Overhaul ahead for Vietnam Value program

09:05 | 07/06/2019 Trade

(VEN) - Nguyen Quoc Thinh, a senior consultant to the Vietnam Value program discussed the need for changes in the program with Vietnam Economic News’ Viet Nga.

overhaul ahead for vietnam value program
Nguyen Quoc Thinh, a senior consultant to the Vietnam Value program

After more than 15 years of implementation, the number of businesses in the Vietnam Value program has grown. What attracts them to the program?

The prestige of the Vietnam Value program is the most attractive factor. It is the only Vietnamese government program that advertises the country’s image and trademark through products and services. With a set of high scientific criteria and a strict selection process, the program has chosen prestigious brands representing the country’s image. Therefore, the prestige of the program has been increasing.

There is another attraction. Businesses found eligible for the Vietnam Value title have increasingly affirmed their positions at home and abroad.

How hard is it to meet the program’s criteria?

The program is based on two sets of criteria established by the global brand consultancy Interbrand and the Malcolm Baldrige National Quality Award. It is not so hard to meet the criteria and many businesses have held the Vietnam Value title over the years. In addition to the program’s main brand-related functions, it also provides specific guidelines for businesses in branding.

However some criteria need to be adjusted to help businesses complete their dossiers.

overhaul ahead for vietnam value program

What are your recommendations to increase the number of Vietnamese-branded products?

The program mechanisms need to be adjusted. It is the government’s program but the Ministry of Industry and Trade is the implementing agency, resulting in limitations. If the prime minister were to direct the program, it would be more powerful and its effectiveness would be higher.

Business perception needs to make some changes. The program is intended for not only large enterprises but also small companies, especially startups and high-tech firms. The branding process is measured by not only the growth in sales, but also consumer awareness and evaluation. Therefore, to be competitive in the market, businesses need to improve product quality, while creating and maintaining a good reputation.

It is also necessary to spread information about the program. Only 42 percent of businesses have heard about the program, meaning that the communications work is lacking.

The Ministry of Industry and Trade is drafting the Vietnam Value program by 2030, with a vision to 2045. What are your proposals?

The development of the Vietnam Value program is aimed at advertising Vietnam’s image in the domestic and international markets as a dynamic, creative and friendly country with high-quality products; and supporting business branding through training and consultancy. Therefore, the program is in need of strong connection between ministries, departments and localities.

Over the years, Vietnam has selected to promote the national image through product brand. This is an easy and wise way in the early stages of construction and development. However, after more than 15 years of implementation, it is necessary to make the most of the value of Vietnamese products and services and to diversify products in need of the market to develop the Vietnamese brand further.

In the draft project, the program secretariat and leaders of the Ministry of Industry and Trade will consider and supplement the recognition of the Vietnam Value title for regional products and those following geographical indications.

Viet Nga