The example was cited by Michael H. Nguyen, deputy CEO of Masan Group, when discussing the value of brands and labor costs.

According to the businessman, China, which provides materials, can pocket 5 percent of profit from every pair of Nike shoes sold. Vietnam, which does the outsourcing, also gets 5 percent of profit. Meanwhile, the US retailers get 45 percent of profit and so does Nike.

“Vietnamese have to work hard, but earn smaller profits,” he said.

Bui Nguyen Phuong Chau from FPT, the IT group, said FPT once had great challenges when penetrating the Japanese market because Vietnam was not a familiar name in the international market.

Most consumers believe that Vietnam exports raw materials with low added value and a B2B outsourcing base which earns very modest profit.

The total value of the top 50 brands of Vietnam is $7.26 billion. Among them are Vinamilk (dairy producer), Masan Group (consumer goods manufacturer) and FPT (IT group).

Samir Dixit, Asia Pacific director of Brand Finance, said in order to buy the name ‘Apple’, one will have to pay $128 billion, or twice as much money to buy all the brands of Vietnamese listed companies.

WB said Vietnam’s GDP is about $193.6 billion. And according to Nguyen, Vietnam’s GDP is based on three major advantages – natural resources which make up 32 percent of GDP, a labor force of 90 million people and financial sources.

However, average productivity is relatively low, at just $2,400, far below the average level in ASEAN at $6,800.

Vietnamese mostly do outsourcing for foreign partners. Therefore, the added value they earn is modest, just up to 10 percent of product value.

Regarding financial sources, the M2 per capita in Vietnam is $2,300, lower than the average level in ASEAN at $5,700.

But if Vietnam has strong brands, Vietnam’s GDP could reach $640 billion, or three times higher than the current level.

Brand Finance has announced its 2016 report on Vietnam’s top 50 brands. The total value of the top 50 brands of Vietnam is $7.26 billion. Among them are Vinamilk (dairy producer), Masan Group (consumer goods manufacturer) and FPT (IT group).

The dairy producer Vinamilk tops the list with a brand value of $1.01 billion. It is also the only Vietnamese brand with an AAA rating in brand power.