The Vietnam National Brand Forum 2023 started this week in Hà Nội. VNA/VNS Photo

HÀ NỘI — The number of Vietnamese brands in the country's top 50 has increased from 14 in 2018 to 21 in 2022, with six belonging to the top 10 most valuable brands. 

Deputy Minister of Industry and Trade Trần Quốc Khánh said the results show the remarkable efforts by Vietnamese brands in brand building, enhancing their position in the market, and building confidence among consumers. 

"Vietnamese brands are catching up with the global trend of investing in brand value," he said during a speech at the ongoing Vietnam National Brand Forum 2023. 

Khánh said with the support of the National Brand Program, many businesses realised the importance of brand building and started investing in their brands. He added that behind every successful brand is a successful business with popular products and services.

Alex Haigh, CEO of Brand Finance Asia-Pacific, stressed the importance of a powerful story in building a brand image, as well as trust, accountability and familiarity with consumers. 

He advised businesses to start creating product ecosystems with an emphasis on a positive business environment, with good awareness of factors such as diplomacy and the local economy. He said Việt Nam should focus on building strong national bands in line with its economic competitive advantages such as manufacturing, processing and production. 

He said there is still much to do to bring Vietnamese brands to the international markets. It will require greater cooperation among the government, businesses, the media, artists and the people to help promote the brands. 

Nancy Elizabeth Snow, a professor from the University of California, said it's necessary to create engaging stories that showcase Việt Nam's unique traditional culture and values.

Industry experts said building a successful brand requires large investments in product research and development, improving customer experience, strengthening quality management, and corporate culture.

This is especially important in large markets with strong regulations, many of which belong to major international trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union–Vietnam Free Trade Agreement (EVFTA).

In such markets, bringing high-quality products that are produced using environmental-friendly methods is a key factor to success. 

Hoàng Thị Thanh Thủy from TH Group, one of the country's largest producers of dairy products, said a greener approach to production remained a top priority in the long-term development strategy of Vietnamese businesses. 

She said TH has always favoured the most advanced and environmental-friendly production methods, from cattle herding to wastewater management and that a green band has brought many benefits both economically and in brand perception to help TH products compete in the market. 

Hoàng Minh Chiến, deputy director of the Trade Promotion Agency under the Ministry of Industry and Trade (MoIT), stressed the importance of keeping up with the global trend of healthy and safe consumption and urged businesses to start developing products and services that are resource-efficient. VNS