Branding is considered a vital factor for businesses to remain competitive. Therefore, the Minister of Industry and Trade has organized Vietnamese Goods Week 2015 in HCM City to increase awareness about the importance of intellectual property and the threat of fake products.
Over the past week, this enterprise has welcomed a large number of buyers, 20% higher than usual. Thanks to events like this, Vietnamese brands can connect more closely with customers. As a result, the position of the enterprises will be heightened in the market.
"Taking part in the fair, we can introduce our products to more consumers. We also have a wider connection with other producers", said Nguyen Thi Huong, Kim Anh Clothes Owner.
There have been several cases of Vietnamese brands being registered in foreign countries to produce fake products. There are also foreign companies faking products under Vietnamese brand names to distribute in the domestic market. Vietnamese enterprises face difficulties in claiming their brands back.
According to experts, in order to protect and develop a brand name, each enterprise needs to pay attention to intellectual property right protection, both in domestic and international markets. And beforehand, it is imperative to prove their position in the market.
"The best way for small and medium sized enterprises to protect their brand name is to strengthen links with each other or join a value chain to enhance their competitiveness", said Pham Ngoc Hung, Deputy Chairman, Ho Chi Minh City Business Association.
As Vietnam will further integrate in the regional and international economy through several important trade deals, it is imperative for domestic firms to maintain their brand names. Comprehensive cooperation between enterprises and authorities are needed for sustainable brand development.
