Private firms a factor for branding success

Cultural industries can drive the growth of fashion, cosmetics, tourism, and more besides

- By Bui Van Thanh

The next 10 years will be a historically pivotal time for Vietnam, at which the country should shift from a manufacturing economy to a nation that creates global brands and value.

This is not simply a matter of marketing or trade promotion. It is a national strategic issue relating to cultural development, long-term competitiveness, and soft power.

A nation or territory cannot have a strong brand if its private sector is weak. International practice shows that Toyota represents Japan, Samsung represents South Korea, and TMSC is a well-known Taiwanese brand, for example. This demonstrates that national brands are materialised through the strength of private enterprises.

In this context, the development of the private economy is of particular importance. If implemented effectively, the next decade could be the period of privatisation of Vietnam’s national brands. This means that private enterprises will become the force telling Vietnam’s story to the world, and local brands will be merely a trade promotion activity, and become an expression of national capacity, cultural identity, and the country’s position in the new economic order.