| National Brand: Focus on location brand recognition and geographical indications Approving Projects to implement the National Brand Program in 2024 |
The report on the implementation of the Vietnam National Brand Program in 2023 by the Ministry of Industry and Trade shows that Vietnam continues to be considered a bright spot in the picture of building and developing national brands and is the national brand with the fastest value growth rate in the world in the 5-year period from 2019 - 2023 at 102%.
Specifically, in 2019, the value of Vietnam's national brand was only valued at 247 billion USD, by 2023 it had reached 498.13 billion USD, recording a continuous double-digit growth in brand value percentage.
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Along with the development of Vietnam's national brand, the brand value of Vietnamese enterprises has also increased strongly. According to the Brand Finance report in 2023, the brand value of Vietnamese national brand enterprises has grown strongly in the telecommunications, banking, and food industries.
Specifically, telecommunications brands contribute the most to the TOP 100 strongest and most valuable brands in Vietnam, accounting for about 31% of the total value of all brands in the ranking. The total brand value of this sector is 13.2 billion USD, an increase of 1% compared to 2022. Among the 5 most valuable telecommunications brands in Vietnam, there are 3 national brands: Viettel with 8.9 billion USD, VinaPhone with 800 million USD, MobiFone with 800 million USD, accounting for 79% of the total value in the TOP 5 telecommunications brands.
Banking brands account for 30% of the total value of all brands in the TOP 100 ranking, with a total brand value of 12.5 billion USD, compared to 2022, the banking industry's brand value increased by 47%. Among the 5 most valuable banking brands in Vietnam (reaching 7.4 billion USD), there are 4 national brands: Vietcombank with 1.9 billion USD; Agribank is 1.4 billion USD; BIDV is 1.4 billion USD; Vietinbank is 1.3 billion USD, accounting for 81% of the total value of the TOP 5 banking brands.
Ranked third in the TOP 100 rankings are food and beverage brands, accounting for about 14% of the total value of all brands in the rankings. Accordingly, the total brand value of this industry is 6 billion USD, an increase of 12.7% compared to 2022. Among the 5 most valuable food and beverage brands in Vietnam reaching 4.9 billion USD, there are 2 national brands: Vinamilk with 3 billion USD and Habeco with 200 million USD, accounting for 65% of the total value of the TOP 5 food and beverage brands.
According to the assessment of the Ministry of Industry and Trade, the above results demonstrate the development speed of leading Vietnamese brands with remarkable improvements in both brand value and brand strength index, thereby enhancing their solid position in the rankings. In particular, Vietnamese national brand enterprises have gradually caught up with global trends, investing in intangible values in enterprises, typically brand value, thereby contributing significantly to increasing the value of Vietnam's national brand.
At the same time, the above results have great support from the National Brand Program. Accordingly, in recent times, brand development activities with the core of the National Brand Program have been strongly promoted. In particular, in 2023, with the aim of developing the national brand, raising awareness of society and the business community about the Vietnam National Brand Program and products achieving the Vietnam national brand in domestic and foreign markets, the Department of Trade Promotion, Ministry of Industry and Trade has implemented practical activities.
For example, organizing the Vietnam National Brand Week 2023 event series (from April 17 to 23, 2023) to celebrate Vietnam Brand Day (April 20) every year, including activities such as: Opening ceremony of Vietnam National Brand Week and Vietnam National Brand Forum 2023, communication and promotion activities about the National Brand Program and products achieving national brands through the system of trade offices and Vietnamese representative agencies abroad at diplomatic, economic, cultural and political events.
The Trade Promotion Agency presides over and coordinates with relevant industry associations to organize training courses in Hanoi and Ho Chi Minh City with the theme "Improving capacity for building, developing and managing brands" for enterprises in a number of fields/industries such as textiles and footwear; seafood; wood and wood processing. Coordinate with ministries and branches to implement projects under the National Brand Program to improve capacity for building and developing brands, promote and advertise the National Brand Program and products achieving national brands domestically and internationally.
In addition, implementing the Plan for coordination to support the protection of trademarks and geographical indications for potential export products of Vietnam in the period of 2022-2025 between the 3 Ministries: Industry and Trade, Science and Technology, Agriculture and Rural Development and implementing the Project on developing the brand of the Vietnamese food industry, the Trade Promotion Agency has organized specific activities to support localities, industry associations, and enterprises. At the same time, coordinating with industry associations on agricultural and food products and related organizations at home and abroad to carry out communication and promote the brands of agricultural and food products in export markets.
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