Thanks in large part to Vietnam's stellar response to the COVID-19 pandemic, the country's national brand value rose 29% to US$319 billion in the past year.

According to Brand Finance's annual national brand ranking, Vietnam rose nine places, to No. 33 overall out of 100 countries. The rankings take into account "goods and services, investment, and society" and is helpful in attracting investment, tourists, skilled migrant workers and adds value to export products.

Vietnam had the fastest-growing brand value on the list, in large part because of the relative economic stability made possible by the nation's handling of the pandemic. The report also claims Vietnam has "emerged as one of the top locations within the Southeast Asian region for manufacturing, and has become an increasingly attractive destination for investors - particularly from the US - that are looking to relocate their China operations following the fallout from the US-China trade war. Recent trade deals with the EU are supporting the growth of the nation further."

The success is also credited to the national "Vietnam Value" program. Established in 2003, it sets national standards for products and services and offers endorsements which have further helped the economy grow and compete on an international level. Vietnam has been steadily rising in the national brand value list for the past five years. Last year, it sat at No. 42 with a total value of US$247 billion. 

The United States took the top position on the chart again this year, though China continues to narrow the gap from the second position. Japan overtook Germany for the third spot thanks to its response to COVID-19 and the UK rounds out the top five. Ireland was the only nation in the top twenty to experience an increase in national brand value compared to last year, which puts Vietnam's US$72 billion increase in perspective.

Brand Finance also just released a report detailing the most valuable Vietnamese brands. Viettel remains in the top spot for the fifth straight year, followed by VNPT, Vinamilk, Vinhomes and Sabeco. The top 10 brands on the list have a combined brand value of US$17.7 billion, which constitutes 68% of the value of the entire list of 50 brands.