Vietnam’s national brand value has up from USD388 billion to USD431 billion in 2022, according to the latest report by leading brand valuation consultancy, Brand Finance.
|Consumers shop at a supermarket. Photo: VNA
The growth rate of Vietnam’s National Brand value continues to be assessed as a bright spot in the picture of building and developing national brands, up 74% compared to 2019 and being in the top fastest in the world in the period of 2019-2022.
Vietnam has seen the third-highest brand value gain over the course of the pandemic in absolute terms and the world’s fastest growth in relative terms.
This information was given by Hoang Minh Chien, deputy director of the Department of Trade Promotion under the Ministry of Industry and Trade, at a regular press conference held by the ministry on the afternoon of October 12 in Hanoi.
According to Chien, if in 2019, Vietnam’s national brand value was only valued at USD 247 billion by Brand Finance, in 2020 it is USD 319 billion, up 29.1% compared to 2019; in 2021 is USD 388 billion, up 21.6% compared to 2020; then in 2022 it was USD 431 billion, an increase of 11.1% compared to 2021.
The total value of the world’s top 100 nation brands stands at USD 97.2 trillion, up 7% on-year and only marginally behind the pre-pandemic value of USD 98.0 trillion in 2019. While the combined value of the world’s top 100 national brands has practically matched pre-pandemic levels, exactly 50 national brands have increased in value over this period, while the other 50 remain below the valuation from before the Covid-19 crisis.
In terms of rankings, Vietnam still maintains and continues to be ranked in the top 100 strongest brands globally.
Specifically, if in 2019, Vietnam is ranked 42nd; in 2020 up 9 places to 33rd place; in 2021 to maintain the 33rd position and in 2022 gain the 32nd spot.
In addition, the growth in brand value of businesses, Brand Finance assessed, the Top 50 most valuable corporate brands in Vietnam had a growth rate of high value of 36%. The growth rate of Singapore was 22%, in Indonesia it is 22%, India 16%, Malaysia 10%, China 6%, Japan 5% and Thailand 4%.
In particular, among enterprises with leading brand value, there are enterprises with products with Vietnamese national brand names such as Viettel, Vinamilk, MB, Vietcombank, Vietinbank, BIDV, Hoa Phat, and Vietnam Airlines.
|Hoang Minh Chien, Deputy Director of the Trade Promotion Department of the MOIT. Photo: bnews
“This is of great significance, demonstrating the contribution of businesses with National Branded products in the pioneering role, leading and developing the National Brand even in economic periods. facing many difficulties and great challenges,” said Chien.
Regarding the orientation of the Vietnam National Brand Program in the coming time, Chien said, based on the general and specific goals assigned by the Prime Minister in Decision No. 1320/QD- TTg dated October 8, 2020 approved the Vietnam National Brand Program for the period of 2020 to 2030, the Ministry of Industry and Trade will coordinate with ministries and sectors to continue to raise businesses’ awareness and knowledge of brand building and management, especially at the business leadership level.
Along with that, strengthening activities to improve the capacity of building, developing, and managing brands for businesses, especially meeting the criteria system of the national brand of Vietnam; focus on promotion activities of the Vietnam National Brand Program and products that achieve the National Brand, especially in foreign markets and for potential export products.
In addition, the Ministry of Industry and Trade will launch and call for the participation of businesses, especially those with products that have been honored as national brands, in jointly developing the National Brand Program.