Hanoi (VNS/VNA) - Building national brands is important to help localbusinesses engage deeply in the global value chains and establish reputation inthe world’s market, experts have said.

According to brand evaluation consultancy Brand Finance, Vietnam brand valuehas increased to 431 billion USD to rank 33rd in 2022 from 319 billion USD in2019. The country climbed one place to 32nd in 2023.

A report on the implementation of the Vietnam National Brand Programme 2023 bythe Ministry of Industry and Trade showed that Vietnam continued to be aspotlight in the world’s brand development map, posting the fastest growth rateof 102% in the 2019-23 period.

Along with the growth of the nation brand, the brand value of Vietnamesebusinesses also increased strongly.

While brands of Vietnamese businesses were absent in the rankings ofinternational organisations in early 2000s, the total value of the country’stop 50 brands increased by 36% to $36.6 billion in 2022.

Telecommunications, banking and food are industries with the most valuable andstrongest brands, according to Brand Finance’s Vietnam 100 2023 report.

Banking brand value increased by 47% in 2022, proved resilient to economicheadwinds battering the nation by adopting digitalisation and enhancingcustomer services. Bank of Investment and Development for Vietnam (BIDV) wasthe fastest growing brand with the value up 69% to 1.4 billion USD.

Viettel defended its title as Vietnam’s most valuable brand in our rankings forthe eighth year running with a growth of 2% to 8.9 billion USD on improvementin financial performance and digitalisation effort.

According to Bui Thi Huong, executive director of Vinamilk, it is important forbusinesses to seek innovation and creativity based on their core values to notonly continue affirm the brand value in Vietnam but also contribute actively tobringing Vietnam brand to the world.

Dang Thuy Ha from Nielsen Vietnam highlighted the remarkable success of thebusiness community in promoting corporate brands and expanding the reach ofVietnamese goods to international markets.

Vietnam’s strong brands are increasingly known to the world.

Still, many enterprises, mostly small and medium sized, have not paid adequateattention to building brands and invested properly for brand communication.

According to Alex Haigh, Managing Director of Brand Finance, Asia Pacific, acompelling story is the key to building the national brand and image of Vietnam.A number of factors will play roles in establishing brand, including diplomacy,economy and business environment.

Le Ba Ngoc, Deputy President of Vietnam Handicraft Exporter Association, saidin brand building, it is necessary to focus on innovative, original andsustainable value.

Economist Tran Dinh Thien said that building a Vietnamese brand means creatingprestige and advantage as well as conditions for Vietnamese products to easilyreach the world to create national value and increase national pride./.