Vietnam has seen the third biggest brand value gain over the course of the pandemic in absolute terms, up $184 billion year-on-year to $431 billion in 2022, says London-based Brand Finance.
In relative terms, the country recorded the world’s fastest brand value growth, up 74% compared to 2019, according to the Brand Finance Nation Brands 2022 report issued Friday.
Vietnam has gained momentum as an attractive destination for foreign investment thanks to successful fiscal and monetary policies and investments in human capital, but also amid trade disruptions from China’s lockdowns and continued tensions between Beijing and Washington, the global brand valuation consultancy said in a release.
Across the world, the values of the world’s nation brands have substantially returned to their pre-pandemic levels, the report notes. Nation brand valuations are based on forward-looking macroeconomic forecasts and the positive outlook on recovery from Covid-19 is driving this year’s increases.
The total value of the world’s top 100 nation brands stands at $97.2 trillion, up 7% year-on-year and only marginally behind the pre-pandemic value of $98.0 trillion in 2019.
While the combined value of the world’s top 100 nation brands has practically matched pre-pandemic levels, exactly 50 nation brands have increased in value over this period, while the other 50 remain below the valuation from before the Covid-19 crisis, the report adds.
At the top of the ranking, the U.S. (brand value up 7% to $26.5 trillion) has retained its position as the world’s most valuable nation brand, maintaining the lead ahead of second-ranked China (up 8% to $21.5 trillion).
The U.S. and China are standout leaders in the Brand Finance Nation Brands 2022 ranking, with the combined brand value of the two equal to that of the remaining 98 nation brands in the top 100.
Canada has claimed the title of this year’s strongest nation brand with an overall brand strength score of 81.8 out of 100, supplanting last year’s leader Switzerland (80.7).
The United Arab Emirates ranks highest globally in brand performance, with a score of 80.5 out of 100. The UAE has attracted a higher volume of trade, investment, tourism, and talent than other nation brands.
A successful Covid-19 response, which allowed the UAE to open for business sooner than many other destinations, is one of the key drivers of the UAE’s impressive results this year, Brand Finance said.