Building a private brand helps Vietnamese products go far

That was shared by Mr. Ngo Chung Khanh, Deputy Director of the Multilateral Trade Policy Department, Ministry of Industry and Trade at the seminar "Developing Vietnamese brands in the CPTPP market" organized by Industry and Trade Magazine on September 27.

Mr. Ngo Chung Khanh commented: After more than 4 years of taking effect, CPTPP has contributed to impressive export growth for Vietnam, paving the way for Vietnamese goods to enter potential and new markets. Notably, Vietnamese exports to Canada and Mexico have had impressive double-digit growth, even during the COVID-19 pandemic. The Peruvian market alone has had three-digit growth in one year.

Although the quantity and value of exports have increased, Vietnamese branded goods exported to this market are still quite modest. Many Vietnamese exported products still carry foreign brands.

Regarding the Canadian market, Ms. Tran Thu Quynh, Trade Counselor, Vietnam Trade Office in Canada, said that after the implementation of CPTPP, exports of zero-tax products such as: Phones, electronics, electrical appliances or basic metals, seafood, vegetables, fruits, cashew rice, tea, coffee, etc. increased dramatically. However, over 60% of Vietnam's exports to Canada belong to the FDI sector with its own brand, while the domestic sector mainly exports raw or processed goods.

The reason why Vietnamese brands are still limited in these markets is because many businesses are afraid to build brands, accepting pure outsourcing production; there is no motivation to further enhance the value of products and brands that can be brought.

Ms. Trinh Huyen Mai, Deputy Head of Trade Promotion Policy Department, Trade Promotion Agency (Ministry of Industry and Trade), also said: building a brand and exporting with private brands is not the story of all businesses.

This issue is only for a few businesses that really have potential, ability, and understanding of the market and have a methodical strategy. Because if a business exports products, it must ensure quality, ensure stability as well as regularly grasp the tastes of the market. From there, it can retain customers, retain the market and maintain the reputation of its brand with importers, as well as international consumers.

According to Ms. Trinh Huyen Mai, businesses can take advantage of trade promotion activities to build and develop their brands. Therefore, businesses should proactively increase product value by regularly improving product quality and diversifying products to suit the target market.

To overcome limitations and gradually build Vietnamese brands in the CPTPP market, Mr. Ngo Chung Khanh also emphasized that building a brand does not require immediate potential, but more importantly, readiness, thinking, strategy, connection... Enterprises should develop in the direction of both producing according to orders and brands of partners, and building their own brands.

The speakers at the seminar shared the view that CPTPP is a large market with great potential for Vietnamese enterprises. When enterprises have penetrated CPTPP markets with their own brands, they will increase product quality, enhance brand value, and increase the competitiveness of enterprises./.

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