Branding to make Vietnamese goods competitive in int’l market: experts
Branding is a long-term solution to make Vietnamese goods competitive in the international market, as many products originating from Vietnam remain unfamiliar to consumers though they are among the world's top production volumes, said experts.
Thanks to its impressive export growth, Vietnam has been among the 20 countries globally with the biggest trade. However, many Vietnamese exports are labelled under different countries or brands other than Vietnam. This is particularly true for agricultural products as up to 80% of them lack branding.
Vietnamese Trade Counsellor in the UK Nguyen Canh Cuong said Vietnamese rice is sold in the UK under distributor brands like Longdan, Golden Lotus, Buffalo, Green Dragon, and Red Ant. Furthermore, a significant portion of Vietnamese rice exported to the European Union is processed and packaged by importers who then label them with their own branding for sale.
Meanwhile, head of the market development strategy consulting section under the German Chamber of Commerce in Vietnam Dao Thu Trang said many Germans are still unaware that Vietnam is the world's largest coffee exporter, even though the drink they use daily is shipped in raw form from Vietnam. Similarly, 90% of Vietnamese tea and 95% of its black pepper are exported either in raw form or with minimal processing. As a result, when these products enter the global market, they often carry the names of foreign partners.
Vice President of the Central Retail Group in Vietnam Paul Le noted that brands need to be readable and memorable. The products should cater to consumer preferences and meet standards of each market, especially considering the rising trend of eco-friendly consumption.
The Vietnamese Ministry of Industry and Trade (MoIT) has launched the National Brand Programme until 2030 with an aim to build and popularise Vietnamese brands, trade names, geographical indications, and origin names of goods in both domestic and foreign markets, according to Nguyen Thi Thu Thuy, Deputy Director of the Export Support Centre under the MoIT’s Trade Promotion Agency.
From August 17-20, the sixth Vietnamese Goods Week was co-organised by the MoIT and the Central Retail Group in Thailand, with 100 Vietnamese enterprises showcasing products such as fish sauce, rice, processed fruits, cashew and macadamia nuts, bird's nest, handicrafts and artworks.
