Vietnam a shining example in national brand development
Vietnam’s top-10 brands in 2023 |
The report on the implementation of Vietnam’s 2023 National Brand Program by the Ministry of Industry and Trade shows that Vietnam continues to be a highlight in the development of national brands, achieving the fastest growth rate of 102 percent in value over the 2019-2023 period.
Specifically, the value of Vietnam’s national brand increased from an estimated US$247 billion in 2019 to US$498.13 billion in 2023.
Alongside the development of Vietnam’s national brand, the brand value of Vietnamese businesses has also seen significant growth. According to the 2023 Brand Finance report, the brand value of Vietnamese national-brand enterprises in telecommunications, banking and food sectors has experienced strong growth.
Totaling US$13.2 billion in value (one percent more than in 2022), telecommunications brands contributed 31 percent to the total value of the 100 strongest and most valuable brands in Vietnam. Three of the country’s five biggest Vietnamese telecommunications brands are nationally-recognized ones - Viettel worth US$8.9 billion, VinaPhone worth US$800 million, and MobiFone US$800 million, representing 79 percent of the total.
Worth US$12.5 billion, 47 percent more than that of 2022, the banks listed in the country’s top-100 brands contributed 30 percent to the list’s total brand value. Four of the country’s five biggest bank brands in 2023, with a total brand value of US$7.4 billion, were nationally-recognized brands, including Vietcombank worth US$1.9 billion, Agribank worth US$1.4 billion, BIDV US$1.4 billion, and Vietinbank US$1.3 billion, accounting for 81 percent of the total.
Meanwhile, food and beverage enterprises accounted for 14 percent of the country’s top-100 brands’ total brand value to reach US$6 billion, up 12.7 percent from 2022. Two of the country’s five biggest food and beverage brands in 2023, with a total brand value of US$4.9 billion, were nationally-recognized brands, including Vinamilk worth US$3 billion and Habeco US$200 million, accounting for 65 percent of the total.
According to the Ministry of Industry and Trade, in recent years, practical branding development activities, with the National Brand Program playing the vital role, have been strongly promoted. A notable event of these was the 2023 Vietnam National Brand Week from April 17-23, 2023 with numerous activities, including those to celebrate the Vietnam Brand Day (April 20).
The Ministry of Industry and Trade’s Vietnam Trade Promotion Agency (VIETRADE), in collaboration with relevant industry associations, organized training courses themed “Enhancing branding development and management” for enterprises in textile-garment, leather-footwear, aquaculture and wood processing sectors. VIETRADE coordinated with ministries and sectors to implement projects under the National Brand Program in order to enhance branding development, as well as promote Vietnam’s nationally-recognized brands domestically and internationally.
The agency also implemented the plan for cooperation between the Ministry of Industry and Trade, the Ministry of Science and Technology, and the Ministry of Agriculture and Rural Development in the protection of trademarks and geographical indications of potential Vietnamese exports in foreign markets in the 2022-2025 period. VIETRADE has helped localities, industry associations, and businesses develop food and produce brands abroad.
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