Viet Nam National Brand Program ratified
VGP – PM Nguyen Xuan Phuc has recently inked the Viet Nam National Brand Program from 2020 towards 2030.
The program targets to yearly increase the number of top brands in the world’s reputable rating organization by 10%. About 90% of enterprises will acknowledge the role of brands in production, business, and investment. All products which are recognized as Viet Nam National brands will be advertized domestically and in key export markets.
The Ministry of Industry and Trade (MoIT) is responsible for managing the program.
Especially, the PM assigned the MoIT to work with relevant ministries, sectors, agencies, and local authorities to implement the program.
On this occasion, PM Phuc also issued a regulation on building, management, and implementation of the Viet Nam National Brand Program.
Under the regulation, Viet Nam National Brands will be selected biannually in even years. Enterprises are requested to submit three dossiers to the MoIT before March 31.
Enterprises which get Viet Nam National Brands are allowed to use the logo and the identification system of the Viet Nam National Brands.
Earlier, the program has been in place since 2003. This is the only program run by the Government to promote the national image and brand through product brands.
The program is aimed at introducing Viet Nam’s high-quality goods and services to the global market and raising the competitiveness of Vietnamese businesses at home and abroad.
The Vietnam National Brand Program is expected to make more groups and firms aware of the importance of branding in shoring up the value of products and enterprises.
The number of firms with products recognized as meeting national brand standards is on the rise, growing to 97 firms in 2018 from 30 in 2008.
A report published by U.K.-based brand valuation consultancy Brand Finance on the top 100 most valuable global brands in 2018 indicated that the Vietnamese brand “Vietnam” was valued at US$235 billion and listed in the strong brand group. “Vietnam” jumped two spots to sit at 43rd place./.
By Kim Anh