The UK is always an ideal market that investors want to reach, but is the current branding and development strategy of Vietnamese businesses suitable for this fastidious market?
Import and export turnover between Vietnam and the UK has made a spectacular breakthrough after the UKVFTA Agreement
According to the National Brand 2020 report by brand valuation firm Brand Finance, Vietnam is emerging as a new manufacturing “paradise” in Southeast Asia with the strongest increase in national brand value in the world. This makes more sense when the Vietnam – United Kingdom Free Trade Agreement (UKVFTA) has officially taken effect.
According to statistics of the General Department of Customs, in January 2021, the total import-export turnover between Vietnam and the UK increased by 78.57% and reached US$657.35 million. Notably, Vietnam’s export turnover to the UK reached 598.07 million USD, an increase of 84.61% compared to January 2020 and 56.51% compared to December 2020.
This is a really impressive growth in the context of economies being affected by the COVID-19 pandemic, as well as the UK economy after Brexit. This positive signal shows that the UK-Vietnam Trade Agreement (UKVFTA) promises to continue to create economic and trade leverages between the two countries.
Vietnam trademark registration in the UK has not kept pace with export.
Vietnam’s rice exports to the UK in 2020 increased spectacularly by 116% from 1,296 tons (worth $1,295,000) to 3,396 tons (worth $2,670,000). However, the market share of Vietnamese-branded rice in the UK accounted for only 0.43% in 2019 and 0.45% in 2020.
Most of Vietnam’s rice products are branded by British distributors, like ST25 rice, although it won the World’s Best Rice Award in 2019, very few British people know about it.
Explaining this problem, ICOS said that in a competitive environment favorable to importers like the UK, Vietnamese exporters are often willing to allow distributors to use their brands.
Registering for trademark protection abroad to reach the world
The key for Vietnamese businesses to assert their position in a difficult market like the UK is the implementation of a highly practical brand-building and development strategy.
Trademark registration in foreign countries can be considered the first and most important step of an enterprise to ensure the success of its strategy.
With decades of experience in foreign investment consulting, ICOS can affirm that, to lay a solid foundation for Vietnamese businesses in the international market, trademark registration in foreign countries is the solution. most core.
There have been cases of domestic enterprises losing their trademarks in the international market due to the lack of information about international law as well as the benefits of trademark registration.
With only 4 steps of trademark registration in the UK with ICOS, businesses can affirm the value of their businesses and protect their brands against infringements from competitors.
Contact us today to register your business trademark.
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