09:42 | 27/08/2015 Trade
(VEN) - The Ministry of Industry and Trade (MoIT) will focus on extending the Vietnam Value Award to eligible domestic products instead of just the current selection of product lines in order to better apply support mechanisms; Vietnam Economic News’ Phuong Lan talked with Deputy Minister of Industry and Trade Ho Thi Kim Thoa.
Viettel is one of the most outstanding Vietnam Value award winners
How important are the nearly-six-year Buy Vietnamese Goods campaign and the nearly-12-year Vietnam Value program as part of the strategy to help domestic enterprises consolidate their hold on the local market?
The nearly-six-year Buy Vietnamese Goods campaign has yielded positive results. According to a survey by the Party Central Committee for Propaganda and Education (CCPE) in 2014, 92 percent of surveyed consumers said they would continue buying Vietnamese products, 54 percent said they would advise their relatives to buy Vietnamese products. TNS Vietnam, an affiliate of the TNS Group, a world leader in market research, global market information and business analysis, also conducted an independent survey which revealed that 85 percent of Vietnamese consumers trusted domestic goods as of mid-2015 and just over 20 percent trusted in foreign goods instead of around 50 percent in 2007.
The Vietnam Value program was approved by the prime minister in 2003 and has been conducted by the MoIT ever since. It is the only government-held program to promote the national image via outstanding domestic brand products and services. Over the past nearly 12 years of implementation, it has yielded positive results. For example, 63 domestic products and services were honored to receive the Vietnam Value Awards last year. The program has helped introduce outstanding Vietnamese brand names to both domestic and foreign consumers, contributing to promote the national image to the world in the context of increasing global economic integration.
Domestic consumers are more demanding these days; so, producers should pay more attention to their products. Firstly, a domestically produced goods item should have the same quality as an imported alternative but should be sold at a fairly lower price. Secondly, related post-sale services should be improved. Thirdly, it should be available and easy to handle; and finally, it should be well designed and packaged.
How has the MoIT supported enterprises that won the Vietnam Value awards?
As an organizer of the Vietnam Value program, the MoIT has been charged with selection of eligible enterprises for the prize while implementing a series of related support solutions including improving corporate branding awareness and development and business capacity via consultancy and training, launching promotion campaigns for Vietnam Value award-winning products and services to attract attention of consumers, and coordinating with related local agencies and departments and international trade promotion organizations to organize trade promotion events at home and abroad to introduce Vietnam Value award-winning products and services.
What will the MoIT do to improve the competitiveness of Vietnam Value award-winning products in the context of increasing international integration?
The Vietnam Value program currently aims to highlight domestic products with high added value and quality, good design and packaging and competitive pricing such as agricultural food and industrially processed items. However, the program has shown some limitations. For example, related trade promotion and propaganda activities for Vietnam Value award-winning products have failed to meet expectations.
Therefore, the program will in the coming time focus on commercially promoting and branding every Vietnam Value award-winning product and related producer, with the intention of improving their image in the eyes of consumers.
According to Brand Finance, a world’s leading independent brand valuation and strategy consultancy, the value of Vietnamese trademarks increased from about US$133 billion in 2013 to US$172 billion in 2014. Currently, it is ranked 42nd in the global top-100 list, 15th in the Asia and 6th in the Southeast Asia after Singapore, Thailand, Indonesia, Malaysia and Philippines.