In the context of globalisation, in order to maximise profits, Vietnamese companies need to start making their presence known worldwide, and building an international brand is one of the shortest routes.
When people talk about wine, most would think about France, Italy, Chile… However, not many know that a Vietnamese wine brand in Vietnam has made it presence known at one of the most prestigious wine competitions in the world.
"This is the first time a Vietnamese wine brand was introduced globally. Even though having just debuted last year, thanks to its efforts in improving its quality and building a brand, this wine label has succeeded where many have failed", Debra Meiburg - Founder of Hong Kong Cathay Pacific Wine & Spirit Competition - said.
Not many Vietnamese enterprises share the same vision. Even though they have good quality products, without a recognisable brand, companies can only expand in the domestic market. Even if they do export products, it will be under a different brand.
"The first thing we need to do is building a Vietnamese brand. However, only 30-40% of businesses are focused on this. This means we lose an important competitive tool", Dr. Ngo Tri Long - an economist - said.
Losing the competitive edge is a short term effect. Without good brands, it will be difficult for Vietnamese businesses to develop in the long term.
It can take decades, even centuries to develop and maintain a brand. In order to build an internationally recognisable brand, Vietnamese businesses need to have a long-term vision and start working towards this goal as soon as possible.
