Vietnam needs brand building to boost exports to CPTPP market

13/10/2023    84

The image of Vietnamese brands, which is relatively modest in the CPTPP market, needs to be improved in a bid to tap the tremendous potential of this market, experts have advised.

According to the Ministry of Industry and Trade (MoIT), Vietnam's exports to most member economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have increased significantly since the pact took effect. 

The trade turnover between Vietnam and CPTPP countries reached 104.5 billion USD in 2022, up 14.3% year-on-year. Of the sum, the country's export and import value stood at 53.6 billion USD and 50.9 billion USD, annual increases of 17.3% and 11.3%, respectively.

Despite the increases, the recognition of Vietnamese brands in those markets has not met expectations. Trade experts attributed this to the fact that most Vietnamese enterprises are only concerned with the export volume and value. Furthermore, their production and processing are often focused on exporting products or raw materials, which are then packaged and exported under the brand of another company.

They also point out that building a brand requires efforts from not only a single enterprise but also the entire value chain and ecosystem that it coordinates. Exporters and processors, meanwhile, need to manage production and ensure sustainability, origin traceability, brand investment, and supply sources.

Trinh Huyen Mai from the MoIT’s Vietnam Trade Promotion Agency affirmed that the ministry continues to build and develop brands at the national, sectoral, and corporate levels.

This effort includes promoting the national brand of Vietnam and strong export products, supporting business associations in developing brand competition strategies and geographical indications for their sectors, and encouraging and assisting companies with products achieving national brand recognition and those with potential to go global./.

Source: Vietnam Plus