Vũ Kim Hạnh, chairwoman of the Business Association of High Quality Vietnamese Products, speaks at a press conference in HCM City on March 7. — Photo courtesy of the organiser

HCM CITY — The 2024 Vietnamese High-Quality Goods title will be given to 529 firms operating across various sectors this year, it was announced in HCM City on March 7.

The Business Association of High Quality Vietnamese Products selected the companies from a list of 642 candidates based on offline interviews with customers and retailers in major cities and online interviews with customers nationwide.

The nominees were then screened by authorised local agencies and relevant industries and checked for transparency of information and compliance with laws before being chosen for the prestigious award.

Of the winners, 32 have claimed the award for 28 consecutive years while 16 are achieving the honour for the first time.

The dry and instant food industry has the highest number of winners, followed by the sauces and spices industry, while the beauty tools industry has the lowest voting rate.

The survey also revealed some consumer trends.

Nguyễn Văn Phượng, the association’s consumer survey expert, said consumers pay attention not only to the basic factors of a product such as perceived quality, durability and price, but also safety, freshness, and environment-friendly and quality certification.

Accordingly, 69 per cent of consumers prioritise choosing products that are good for health or have quality standard certifications and 45 per cent choose products with clear origin, while 25 per cent prioritise organic certified products.

He said the green and circular economies are inevitable amid efforts to conserve natural resources and protect the environment. By focusing on environment-friendly and sustainable practices, companies could gain a competitive advantage in the market.

The survey also found that traditional retail channels still dominate the market.

In addition, online shopping is on the rise and sellers have increasing adopted the livestream shopping form that blends entertainment with instant purchasing to boost sales. This trend is expected to continue to expand in the coming time.

The economy is forecast to remain difficult this year, he said, adding that the association’s survey results on consumer spending levels in 2024 show more optimistic signs than last year, but the increase is not significant.

Only about 30 per cent of surveyed consumers said their shopping spending in 2024 will increase slightly compared to 2023, while over 40 per cent said they will continue to cut down on shopping, and 30 per cent said that there would be no change in their purchasing levels compared to 2023.

Therefore, businesses could face challenges in attracting consumers and expanding their market share in the domestic market for at least the first half of 2024, he said.

Vũ Kim Hạnh, chairwoman of the association, said: “In addition to maintaining product quality and recalculating their strategies and business models, producers of high-quality Vietnamese goods, more than ever, need to pay more attention to adopt new effective tools and technology in their marketing and sales as more and more consumers use social networking platforms.

“Changing the approach to sales is also an opportunity for Vietnamese goods to be exported to large markets," she added.

The awards ceremony will be held at the Reunification Convention Hall in HCM City’s District 1 on March 14. — VNS