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Vietnam is considered an attractive destination for investment. We present ourselves as people who “want to play” with the world in a transparent, legal way …
Dr. Vo Tri Thanh – Director of the Institute of Brand Strategy and Competition, former Deputy Director of the Central Institute of Economic Management gave an interview to Vietnam Week.
The brand value of billions of dollars, millions of dollars
There are many changes in the global context, even strategic changes due to the Covid-19 pandemic. How do you personally rate Vietnam’s current position in the international arena?
Before Covid-19, Vietnam had undergone very significant changes. The economy has a dramatic change in speed, from a poor country to a middle-income country. Vietnam is a relatively successful country in reducing poverty and achieving the millennium goals.
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| Dr. Vo Tri Thanh. Photo: Pham Hai |
The second is the growing rise of the middle classes. From an agricultural country and still strong in agriculture, Vietnam’s economic structure is shifting a lot towards services and service industries.
The third is from a small, closed economy to one of the most developed and open countries in the world.
Furthermore, the role of the private economy is growing more and more, not only in quantity. Especially in the last 5-7 years, large private companies have started to shift more towards industrial production, creative industries, starting to have brands, even with brands worth billions and millions of dollars.
They are clear things with more than 30 years of reform in Vietnam.
In terms of institutions, this is a very difficult path because the Vietnamese economy was previously a command and bureaucratic economy. Now it is basically the economy that operates on a market mechanism. Of course, Vietnam is still a developing economy and the transition still has a long way to go.
Vietnamese manners
In terms of integration, Vietnam has gone from a closed economy to integration. We are presenting ourselves and showing ourselves as people who “want to play” with the world in a dignified and transparent way, through the signing of a series of high quality free trade agreements such as TTP, CPTTP. , EVFTA … Associated with that is the fact that Vietnam has a cooperative relationship, the association is not only close but on another level, that is, a partner with almost all major countries, strategic partners, appearance partners .. .
Of course, the challenges are very great, such as the gap in qualifications, institutions, resources, capacity.
The Covid-19 pandemic has two major impacts: negative impacts on the world economy, including Vietnam, can slow development and change in Vietnam. Second is the impact on all trends such as geopolitics, lifestyle, consumption, technology, value chains, integration methods …
In the first aspect, we have to manage to overcome the difficulties, not only overcoming the difficulties in the fight against the epidemic, in supporting companies but in this challenging context, we must take into account the problem of economic restructuring, continue reform to adapt to new demands, to cope with difficulties.
Looking at the behavior of Vietnam both in the country and in the world today, I personally believe that Vietnam still faces many difficulties, but the world view towards Vietnam is more positive and more important. It is clear that Vietnam is also extremely negatively affected by the pandemic, but the way to overcome it is difficult to show through the growth rate, although the decline, is still quite good compared to the region and the world, even in terms of resistance. translation, economic growth or limiting negative social impacts.
Gravity to choose, invest
The second is the image of Vietnam in trade and investment. The world is moving, especially the value chain. And Vietnam is seen as an attractive destination for people to see and choose in business and investment. This is not just a business, but you also have a strategic and strategic choice. For example, Japanese history supports companies with mobility, and about half of them choose their Vietnamese destination.
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| Many leading economic groups in the world have chosen Vietnam as their destination. |
For South Korea, in southern politics in recent years, Vietnam is also a destination, a strategic point of choice. Even in the trade friction between major countries, Vietnam’s attraction to investors is also recognized.
A third point is also appreciated, that is, reasonable and flexible treatment in international cooperation. When Vietnam was the president of ASEAN, there was no Covid-19 at the time, but with a world in motion, this year’s ASEAN theme – “unity and adaptation” is very relevant.
And we move very quickly both in terms of engagement and real action, such as cooperation against the epidemic, digital transformation, limiting supply chain failures, value chains, supply chains to facilitate business. . overcome difficulties.
Although there are certain limitations, but it is clear that in the difficulty I can do so much, I can say very hard. The world not only highly values the efforts, but also highly values the effectiveness and efficiency of the Vietnamese organization and the way of doing it.
Vietnamese competitive identity
Simon Anholt was the first to introduce the concept of “national brand” and consider it as a competitive identity for each country. What are Vietnam’s highly competitive identities in the current context, in your opinion?
When it comes to branding, there are a few important things. The first is consciousness, feeling. Higher is understanding, belief, then action, but better spread. Vietnam has had a national branding program since the early 2000s. Initially associated with large companies, and recently updated for small and medium-sized, local businesses.
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| Vietnam is integrating very strongly, it dares to play and has more and more confidence in that game. |
Vietnam is considered a country with great development potential. Besides reform, connection and stability efforts, there is also Vietnamese culture and traditions.
The second is the attempt to gradually erase the world’s previous impression of Vietnam as a poor country and a country of war.
Third is the history of integration. We integrate very strongly, we dare to play and we have more and more confidence in that game. At that time, Vietnam signed a trade agreement with the United States (BTA). It took a year for many reasons. But there is also a reason to worry that at the time we were “hard to play, hard to keep up” with America’s developed economy. Sometime around 2000, two-way trading was only around $ 1 billion.
Now, the United States has become Vietnam’s main export market, and the bilateral trade reaches more than 70 billion dollars. This shows that we have much more confidence, it is this confidence that pushes us to open the door to strong integration. Vietnam will be more attractive if it continues down that path of reform and integration efforts.
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| Dr. Vo Tri Thanh: Vietnamese brands will gradually absorb and shine more and more as the country strives to reform and innovate. Photo: Pham Hai |
Let the Vietnamese brand shine
How should Vietnam address the issue of national branding in the 2045 strategic vision that the Secretary-General and the President of the State should make Vietnam a developed and high-income country?
The most important thing about branding is creating trust, sentiment, understanding, positive reviews, and therefore taking action to connect. The destination continues to be an increasingly modern innovation process.
We have already discussed many aspects of this process and must continue to explore. It is far from ending that international cooperation in opening up the integration of Vietnam that ultimately results in the country’s development.
And our contribution to the international community and the world is also the process of building the brand image of Vietnam. This began in 1945, as Uncle Ho put it, “shoulder to shoulder with the great powers of the five continents.”
It must be remembered that Uncle Ho said that when the country had to destroy the ignorant enemy, the enemy was hungry, but now, despite the challenges or weaknesses, the discontent was still great, but the position of Vietnam was different, the Vietnamese people were more aspiring, you better understand the value of doing with yourself and the world.
Vietnamese brands will be gradually absorbed and will shine more and more when the country undertakes effective, effective and effective reform and innovation.
Thai
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