Vietnam has ascended to the 33rd position in the Top 100 most valuable national brands worldwide. The country is among those with the fastest-growing national brand value, boasting a 29% increase from 2019, reaching a valuation of $319 billion USD. To date, Vietnam is home to 124 enterprises with 283 products recognized as national brands. Some have made significant impacts on regional and global markets, such as Viettel – Vietnam’s largest telecommunications and information technology corporation – ranking in the top 15 mobile network operators globally by subscription and top 40 by revenue, and Truong Hai Auto Corporation (Thaco), which is gradually rising to a leading position in the ASEAN region.
Assessing the Health of Vietnamese Brands
But how do we maintain and develop these Vietnamese national brands?
According to Mr. Lai Tien Manh, Director of Mibrand brand consulting company, businesses need to know their current position to plan their next steps. Therefore, evaluating the relevance and repositioning of the brand must always be a priority for Vietnamese enterprises.
Mibrand’s representative believes that Vietnamese businesses often lack a method to measure the health of their brand in the current context. To reach new heights, not just the old or current ones, it’s crucial to know exactly where our brand stands to chart a new course for brand development.
It’s particularly important to measure the effectiveness of a brand strategy, reflected in the vision, mission, and core values. Specifically, Mr. Manh suggests assessing the national brand’s effectiveness on employees. “If employees can’t feel the value of their company’s brand, and it’s not reflected in their actions and words, it’s very difficult for the brand to spread,” says Mr. Manh.
Additionally, the brand’s external reach must be measured. Have customers, organizations, and communities heard of, understood, and come to love the brand? Do their perceptions align with what the business truly wants them to understand about us, or are there misunderstandings or incomplete understandings?
Mr. Manh argues that when investing in brand building, many businesses only measure output results, such as the number of advertisements, events, and participants. However, these are just outputs. The measurement of brand maturity should focus on the impact of these activities on external customers, how they change their thinking and perception of the business’s brand.
Core Competencies and Customer Service
For a national brand to resonate from the inside out, Mr. Le Quang Vu, Director of BlueC, believes that businesses need to build employee pride in their brand achievements. How do we ensure harmony both inside and outside the company?
In today’s world, roles are constantly changing. Consumers are now the contractors, setting requirements for businesses to meet. Customers become influencers, supporting businesses. Employees become ambassadors for the brand. Only when they truly love and understand the brand and its products can they take pride in their company’s brand.
Mr. Le Quang Vu, Director of BlueC, suggests thinking of each exported shrimp as a part of Vietnam. Employees need to understand this. Each one should see themselves as part of the national brand in some way.
“The soft power of the national brand is built by people and corporate culture,” Mr. Vu asserts. The vision and culture of the national brand must be commensurate.
Mr. Vu cites the soft power of Vietnam Airlines, the national carrier. Its mission is to be the leading transportation force in Vietnam, a top airline in Asia chosen by customers. Prioritizing safety and customer-centricity are core values of Vietnam Airlines. The airline is particularly conscious of sustainable community and societal development as a key factor in its production and business decisions.
Or consider the mature value of Viettel. Viettel has carved its own path by establishing Viettel Global to venture into foreign markets. Viettel’s creative value lies in developing 5G, building smart cities, and analyzing big data to address local issues.
Viettel’s practical value is turning these values into concrete actions that bring real benefits to customers. They quickly democratize information by providing coverage in the farthest and deepest reaches.
These are excellent examples of businesses aligned with “core competencies.” This fundamental concept underpins what a company creates, helping it endure even as technology or the world changes. They continually strive to anticipate customer needs because it drives sustainable business.