Solutions sought to help Vietnamese businesses protect brand
A workshop discussing measures and appropriate policies to help Vietnamese businesses enhance their brand position during the process of international economic integration was held by the Vietnam Institute of Economics (VIE) under the Vietnam Academy of Social Sciences in Hanoi on December 19.
In his opening speech, Director of VIE, Assoc. Prof. Dr. Bui Quang Tuan said developing and protecting Vietnamese brands plays a crucial role in the development of the business community and the national economy, stressing that in the context of Vietnam's increasingly open economy and strong integration into the global economy, this task becomes even more essential.
He mentioned limitations in this work, saying that the brand development and protection of Vietnamese businesses still lacks professionalism, and that Vietnamese brands appear relatively indistinct in the eyes of international consumers and the competitive advantage of Vietnamese exports primarily relies in prices rather than value.
Dr. Nguyen Quoc Thinh, former head of the Marketing Faculty of the Vietnam University of Commerce, cited a recent report by Brand Finance that said the value of Vietnam's national brand rose by 11% to US$431 billion in 2022 from US$388 billion in 2021.
He said that to successfully build a brand, businesses need to perfect their products, enhance brand identity set and touchpoints, and promote communication activities to introduce their brands and expand distribution channels.
Meanwhile, Dr. Khong Quoc Minh from the Intellectual Property Department (IPD) under the Ministry of Science and Technology underlined the importance of refreshing brands to meet new requirements and directions in keeping up with market trends and competing with rivals.
