09:35 | 26/04/2017 Trade
(VEN) - Vietnam’s export reliability ranks higher than China’s, according to a recently issued report by the German market research firm Statista. But in the ranking of 52 exporting countries, Vietnam came in 46, three grades higher than China, according to the March 27 report.
It’s time for Vietnamese businesses to prioritize the best products
Whether household appliances or clothing, one of the top factors that influence consumer purchasing decisions is the country of origin.
This conclusion is verified by the Made-in-Country Index (MICI) 2017 developed by the German Statista market research company, which graded products according to perceived trust and reliability. More than 43,000 consumers from 52 countries (representing 90 percent of the global population) were surveyed to create the ranking, which investors can also use in deciding where to put their money.
According to Statista’s assessment, 100-point “Made in Germany” topped the list as the world’s leading quality label. The “Made in Vietnam” label came in 46th place with 34 points. The report showed that Vietnamese-made goods were evaluated at a low level in terms of quality and value for money, with most of the product features below international average standard. In Ecuador, Vietnamese products were ranked in 10th place, and in the United Arab Emirates in 20th place - the two highest scores for Made-in-Vietnam goods.
The grading was based on perceived product attributes: value for money, fair production, uniqueness, authenticity, design, advanced technology, quality, sustainability, security standards, and status symbol.
The report appears to reflect extraordinary efforts by Vietnamese companies, especially over the past year, to invest in quality improvement, brand promotion and marketing in order to qualify for high scores in one of the three questions posed by Statista: “How has your perception of the country’s commodity changed over the past 12 months?”
Despite getting a modest reputation in the extremely competitive world commodity market with a plus in price/performance ratio, the “Made in Vietnam” label didn’t have real impact on its domestic market. The explanation for the preference of Japanese-made goods over local products is the quality guarantee of Japanese manufacturing.
Along with the “Buy Vietnamese Goods” campaign, local companies should prioritize their best quality products for the nation’s consumers. A domestic market-based strategy is likely to prove especially relevant given an outlook of trade protectionist barriers re-emerging in the world market.