Tuesday, May 21,2024 - 5:8 GMT+7  Việt Nam EngLish 

Core values of national brand should be enhanced 

 Monday, April 22,2024

AsemconnectVietnam - Vietnam is always considered one of the most dynamic and open economies in the world, becoming the 4th largest economy in ASEAN and the 40th largest in the world.

However, in the context of a highly competitive economy, the issue of branding is still a weakness of Vietnamese businesses.
Gap in brand impression
Rice is an example. Even though it is among the top countries in terms of rice export output, the Vietnamese rice brand is still very weak in many markets around the world. The Philippines is Vietnam's largest rice export market. However, the sad story of the Vietnamese rice industry in this market is the lack of Vietnamese rice brands.
Mr. Phung Van Thanh, Vietnam Trade Counselor in the Philippines, informed that although Vietnam exports a lot of rice to the Philippines, Filipinos use a lot of Vietnamese rice, but it seems that Philippine importers "don't trust it very much." "So Vietnamese rice bags never have big labels like Japanese or Thai ones.
Previously, when Filipino consumers talked about rice, they thought of Thai and Japanese rice. Although they consumed Vietnamese rice, they did not appreciate it. This poses a branding problem so that when Vietnamese rice seeds enter Philippine supermarket channels, or at rice slag and retail stores in the Philippines, they can proudly display the sign "Vietnamese Rice". This will be better for Vietnam's rice production and trading industry.
Vietnam is always considered one of the most dynamic and open economies in the world, becoming the 4th largest economy in ASEAN and the 40th largest in the world. According to the assessment of the world's leading brand valuation consulting organization - Brand Finance, Vietnam's national brand has a growth rate of 102% in the period from 2019-2023. The value of national brands in 2023 reached 498.13 billion USD, an increase of 15.6% compared to 2022 and continuously growing in double digits over the past 5 years, ranking 33rd in the Top 121 strong national brands in the world recognized ratings. Elevating core values is not only about promoting economic development but also about building corporate culture, building a fair society and sustainable development.
In recent years, Vietnamese businesses have made many advances in building and developing brands, thereby improving the competitiveness of products, attracting investment and developing foreign trade. However, Vietnam's economy still faces many practical problems such as unsustainable export strategies and international trade disputes over trademarks that are beyond the ability of a single business to resolve. , an industry or locality, the shift in export structure towards increasing the content of processing industry and reducing the proportion of raw materials is still not clear, the added value in products is not high, but one of the The cause of weakness is the brand.
Build a brand with a story
From a business perspective, Mr. Le Duc Nghia, Chairman of the Board of Directors of An Cuong Wood Company, said that this year the market has recovered, and the exports of wood products also have many signs of improvement. Currently, An Cuong's factory has export orders until the end of November and domestic orders until the end of the third quarter of 2024.
With two main markets, the US accounting for 85% and Japan accounting for 15% of export orders, An Cuong Company is aiming to expand to Canada. To gain a foothold and succeed in the market, An Cuong's orientation from the beginning was not to do outsourcing. Therefore, businesses very actively participate in fairs abroad, and also organize business delegations from the US to visit An Cuong's factory to directly connect orders and develop the brand. If you export using your own brand, the profit will be very good, but when outsourcing, the profit will not be sustainable. More specifically, if you do your own exporting, the profit will range from 8-10%, but when outsourcing, the profit will only be 2-3%, even breaking even if not managed well. To be successful, businesses must focus more on marketing and promote brand development.
Dr. Abel D. Alonso, senior lecturer in International Business at RMIT Vietnam University, said that businesses can build brands based on added value, enhancing perceived value through positive core values, suitable for target consumers. The above solution can be implemented through many different methods, such as product quality, service, corporate social responsibility, customer experience, etc. He said, large Vietnamese enterprises is integrating and enhancing core values in branding activities in a more strategic way. However, the small and medium enterprise (SME) sector still has room for improvement. According to an OECD report from 2021, SMEs account for 96% of the total number of businesses, employ 47% of the workforce and contribute 36% of national added value in Vietnam.
According to Mr. Abel D. Alonso, branding can be done through storytelling and continuous communication on social networks, emphasizing the features and emotional value of the product. Maintaining a strong brand presence at events and through networking activities is also an effective approach. Another way to build a brand is to take your product to the next level. For example, a coffee producer could grow coffee sustainably, provide on-farm accommodation, organize coffee-related tourism activities, or share stories about farmers.
Mr. Abel D. Alonso said that the general rule is that businesses must convey memorable experiences, images and stories, and at the same time, provide products and services of consistent quality that show that words match with employment.
According to Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, in an era of rapid change and increasingly fierce competition with the support of technology and artificial intelligence, core values become even more important than ever. They are unchangeable principles, a guideline for our actions and the foundation for us to build and develop the brand of each business, each locality in particular and the whole country in general. To build and develop a brand effectively, it is necessary to find core and outstanding values. Brands must be associated with differences.
CK
Source: VITIC/ haiquanonline.com.vn

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