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VIETNAM
Business Development
July 16, 2007

Brand-building essential in global market: expert
Vietnamese businesses need to promote their trademarks in international markets to take advantage of trade opportunities, according to a local economist.

Nguyen Van Quang, deputy director of Ho Chi Minh City’s Economic Research Institute, said local companies should understand foreign customers’ demands to provide better products and services.

He also called for local businesses to create company websites that would highlight their activities and development plans and serve as an information portal of dialogue with customers and other businesses.

Quang said most domestic businesses’ webpages remain unattractive to customers, unlike many foreign businesses which tend to have opened online dialogues with customers with different levels of income.

Elaine Sherman, a professor in international marketing and business at Hofstra University in New York, said a tourist company with an attractive webpage sells tour packages but also asks about the customers’ tastes.

According to other economists, the markets of the US and other developed countries prefer special products, such as the growing market of tourists aged 65-84 who have a higher financial capacity.

Sherman said that Vietnamese companies should take advantage of this market and provide them with services related to health care and tourism.

In addition, she said the number of US consumers of Asian descent would double, accounting for 8 percent of the US population by 2050.

This is also seen as another favourable condition for Vietnamese companies to sell traditional consumer products such as spices and foods in the US.

Vietnamese companies need to improve product quality and services involving overseas Vietnamese and other US citizens of Asian origin to develop their brands overseas, she added. VNA

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