It climbed nine places from last year to 33rd in the list of the world’s 100 most valuable brands compiled by Brand Finance, a U.K. consultancy.

Brand Finance measures the value of national brands based on three pillars: goods and services, investment, and society.

A strong national brand denotes a highly attractive environment for investment, encouraging inward investment, adding value to exports, and attracting tourists and skilled migrants, it explained.

"Vietnam, which has recorded staggeringly low Covid-19 cases and deaths, 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 U.S., that are looking to relocate their China operations following the fallout from the U.S.-China trade war," Brand Finance said.

Vietnam’s continuing rise in the list is primarily due to "Vietnam Value", a national program to endorse products and services that meet minimum standards set out by the government, and concentrated efforts to promote economic growth by the government, it said.

With global economies in turmoil, investors and businesses are seeking stability in markets that have been able to successfully manage the health crisis, providing nations like Vietnam, which have handled the Covid-19 crisis well, an opportunity.

Thanks to strict quarantine and contact tracing measures, Vietnam has managed to keep Covid-19 at bay with only 1,412 infections and 35 deaths in a population of 96 million and economic activities returning virtually to normal.

The U.S. remained the world’s most valuable brand at $23.7 trillion followed by China and Japan.