Vietnamese companies can elevate their brands by focusing on core values: RMIT experts
Branding through value addition is a strategic approach where brands enhance their perceived value by associating themselves with positive core values that resonate with their target audience. This can be achieved through various means, such as product/service quality, corporate social responsibility, and customer experience, to name a few, write RMIT experts.
Larger Vietnamese companies are becoming more strategic in integrating and elevating their core values in branding activities, while there is room for improvement among small and medium-sized enterprises (SMEs).
According to an OECD report from 2021, SMEs represent 96% of the total stock of companies, employ 47% of the labor force, and account for 36% of national value added in Vietnam, RMIT senior lecturer in international business Dr Abel D. Alonso, a keynote speaker at the Vietnam National Branding Forum held on Monday in Ho Chi Minh City, highlighted.
“The importance of SMEs in the Vietnamese economy cannot be undermined. There is huge potential to be unlocked when it comes to building strong national brands from this group of businesses,” Dr Alonso said.
Vietnam is filled with independent producers of food, fashion, handicraft, and niche products. Its rich natural and cultural heritage also gives rise to many SMEs in tourism and hospitality. According to Dr Alonso, these are just some of the industries that could benefit from value-adding branding efforts.
By providing specific case study examples, he said that branding can be done through continuous storytelling and social media exposure, emphasising the usefulness of the products and their sentimental value. Maintaining a strong brand presence at events and through networking activities is also an effective approach.
“Branding by ‘elevating’ the product to a higher level is another way. For example, a coffee producer might enhance their brand through sustainable coffee growing, farm-stay services, and coffee-related tourism activities, or sharing stories about the growers. If there is a rule of thumb here, it is that it’s important to both convey memorable experiences, images, and storytelling, and follow through by offering quality consistency,” Dr Alonso said.
RMIT senior program manager for international business Dr Dang Thao Quyen also stressed the importance of quality to a brand’s value. She believes that businesses should have proper investments and a long-term commitment for what they want to sell on the market. To do that, they need to really listen to customers, understand the market, and constantly look for ways to innovate.
“I would encourage Vietnamese businesses to find ways to tell their stories with a Vietnamese identity to international friends. They should not just follow trends but try to create new trends and lead the market, for instance, through green products, sustainable development, transparent governance, and contributing to solving inequality,” Dr Quyen said.
On sustainable development, RMIT lecturer Dr Vu Thi Kim Oanh said Vietnamese businesses are now pushed to enhance their brands sustainably, for example, through environmental, social, and governance (ESG) angles. Preliminary results from a project measuring the ESG maturity level of Vietnamese enterprises conducted by the RMIT international business research team indicate that many local companies have experienced various benefits of ESG compliance, including profile beautification, attracting investment, or persuading international clients.
Vietnam has a 100-million strong population and its share in the global GDP adjusted for purchasing power parity is forecast to reach a new peak of 0.97% by 2028, according to data from the International Monetary Fund.
“Along with customers' green consumption trends, branding by sustainably leveraging core values will help Vietnamese enterprises unleash the potential of not only the domestic but also global markets,” Dr Oanh concluded.
- Read More
Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers
Vietnam’s mega North-South high-speed railway project should be redesigned and extended beyond Hanoi and Ho Chi Minh City as currently planned, several lawmakers have suggested.
Infrastructure - Thu, November 21, 2024 | 6:11 pm GMT+7
Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership
Vietnam and Malaysia have upgraded their relationship to a comprehensive strategic partnership, the highest level in the former’s diplomatic hierarchy.
Politics - Thu, November 21, 2024 | 5:21 pm GMT+7
Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants
PV Power and PV Gas, two units of state-owned Petrovietnam, have signed an LNG supply deal for trial operation of Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants.
Energy - Thu, November 21, 2024 | 4:40 pm GMT+7
Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister
Minister of Transport Nguyen Van Thang affirmed Wednesday that funding would be secured for building the Long Thanh International Airport, set to become Vietnam’s biggest.
Infrastructure - Thu, November 21, 2024 | 3:53 pm GMT+7
VAFIE to organize workshop on amendments to horse racing, football betting rules
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and The Investor will organize a workshop on suggestions to amend the government’s Decree 06 on horse racing, greyhound racing and international football betting services.
Economy - Thu, November 21, 2024 | 2:38 pm GMT+7
Vietnam Politburo okays international, regional financial centers in HCMC, Danang
Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.
Economy - Thu, November 21, 2024 | 1:50 pm GMT+7
Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy more shares of Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE) to achieve the vetoing power in the latter.
Finance - Thu, November 21, 2024 | 11:29 am GMT+7
Posco keen on investing in Vietnam's $2.2 bln LNG power project
South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.
Energy - Thu, November 21, 2024 | 10:42 am GMT+7
Vietnam firm Hoa Lam to build $212 mln Aeon Mall in Mekong Delta
The Mekong Delta city of Can Tho has accepted a subsidiary of private multi-sector Hoa Lam Group as the investor of the Aeon Mall Can Tho commerce and service center.
Industries - Thu, November 21, 2024 | 10:31 am GMT+7
Vietnam startup expert closes Monkey in Black coffee shop
Tung BT (Tran Thanh Tung), a popular startup expert and social media influencer, is closing his final coffee shop in Ho Chi Minh City, ending a 10-year journey of the "Monkey in Black" brand.
Companies - Thu, November 21, 2024 | 8:16 am GMT+7
Vietnam-Singapore ties set for elevation to comprehensive strategic partnership
Vietnam and Singapore will elevate bilateral ties to a comprehensive strategic partnership and Singaporean Prime Minister Lawrence Wong will visit Vietnam next year.
Politics - Wed, November 20, 2024 | 8:16 pm GMT+7
Vietnam’s Vingroup establishes robotics firms, with co-founder’s 2 sons as major shareholders
Vingroup, Vietnam’s largest private conglomerate by ecosystem, has set up a robotics unit as it moves to ramp up its industrial-high technology ecosystem.
Companies - Wed, November 20, 2024 | 6:17 pm GMT+7
E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam
E-commerce and digital platforms will have to declare and pay taxes on behalf of their sellers starting January 1, 2025, according to a draft amendment to the Law on Tax Administration.
Finance - Wed, November 20, 2024 | 5:37 pm GMT+7
Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec
In a rapidly changing world, leaders need to develop the skill of being “as flexible as seaweed,” says Nguyen Viet Ha, general director of PepsiCo Foods Vietnam.
Companies - Wed, November 20, 2024 | 3:52 pm GMT+7
Central Vietnam province okays $88 mln automobile part project
Binh Thuan province's industrial zone authority on Tuesday granted an investment registration certificate to a $88 million project invested by Taiwan’s NeoSCM Limited.
Industries - Wed, November 20, 2024 | 3:44 pm GMT+7
Thai packaging firm Thantawan Industry makes inroad into Vietnam
Thantawan Industry Public Company Limited, a leading Thai manufacturer of premium plastic packaging, has inked a deal for a 30-year factory lease, marking its inaugural investment in Vietnam.
Industries - Wed, November 20, 2024 | 3:34 pm GMT+7
- Travel
-
Indian billionaire to visit Vietnam’s Ha Long Bay with 4,500 employees
-
Vietnam in talks on visa exemptions with 15 countries to boost tourism
-
Foreign businesses in Vietnam urge relaxation of visa, work permit requirements
-
AI can be a game changer for Vietnam tourism
-
Google Doodle honors world's largest cave Son Doong
-
Four Vietnam airports to suspend operations as typhoon 'strongest in a decade' approaches