11:30 | 02/07/2019 Economy- Society
(VEN) - The Buy Vietnamese Goods campaign has yielded positive results after 10 years of implementation. Consumer trust has increased with people preferring locally made goods to other products. Many enterprises have reported a localization rate of 70-90 percent while domestic goods account for 95 percent of public purchasing.
According to the Viet-Tiep Lock Joint Stock Company, participation in the “Vietnamese goods loved by consumers” voting program has helped the company advertise its image, enhance the prestige of its products and services, and improve competitiveness in domestic and international markets.
Thien Loc Fine Arts Co., Ltd. Deputy Director Nguyen Thi Huong said Hanoi has strengthened dissemination to advertise goods that have been voted as favorite products by consumers, creating favorable conditions for businesses to promote domestic consumption and exports. “In the eighth Hue Traditional Craft Festival 2019, the company sold lots of small-sized gifts, reaching VND200 million in sales. The company’s products have become familiar to consumers,” Huong said.
According to the Hanoi Steering Committee for the Buy Vietnamese Goods Campaign, the “Vietnamese goods loved by consumers” voting program has yielded positive effects. To date, the campaign has generated consumer trust in domestically made goods in a bid to replace imported products.
Although Vietnamese goods have won consumer trust, domestic firms still need to strengthen their investment in modern technologies, conduct market research and promote branding in order to compete with imported products.
Due to the lack of uniform legal regulations, organizations and individuals take advantage of loopholes to trade in poor-quality and fake goods. In addition, some local authorities have not paid sufficient attention to the implementation of the campaign.
At a conference to review the 10-year implementation of the Buy Vietnamese Goods campaign, Deputy Minister of Industry and Trade Do Thang Hai said the Hanoi Steering Committee for the Buy Vietnamese Goods Campaign should regularly disseminate information about free trade agreements to which Vietnam is a signatory in order to help businesses make the most of them. In addition, help is needed for Vietnamese goods to make inroads into modern and traditional distribution channels, strengthen trade promotion activities, and promote goods supply-demand connection programs.
Consumer trust in domestically made goods has increased. Accordingly, 64.6 percent of Vietnamese consumers say
they believe in made-in-Vietnam products.
Nguyen Hanh & Vu Cuong