Hanoi (VNA) 𝓀– Despite the great impacts of the COVID-19 pandemic on business and production activities, this year has seen the highest number of enterprises and products awarded with the title “Vietnam Value” so far.

On November 25, the Ministry of Industry and Trade (MoIT) held a ceremony to announce products recognized as Vietnam Value. At the event, 124 enterprises with 283 products were honoured, 27 companies higher than the figure 2018. The value of Vietnamese trademarks in the work ranking has increased over the years, manifesting the joint efforts of businesses – an important part of the value chain – in enhancing the competitiveness for Vietnamese products and forming connection chains in value, thus winning a position for Vietnamese trademarks in the world market.

Enhancing the value of brands

According to a MoIT representative, along with big names such as Vietnam Airlines, Viettel, MobiFone, Vinamilk, Hoa Phat, Vietcombank, TH True Milk, Thien Long, PV Gas, NutiFood and Traphaco, this year, many new brands and products were honoured, including those in the area of e-payment, hotel management, and experience tourism. As the owner of a company having products awarded with the “Vietnam Value” title for the first time, Pham Thi Kim Loan, chairwoman of Ngan Ha import-export company, said that the title also means more responsibility in giving more high quality products to further popularize Vietnamese trademarks in the world market. Meanwhile, Nguyen Duc Minh, General Director of Nutricare, a company with products honoured with the title for the second time, said that the title is the pride of a business, but it also goes along with responsibility to work harder to complete the commitments in maintaining the quality and services for customers and partners. “The pressure on fulfilling commitments to the programme is also Nutricare’s motivation to stay united and make more progress,” said Minh. The majority of businesses having honoured products have maintained high growth in both revenues and profits, clinching their positions on the domestic market and expanding export markets, with some firms enjoying growth of nearly 70 percent. Reports from 124 firms honoured with the title Vietnam Value 2020 showed that their total revenue in 2019 reached over 1.4 quadrillion VND (about 63 billion USD), while their export revenues hit 137 trillion VND, and State budget payment was over 200 trillion VND. They created jobs for more than 471,000 labourers. The Vietnam Value Programme has given positive motivation for businesses, said Minister of Industry and Trade Tran Tuan Anh.

Affirming positions

After nearly 17 years of launching, the Vietnam Value programme has seen an increasing number of honoured companies from 30 in 2008 to 124 in 2020. Alongside, Deputy Minister of Industry and Trade Do Thang Hai said that in the recent three years, the global ranking of Vietnamese trademarks has increased strongly thanks to the Government’s efforts to stimulate economic growth as well as the contribution of the Vietnam Value Programme. Statistics from Brand Finance showed that Vietnamese trademarks’ value increased 29 percent from 247 billion USD in 2019 to 319 billion USD in 2020, jumping nine places from 42 to 33, the fastest promotion in the world. At the same time, the value Vietnamese businesses’ brands also surged. Forbes Vietnam reported that the total value of 50 leading Vietnamese brands reached 9.3 billion USD. According to Deputy Prime Minister Truong Hoa Binh, the figures have affirmed the increasing quality of Vietnamese goods and services. He affirmed that the Government will continue accompanying businesses and creating optimal conditions for them to enhance their competitiveness and boost sustainable development, rising higher in the world. Binh asked the MoIT to coordinate with other ministries and sectors to create favourable conditions for the business community, including firms receiving the Vietnam Value title, to engage deeper in the building and popularizing the image of Vietnam. He also reminded the businesses honoured with the title to exploit their potential and strengths to increase exports, combining the building of business trademarks with the Vietnam Value./.