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BRANDING

The value of soft power (CPTPP) and the EU-Vietnam FTA, making
the country an important factor in all regional
and intra-regional economic links, which is
Vietnam’s pandemic response has gone a long to cementing a boost for its imports and exports.
its reputation around the world as a safe destination. At the same time, the “Vietnam Value”
program’s management agency, the Ministry
of Industry and Trade (MoIT), has actively
MR. SAMIR DIXIT,
MANAGING DIRECTOR, BRAND FINANCE ASIA PACIFIC supported Vietnamese enterprises to improve
their capacity through consulting on business
development, establishing information sys-
conomic growth in the 21st century is the countries to benefit from it, and Vietnam tems, and upgrading branding knowledge.
all about sustained collaboration needs to do just that to get further ahead. All of these initiatives have helped increase
E between various stakeholders and the It seems to have managed all aspects of awareness about the program and “Vietnam
correlation of perceptions of the national its perception quite well, especially the inte- Value” products through various domestic
brand and the brands from the country, which gration and alignment of its national brand and international media channels.
can truly enhance soft power both internally and brands from the country. Prime Minister Meanwhile, MoIT also focuses on building
and externally. Nguyen Xuan Phuc approved the Vietnam and promoting geographical indications and
With a Global Soft Power Index score of National Brand Program from 2020 to 2030, collective trademarks of Vietnam in foreign
33.8 out of 100, Vietnam is the only country in which aims to increase the value and rankings markets, supporting improvements to the
the ASEAN region to see an increase in its of the national brand while targeting over competitiveness of businesses based on rep-
ranking this year, of 2.5. This is because of 1,000 products to become strong national utation for quality, environmentally-friendly
increases in overall influence and business & brands. Brands from the country are managed production, and professionalism, thereby
trade scores, according to the latest Brand through specific efforts and initiatives under- contributing to consolidating the position of
Finance Global Soft Power Index 2021 report. taken by Vietrade, under the national trade- Vietnamese brands in the global market.
While Covid-19 has posed many challenges mark program “Vietnam Value”. Thanks to the program, Vietnam’s
for countries around the world, it also brings At the national level, Vietnam has estab- processed food industry now contributes
a fair amount of praise for those that have lished diplomatic relations with 187 of the upwards of $17 billion to export revenue and
managed the pandemic well, thereby giving 193 member states of the UN, and signed the apparel industry over $22 billion. These
them an opportunity to showcase their lead- new-generation free trade agreements (FTAs) economic contributions are absolutely crucial
ership and crisis management abilities. But all such as the Comprehensive and Progressive for Vietnam’s overall growth and reputation,
that information must be shared globally for Agreement for Trans-Pacific Partnership and contribute to its soft power. %

Interview with Mr. Vu Ba Phu, Director General, Vietnam is well known as a safe country. Its
Vietnam Trade Promotion Agency, Ministry of Industry and Trade. popularity makes it easy for it to draw inter-
national investment, events, and tourists, which
brings significant opportunities for the country’s
% Vietnam is going through a growth spurt. of a given country dominate the international economic development. Not only that, Vietnam
What role does so!t power play for its GDP market, the stronger that country becomes. has succeeded in turning the challenges of the
growth and success in the region and globally? Notably, branding will play a crucial role Covid-19 crisis into opportunities to promote
Vietnam’s soft power stems not only from when Vietnam participates in more new- and enhance the image of its products and
the inheritance and promotion of its own generation FTAs. national brands.
values, including its heroic history, tradition, Recognizing the importance of branding
culture, and peace-loving foreign policy, but for a country in the globalization process, the % What are your goals for the next decade
also the development and optimization of its government launched the “Vietnam Value” in terms of building up Vietnam’s so!t
new position and advantages. In the difficult program in 2003, a unique and long-term power capabilities?
context of 2020, the successful performance trade promotion program. The aim is to build In order to build up and promote its soft
of its “dual role” as ASEAN Chairman and Vietnam’s image as a country home to high- power, first of all, Vietnam needs to undertake
non-permanent member of the UN Security quality products and services, to increase the a strategic orientation for systematic and long-
Council is testament to the harmonious appli- attraction of Vietnam and its people and boost term soft power promotion in the digital era.
cation of soft power in Vietnam’s multilateral foreign trade and national competitiveness. Secondly, it is necessary to improve growth
and bilateral diplomatic relations. Thanks to support for the program, many quality and workplace productivity, and to pro-
Vietnam is one of the most open economies Vietnamese enterprises have gradually created, mote creative industries, thereby improving
in the world, with a ratio of trade-to-GDP developed, and promoted their brands pro- economic competitiveness. Thirdly, it must
increasing from 136 per cent in 2010 to approx- fessionally, thereby improving their compet- continue to preserve and promote the diverse
imately 200 per cent in 2019. Amid Covid-19 itiveness and affirming their position in and rich values of its culture. Fourthly, diplomacy
shutdowns, which caused output to slump in domestic and foreign markets. should concentrate on enhancing capacity and
early 2020, Vietnam was one of only a few coun- asserting the country’s role in regional and
tries to post GDP growth, of nearly 3 per cent. % How has Covid-19 impacted Vietnam’s international affairs. Fifthly, there needs to be
so!t power? a focus on investment in science and technology.
% Brands from the country are a strong tool to The Covid-19 pandemic is increasingly seri- In addition to building and promoting soft
drive advocacy with global stakeholders. How ous, complicated, and unpredictable, with power, Vietnam also needs to strengthen and
is Vietnam globalizing its homegrown brands? extensive and far-reaching impacts pushing accomplish its hard power to create synergy -
In a modern and continuously evolving many countries into a two-pronged health and “smart power” - to demonstrate its new geo-
economy, the more the homegrown brands economic crisis. strategic and geo-economic position. %

MARCH 2021 | VIETNAM ECONOMIC TIMES | 41