The value of the Vietnamese national brand increased 11.1 per cent in 2022 to $431 billion, according to a report from Brand Finance.
Vietnam has been highlighted in terms of developing its national brand, which recorded the fastest growth worldwide in the 2020-2022 period, Deputy Minister of Industry and Trade Tran Quoc Khanh said in his opening address at Vietnam National Brand Week 2023 and the Vietnam National Brand Forum 2023, which officially opened on April 20 in Hanoi.
The events aim to raise awareness about the Vietnamese national brand and introduce outstanding local products that have gained ground both domestically and internationally.
The country’s national brand program is designed to elevate its image as a place of high-quality goods and services while also contributing to boosting foreign trade development and improving national competitiveness, he said.
With support from the national brand program, many Vietnamese enterprises have invested in building and developing their brands. Most notably, among the top 50 most valuable brands in the country last year were products that have achieved the status of a national brand.
However, Deputy Director of the Intellectual Property Rights Department at the Ministry of Science and Technology, Tran Le Hong, said Vietnamese businesses still lack awareness about tapping the advantages from intellectual property rights in developing their own brands.
Brand registrations inside and outside of the country by Vietnamese enterprises have failed to meet expectations, he said. In 2022, 48,000 brands from Vietnamese enterprises were registered domestically while only 300 were registered overseas.
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