Vietnam is increasingly affirming itself as a reliable economic and trade partner in the international arena.

If in 2019, the value of Vietnam's national brand was only assessed by Brand Finance at 247 billion USD, by 2023 it reached 498.13 billion USD, then in 2024 it reached 507 billion USD - recording continuous double-digit growth in brand value. Our country is currently ranked 32/193 countries assessed for national brand rankings.

Value and trust from the business community According to Brand Finance, telecommunications, technology; banking; food and beverage - are industries that have made significant contributions to the development of Vietnam's national brand. Vietnamese enterprises in these industries are taking full advantage of market opportunities. When a country's brand value increases, all goods and services of that country will also benefit, especially tourism and export goods. The more familiar and prestigious Vietnamese brands become, the more they will contribute to attracting foreign direct investment into Vietnam. Mr. Hong Sun, Chairman of the Korean Business Association in Vietnam, shared that many large Korean corporations have chosen Vietnam as an investment base, for example, Samsung with 50-60% of its smartphones manufactured in Vietnam, bearing the brand "Made in Vietnam". “Therefore, if Vietnam’s national brand becomes stronger, Korean investors will be very confident to continue investing,” Mr. Hong Sun affirmed. According to Mr. Adam Sitkoff, Executive Director of the American Chamber of Commerce in Vietnam, when a country’s brand grows, it is a great effort. “Vietnam’s leaders have directly traveled to many countries around the world to promote the image of a Vietnam with good human resources, participating more deeply in the global value chain with a potential domestic market.” Mr. Mac Quoc Anh, Vice President and General Secretary of the Hanoi Association of Small and Medium Enterprises (HANOISME), emphasized that the strength of the national brand is the sum of many factors. In which, the business community plays a very important role with the presence of many large Vietnamese business brands in the international arena, and efforts to bring quality Vietnamese goods and products to many countries. “Vietnamese businesses are also working day and night to assert themselves and affirm the country's brand in competition and cooperation with international friends.”

DAI KIM

Source: https://nhandan.vn/viet-nam-la-diem-sang-phat-trien-thuong-hieu-quoc-gia-post846865.html