Vietnam PM says National brands help promote Vietnam globally

Hanoi, The Gulf Observer: A total of 352 products have been newly recognised as National Brands, marking their contribution to the country’s image in the eyes of global partners.The national brands are a positive reflection of Vietnam’s prestige, as well as its tradition, culture and people, Prime Minister Pham Minh Chinh said at the annual ceremony on National Brands.

The PM underlined the promotion of national brands as a joint mission of the whole political system and said he was glad to see national brands increase in number year by year.

He was also glad that Vietnamese products had gained ground internationally over recent years, demonstrated by their impressive export revenues, market shares, and rankings, as well as the mounting respect from global partners.

At the ceremony, 172 firms were selected from over 1,000 candidates to be awarded the National Brands title. The PM said he was impressed by the firms’ strong performance in 2021.

They made aggregate revenues of VNĐ1.57 quadrillion (US$63.2 billion), contributed VNĐ129 trillion to the State Budget, created nearly 600,000 jobs and did considerably well in terms of social responsibility.

He said the Vietnamese business community, likewise, showed remarkable resilience amid the unfavourable conditions and global uncertainties in the first ten months of the year.They managed to streamline their production process and improve their competitive positions globally, making a major contribution to the country’s economic development.

Remarkably, a Brand Finance report showed that the Vietnam National Brand rose from $388 billion in 2021 to $431 billion in 2022, the fastest-growing country between 2019 and 2022, in this regard.

It is worth noting that Brand Finance’s National Brand is not a valuation of aggregated Vietnamese commercial brands, but rather, is a valuation of the brand of the country itself.