Vietnam Value program elevates brands but requires upgrade

10:00 | 01/12/2019 Trade

(VEN) - The Vietnam Value program was launched in 2003, with the Ministry of Industry and Trade assigned to cooperate with relevant ministries and agencies to implement it in order to build Vietnam’s image as a source of a wide variety of high-quality goods and services, and improve the competitiveness of Vietnamese brands in the domestic and international markets.

vietnam value program elevates brands but requires upgrade

Increasing prestige

The Vietnam Value program aims to improve local businesses’ awareness of brands and ability to build, develop, and protect them. With its high requirements and strict reviewing and grading criteria, the Vietnam Value program has contributed to positioning Vietnamese brands in export markets.

The number of products eligible for the Vietnam Value title has grown steadily, from 30 companies in 2008 to 97 in 2018. The title is designed to encourage them to pursue the values of the program, including quality, innovation, creativity and pioneering capacity.

The program has helped many companies win the trust of domestic and foreign customers. Some brands have firmly positioned themselves in the global market and are valued at billions of US dollars. The program has promoted not only nationally-recognized brands but also Vietnamese products.

Associate Professor, Dr. Nguyen Quoc Thinh, consultant to the Vietnam Value program, said it has yielded positive results, contributing to raising awareness of all levels, especially the business community, in terms of the role of brand development.

The prestige of the program has been increasing. With a set of high scientific criteria and a strict selection process, the program has chosen prestigious brands representing the country’s image. The program is based on two sets of criteria established by the global brand consultancy Interbrand and the Malcolm Baldrige National Quality Award. In addition to the program’s main brand-related functions, it also provides specific guidelines for businesses in branding.

Adjustments needed

Vu Ba Phu, director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, said the government accompanies winners of the Vietnam Value title in promoting brands in the domestic and international markets. In addition, they are supported in training and capacity building for brand management and development in order to improve their competitiveness.

The new-generation free trade agreements Vietnam has signed are expected to open opportunities for Vietnamese goods to penetrate foreign markets. However, ensuring traceability is crucial to preventing Vietnamese goods from being imitated and protecting them against unhealthy competition.

The Vietnam Value program has contributed to positioning Vietnamese brands in export markets since it was approved in 2003. More and more sectors with export potential are building brands for their products within the framework of the program. However, the program needs to be adjusted and updated to keep pace with domestic and global trade developments.

To adapt to these changes, the prime minister has issued Decisions 30/2019/QD-TTg and 1320/QD-TTg approving the program for the 2020-2030 period.

According to Vu Ba Phu, the Vietnam Value program’s objectives include building positive images of Vietnamese brands, improving domestic and foreign distributor awareness, promoting tourism development and foreign investment attraction.

Deputy Minister of Industry and Trade Do Thang Hai said Vietnam needs to create a consistent and professional

marketing strategy for its brands in the international market.

Quang Nga