Building and promoting the values of Vietnamese brands
The country’s socio-economic development has been overall successful over the past years thanks to the important role and efforts of the Vietnamese business community in building and developing product brands, creating prestige for Vietnamese products in both domestic and international markets.
Vietnam has a number of famous product and service brands that have dominated the domestic market and is reaching out to the world; however, this number is low. Foreigners have been less familiar with Vietnamese branded products, which is a disadvantage for domestic enterprises. Most enterprises have not had the right understanding of the brand, so they have faced difficulties in building and maintaining their prestige and image as well as developing their brands. Furthermore, many enterprises thought that trademark protection registration was not necessary and have failed to realise that branding is their weapon for competition and intangible assets.
In the current economy of fierce competition, if Vietnamese famous brands and products do not properly register their trademark, they will face the risk of brand appropriation, resulting in lawsuits and disputes. In addition, counterfeit goods as well as the infringement of intellectual property and industrial property rights have not been strictly handled.
Deceptive behaviour, such as pumping impurities into shrimp and tea, have reduced the prestige of Vietnamese brands in some foreign markets. Notably, many big foreign corporations with strong financial resources are attempting to take ownership of large Vietnamese brands through trading and merging activities. They even find ways to enter the Vietnamese market to take unfair advantage of the geographical indications and availability of well-known products of the country.
Due to lack of awareness of the role and values of brands, enterprises cannot set out rational strategies and promote intensive investment in introducing their products to customers, particularly building their brands’ prestige. In the trend of international integration and expanding exports market, enterprises should pay more attention to developing, preserving and protecting their brands as well as raising their awareness of intellectual property. In addition, it is highly essential to properly build technical barriers in line with international commitments to protect domestic production.
In addition to opportunities for development, Vietnamese enterprises have to face many difficulties in competing with new markets. Therefore, ‘Vietnamese Brands’ Day’ aims to honour the values of Vietnamese brands as well as help the domestic business community understand more about difficulties and challenges in order to attach importance to improving their products’ quality, maintain their prestige and increase their competitiveness.
The Government, ministries, agencies and localities should pay much attention to overcoming difficulties and obstacles to enhance production and business in the country and expand the export market as well as prevent and combat smuggling and trade fraud. The industry associations should instruct enterprises to build and preserve their prestige, which is considered as a way to build sustainable product brands and promote the values of Vietnamese brands on both the domestic and international markets.