Vietnam PM Calls for Stronger National Brands to Boost Global Competitiveness

Hanoi, The Gulf Observer: Vietnamese Prime Minister Lê Minh Hưng has called on domestic businesses to transform national brands into a strategic competitive advantage for the economy, urging a shift from cost-based advantages towards value creation, innovation and deeper integration into global value chains.

The Prime Minister made the remarks on October 16 at a ceremony in Hà Nội announcing the products selected for the Vietnam National Brand title in 2026. The event was organised by the Vietnam National Brand Council and the Ministry of Industry and Trade.

This year, 499 products from 227 businesses received the prestigious national recognition across various sectors, including manufacturing, agriculture and food, pharmaceuticals, medical equipment, finance, banking, telecommunications, technology, transport, logistics, trade and services.

The Vietnam National Brand, also known as Vietnam Value, programme has played a significant role over more than two decades in establishing common standards for businesses. These standards extend beyond brand recognition and promotion to encompass product quality, corporate governance, technological capabilities, innovation, market responsiveness and social responsibility.

The number of businesses with recognised products has increased more than sevenfold, from 30 in 2008 to 227 in 2026. Fourteen businesses have retained the title through all 10 selection rounds, while 84 have received the recognition at least five times.

Vietnam’s national brand value reached nearly US$462.28 billion in 2026, representing a 45.14 per cent increase from 2020 and placing the country 32nd among 193 nations. Five businesses with nationally branded products also ranked among the country’s 10 most valuable brands this year, accounting for approximately 69.1 per cent of their combined value.

The 2026 selection process introduced revised criteria that place greater emphasis on innovation, research and development, scientific and technological applications, intellectual property, digital transformation, green growth and workforce development. Innovation alone accounted for 30 per cent of the overall assessment score.

Congratulating the recognised businesses, PM Hưng said the awards reflected their resilience, creativity, expertise and sustained efforts, alongside the contributions of Vietnamese entrepreneurs, businesses and workers.

He emphasised that the National Brand title represented not only a source of pride but also a commitment to consumers and a responsibility to protect the country’s reputation. Products bearing Vietnamese brands, he said, must demonstrate quality, credibility and the ambition to compete in international markets.

The Prime Minister stressed that a brand was not merely an asset belonging to an individual company but also a reflection of national competitiveness, reputation and international standing. Strong brands support successful enterprises, while competitive enterprises strengthen the autonomy and resilience of the national economy, contributing to the country’s long-term prosperity.

Highlighting Vietnam’s development ambitions, PM Hưng said the country was entering a new phase of economic growth, targeting average annual GDP growth of at least 10 per cent during 2026–2030. Achieving this goal would require comprehensive reforms to the development model and improvements in economic capacity, quality and competitiveness, driven by science, technology, innovation and digital transformation.

He cited economic performance during the first nine months of 2026, when GDP grew by 9.01 per cent year-on-year, with third-quarter growth reaching 9.95 per cent. Vietnam’s total import-export turnover is estimated to reach US$1.1 trillion for the year, exceeding US$1 trillion for the first time.

The country also ranked 43rd among 139 economies in the 2026 Global Innovation Index and led the world in the shares of high-tech and creative goods exports in total merchandise trade.

According to the Prime Minister, these achievements reflect the important contributions of Vietnamese businesses, particularly those investing in quality, technology and brand development.

However, he acknowledged that many high-quality domestic products still lacked strong brands, while domestic value addition and control over markets remained limited. Exports by businesses holding national brand recognition accounted for approximately 11 per cent of their combined revenue, equivalent to around 2.3 per cent of Vietnam’s overall export turnover.

He also called for increased investment in research, core technologies and intellectual property protection, alongside stronger measures to combat counterfeit products.

Referring to the strategic resolutions of the Communist Party of Vietnam, PM Hưng highlighted the need to enable more private enterprises to participate in global value chains and strengthen state-owned enterprises so they can compete more effectively in international markets.

He urged the country to move beyond cost-based advantages towards value creation, shift from processing and assembly to design and innovation, and progress from simply participating in markets to assuming leading positions.

The Prime Minister called on businesses, particularly those with nationally recognised brands, to take the lead in implementing strategic policies, improving productivity, increasing domestic value addition, expanding market share and integrating more deeply into global value chains.

He further urged leading enterprises to regard their brands as long-term strategic assets and set high standards in product quality, corporate governance and social responsibility, thereby enhancing the global reputation and competitiveness of Vietnamese brands.