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Sunday, September 25, 2022

Vietnamese brands surge in value post pandemic: report

The Saigon Times

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HCMC – Military-run telecom carrier Viettel is the most valuable Vietnamese corporate brand, with its brand equity rising 44% year-on-year to US$8.8 billion, according to a new report from the leading brand valuation consultancy Brand Finance.

Viettel has retained the crown as the most valuable Vietnamese brand for the fourth consecutive year.

Lai Tien Manh, country representative at Brand Finance Vietnam, said the pandemic brought many challenges to Vietnamese brands but also opportunities and a renewed sense of brand purpose.

VNPT, another telecom brand with a brand value improving 4% to US$2.9 billion, remains the second most valuable Vietnamese brand. In the last five years, VNPT has made headway in brand value and strength.

VNPT has ranked second nationally for four years in a row and in the top three since 2017. In recent years, the brand has been signing agreements with the Government and other partners to improve connectivity and 5G access in the country.

Vinamilk, the leading dairy firm in the country, ranks third in brand value with 18% growth to US$2.8 billion this year. Vinamilk has secured third place for four years in a row, and as the most valuable food brand in Vietnam, it continues to constantly conquer international markets, and aim for its long-term goal to become one of the top 50 dairy brands worldwide.

According to the report, Vietnam’s top 50 brands achieved an aggregate increase in brand value of 36% year-on-year. Despite the negative consequences of Covid-19, the nation’s biggest brands could deliver good results and brand value growth.

Since the Vietnamese economy is dependent on exports to nations including the U.S., China and Japan, supply chain issues continue to affect the growth of Vietnamese brands. Over the pandemic, the nation’s ability to export to key destinations increased and recovered with growth in brand value across the ranking.

The top 10 Vietnamese brands are worth US$24.4 billion this year, accounting for 67% of the US$36.4 billion of the top 50 Vietnamese brands.

Four new entrants in the ranking reflect stronger brand value across the ranking. They are Nam Long (brand value at US$164 million), Vinacomin (brand value up 97% to US$83 million), Chin-su (brand value up 97% to US$68 million) and Masan Consumer (brand value up 84% to US$66 million).

Despite the pandemic, Vietnam has maintained its economic stability and is rapidly developing with the help of technology. However, to continue to grow in brand value and help the country move from being product-oriented to marketing and brand-oriented, Vietnamese brands need to be open to change, react quickly, diversify and become more visible. In this way, they would be better positioned for all stakeholders, said Alex Haigh, managing director at Brand Finance Asia Pacific

The four telecom brands – Viettel, VNPT, Vinaphone and Mobifone– have a total brand value of US$13.1 billion and is the largest economic sector by brand value in the Vietnam 50 2022 ranking.

The banking sector follows with US$8.5 billion in brand value from 12 brands, with the food sector being the third-most valuable sector (US$3.5 billion from seven brands).

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