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“National Brands of Vietnam” - The recognition for Vietnamese products

Thursday 26, 11 2020
Despite the impact of the COVID-19 pandemic, 2020 has witnessed the highest increase in the number of businesses and products rewarded as “National Brands”.
“National Brands of Vietnam” - The recognition for Vietnamese products

On the evening of November 25th, at the Hanoi Opera House, the Ministry of Industry and Trade held a ceremony to announce National Brand products in 2020. After more than nine months of implementing the votes, 124 enterprises with a total of 283 products were rewarded “National Brands 2020”. 
The number of awarded enterprises in 2020 increased by 27 units compared to 2018. Also, 17 of these enterprises had 7 consecutive times of owning “National brand” products. Prominently, despite the impact of the COVID-19 pandemic on manufacture and business activities, 2020 is the year when the number of enterprises and products rewarded “National brand” has the highest increase. 

The importance of brand value

Over 17 years from 2003 to now, the program has contributed to raising awareness of the business community of brands’ important role of brands in increasing the value of products and enterprises. Thus, the competitiveness of businesses can be improved and their position in the market can be asserted through three criteria: Quality, Innovation, and Pioneering capacity.
These enterprises meet the criteria system of Vietnam National Brand and are typical businesses representing Vietnamese trademarks. However, according to Mr. Hai, Vice Chairman of the National Brand Council, this is not seen as an award but a Program, in which the selection of national brand products is only the beginning for businesses to become a partner of the Program. The State sponsors brands with quality and reputable products to help businesses to have a firm position on the domestic market and develop their brands into the world. 
 The importance of brand value
According to the representative of the Ministry of Industry and Trade, besides established brands such as Vietnam Airlines, Viettel, MobiFoneVinamilk, Hoa PhatVietcombank, TH True Milk, Thien Long, PVGas, Biti's, NutiFood, Traphaco, etc., this year's program witnessed more new brands, products, and services in criteria such as electronic payment, hotel management, travel experience. This proves the awareness of businesses in many different industries and sectors of the brand's importance.
Being honored for the first time, Ms. Pham Thi Kim Loan, Chairman of Ngan Ha Import-Export Trading Co., Ltd said that with the “National Brands of Vietnam” title, the enterprise is well aware of its responsibility and will put more efforts into researching and producing quality inventions and products with Vietnamese brand. This will make Vietnamese brands increasingly asserted and reach more international markets.
This is the consecutive second time that Nutricare products have been honored as “National Brand of Vietnam”. According to Mr. Nguyen Duc Minh, General Director of Nutricare Nutrition Joint Stock Company, this is not only the pride that the company's efforts are recognized but also the pressure of responsibility. The company will make continuous efforts to maintain the commitment of products and services' quality with customers and partners. “The good thing is the pressure of commitment when participating in the Program gives Nutricare the motivation to unite and go further”, said Mr. Nguyen Duc Minh.

Outstanding achievements

According to the data of 124 “National brand” enterprises in 2020 compiled by the Department of Trade Promotion (the Ministry of Industry and Trade), the total revenue in 2019 of these businesses reached over VND 1.4 million billion. The total export revenue reached more than VND 137,000 billion. The total contribution to the State budget was over VND 200,000 billion. More than 471,000 people were employed.
 Outstanding achievements
The data of Brand Finance shows that the Vietnamese national brands were valued up 29%, from USD 247 billion in 2019 to USD 319 billion in 2020, and increased by 9 places, from 42 to 33 in the world. Vietnam was also considered as the fastest ranking case in the world.
Along with the development of Vietnam National Brands, the brand value of Vietnamese enterprises has also increased sharply. According to Forbes Vietnam, the total value of the top 50 brands in Vietnam reached over USD 9.3 billion. These figures assert the convincing strength of the increasingly improved quality of Vietnamese goods and services, despite facing many difficulties and challenges.

Compiled by VietnamCredit

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