kèo nhà cái bet88Vietnam’s National Brand to be enhanced

Vietnam is consistently recognized as being among the world’s most dynamic kèo nhà cái bet88 open economies, ranking as ASEAN’s fourth-largest kèo nhà cái bet88 the 40th globally. Amid fierce economic competition, however, brand development remains a challenge for local businesses.

The establishment of a brand requires ongoing, meticulous, kèo nhà cái bet88 professional effort. Building a strong brand begins with products kèo nhà cái bet88 services that embody credibility kèo nhà cái bet88 excellence, kèo nhà cái bet88 enterprises must also prioritize cultivating a corporate culture with widespread influence.

Few competitive brands

According to UK brand evaluation consultants Brand Finance, Vietnam’s national brand value skyrocketed 102 per cent in the 2019-2023 period; the highest rate in the world. The value of the national brand reached 8.13 billion last year, marking a 15.6 per cent increase against 2022, kèo nhà cái bet88 has posted double-digit growth over the past five years, ranking it 33rd among 121 strong national brands globally.

The telecommunications, banking, kèo nhà cái bet88 food kèo nhà cái bet88 beverage sectors have contributed significantly to the rise in Vietnam’s national brand value. Notably, telecommunications, represented by major brands like Vietnam Posts kèo nhà cái bet88 Telecommunications Group (VNPT), Viettel, MobiFone, kèo nhà cái bet88 Vietnammobile, contributed 31 per cent of the total national brand value. Banking kèo nhà cái bet88 food kèo nhà cái bet88 beverages, meanwhile, contributed 30 per cent kèo nhà cái bet88 12.7 per cent, respectively.

Deputy Minister of Industry kèo nhà cái bet88 Trade Nguyen Sinh Nhat Tan emphasized that Vietnam’s national brand has solidified its credibility kèo nhà cái bet88 is increasingly respected in the international arena, showcasing the country’s proactive role kèo nhà cái bet88 global stature.

Recent efforts by many Vietnamese enterprises reflect a growing recognition of the importance of building a national brand, with significant investments being made in the endeavor. As a result, leading Vietnamese brands have not only significantly enhanced their brand value kèo nhà cái bet88 strength indices but have also begun to align with global trends. However, challenges persist, including limited resources hindering the development of strong Vietnamese brands, kèo nhà cái bet88 there remains only a modest number of enterprises fully committed to the mission of brand building.

As a consequence, a distinctive image that represents Vietnamese goods kèo nhà cái bet88 products remains elusive. Only a few enterprises prioritize brand building kèo nhà cái bet88 they generally prefer to only register trademarks in Vietnam rather than in foreign markets. Additionally, many overlook brand exploitation kèo nhà cái bet88 management, resulting in fragmented brand promotion efforts kèo nhà cái bet88 infrequent appearances of high-value logos. Consequently, several Vietnamese brands have faced challenges with intellectual property protection when entering foreign markets, such as Trung Nguyen coffee kèo nhà cái bet88 Phu Quoc fish sauce.

For instance, in the rice market, the Philippines represents Vietnam’s largest rice export market, yet Philippine importers seldom highlight Vietnamese rice as prominently as they do for Japanese or Thai rice. Filipino consumers predominantly associate rice with Japanese kèo nhà cái bet88 Thai varieties, despite consuming significant quantities of Vietnamese rice. This raises a pertinent question: how can Philippine retailers effectively promote “Vietnamese Rice” kèo nhà cái bet88 instill pride in it?

Mr. Hoang Minh Chien, Deputy Director of the Trade Promotion Agency (VIETRADE) at the Ministry of Industry kèo nhà cái bet88 Trade, noted that Vietnamese businesses have made considerable strides forward in brand building kèo nhà cái bet88 development. This progress has enhanced product competitiveness, attracted investments, kèo nhà cái bet88 fostered international trade growth. Despite these advancements, Vietnam’s economy still confronts numerous challenges, including unsustainable export strategies kèo nhà cái bet88 international trade disputes that exceed the capacity of individual businesses, sectors, or even regions.

There also remains ambiguity regarding the shift in export structure towards higher proportions of processed industrial products kèo nhà cái bet88 reduced reliance on raw materials. Added value in products remains modest, partly due to branding issues.

Vietnam is globally recognized for its significant exports, ranking among the top in terms of volumes. However, many of these exports lack strong brand associations, primarily consisting of raw or minimally-processed products. Consequently, Vietnamese products often bear brand names from other countries when exported.

Better branding

Deputy Minister Tan emphasized that in an era marked by rapid change kèo nhà cái bet88 escalating competition, core values are more vital than ever, bolstered by advancements in technology kèo nhà cái bet88 AI. These enduring principles guide actions in Vietnam kèo nhà cái bet88 serve as the bedrock for nurturing kèo nhà cái bet88 advancing the brands of individual enterprises, localities, kèo nhà cái bet88 the country as a whole. Successfully cultivating kèo nhà cái bet88 evolving a brand necessitates identifying distinctive core values.

It also requires active engagement from ministries, sectors, kèo nhà cái bet88 localities to continually heighten awareness about the significance kèo nhà cái bet88 imperative of brand cultivation kèo nhà cái bet88 development, ensuring substantial investment of resources. Furthermore, there is a pressing need to intensify promotional efforts for Vietnam’s pivotal export products kèo nhà cái bet88 their potential in global markets.

For businesses, leveraging Vietnamese ingenuity in design kèo nhà cái bet88 product development tailored to market demands kèo nhà cái bet88 preferences is essential. Investing in technological innovation to sustainably produce high-quality goods aligned with trends in eco-friendly kèo nhà cái bet88 circular economies is paramount.

Mr. Le Duc Nghia, Chairman of the Board at the An Cuong Wood Working JSC, illustrated this through his company’s successful strategy focusing on direct exports rather than subcontracting, targeting major markets like the US (85 per cent of exports) kèo nhà cái bet88 Japan (15 per cent), with plans to expand into Canada. An Cuong actively participates in international trade fairs kèo nhà cái bet88 hosts delegations from the US to visit its facilities, aiming to forge direct connections for orders kèo nhà cái bet88 bolster its brand presence.

“Investing in our own brand for exports yields significantly higher profits compared to subcontracting, which often results in minimal margins, or worse, breaking even with poor management,” he explained. “To achieve lasting success, businesses must prioritize robust marketing efforts kèo nhà cái bet88 diligently cultivate their brands.”

Dr. Abel D. Alonso, Senior Lecturer in International Business at RMIT University Vietnam, observed that Vietnam’s major enterprises are strategically embedding kèo nhà cái bet88 enhancing their core values in brand development efforts. He suggested that effective brand building involves “storytelling” kèo nhà cái bet88 consistent social media communication, focusing on the emotional aspects kèo nhà cái bet88 values of products. Maintaining a robust brand presence at events kèo nhà cái bet88 through networking activities is also crucial.

He also proposed an alternative approach to brand building. For instance, a coffee producer could engage in sustainable farming practices, provide farm-stay accommodation, host coffee-related tourism activities, or share compelling stories about local coffee farmers.

The fundamental principle in brand building is for businesses to convey memorable experiences, images, kèo nhà cái bet88 narratives while consistently delivering high-quality products kèo nhà cái bet88 services that align actions with words, Dr. Alonso stressed. He advised Vietnamese businesses to authentically use their Vietnamese identity to share their stories with international audiences, encouraging them to innovate kèo nhà cái bet88 lead the market rather than merely follow trends.

Ms. Jodie Altan, Associate Pro Vice-Chancellor, Engagement, at RMIT University Vietnam, underscored the need for Vietnam to implement measures that foster kèo nhà cái bet88 encourage the dedication of Vietnamese entrepreneurs to elevate their brands. She also stressed the importance of harnessing the unique cultural elements of each region in Vietnam to fully capitalize on existing potential.