Diversify markets to reduce risk
On the afternoon of August 1 in Ho Chi Minh City, the Ministry of Industry and Trade held a seminar with the theme "Vietnam International Sourcing - Diversifying export markets".
At the event, Mr. Ta Hoang Linh - Director of the Department of Foreign Market Development (Ministry of Industry and Trade) - said that the global economy has recently suffered many fluctuations due to trade conflicts, geopolitics and increasing protectionism. These factors directly affect the export activities of Vietnamese enterprises.
Mr. Ta Hoang Linh - Director of Foreign Market Development Department (Photo: Nhat Quang).
In this situation, diversification of markets, products and distribution channels has been implemented to reduce risks and maintain exports. Mr. Linh emphasized that depending on a few traditional markets can cause instability for businesses, so expanding the market is an urgent requirement.
Mr. Tran Phu Lu - Director of the Ho Chi Minh City Center for Trade and Investment Promotion - said that the city is implementing many key programs to build a modern trade promotion ecosystem and support businesses to expand export markets.
First of all, the city is building a project to develop Ho Chi Minh City into an international financial center, playing a leading role in organizing trade promotion activities, attracting investment and supporting businesses to connect with domestic and foreign partners.
Ho Chi Minh City is promoting digital transformation in trade promotion, with a plan to build a digital promotion ecosystem to help businesses connect to international markets more effectively. The system is expected to be operational by the end of 2025, mobilizing coordination from associations and businesses to share data and market opportunities.
In terms of market orientation, Ho Chi Minh City prioritizes expanding into new potential regions such as the Middle East, Africa, Latin America and South Asia, in addition to maintaining traditional markets such as the US and China. Industry groups that are focused on support include: processed food and beverages, mechanical engineering - supporting industries and deeply processed products that meet green standards.
In addition, the city also organizes promotion programs in many specific markets such as Australia, India, North Africa, Malaysia, Indonesia, etc. to support businesses in accessing markets, participating in international fairs and connecting directly with importers and distributors.
What strategy helps Vietnamese goods conquer the US market?
Also at the discussion, Mr. Do Ngoc Hung - Vietnam Trade Counselor in the US - said that recently, US President Donald Trump has adjusted the reciprocal tax rate on goods from Vietnam down to 20%. This is considered a positive step in the context of the two countries' efforts to complete a comprehensive, fair and mutually respectful trade agreement, contributing to strengthening the comprehensive strategic partnership between Vietnam and the US.
According to Mr. Hung, Vietnamese enterprises still face many challenges when accessing the US market. The risk of high tariffs, accusations of subsidies, anti-dumping and trade defense lawsuits always exists, even when Vietnamese goods do not directly compete with domestic US products.
In addition, technical requirements, traceability, environmental, labor and ESG standards are increasingly stringent. The fact that fresh Vietnamese lychees are officially present in the Costco retail system - the third largest chain in the US - is a remarkable success, but also shows that input standards have been significantly raised.
Businesses that meet ESG standards well will have a clear competitive advantage (Photo: IT).
As the US shifts its global supply chain and seeks sustainable partners, Vietnam is emerging as a potential destination for many large corporations such as Walmart, Amazon, and Costco. Many US businesses have established representative offices and direct purchasing centers in Vietnam or the Asian region to enhance connectivity.
Vietnamese goods still maintain advantages in terms of price, quality and flexibility, especially in industries such as textiles, footwear, wooden furniture, processed foods, agricultural products and seafood. With a US market size of up to 330 million people, diverse needs are a great opportunity for Vietnamese goods.
To export sustainably to the US, Mr. Hung believes that Vietnamese enterprises need to proactively improve their access capacity and build a systematic, long-term strategy. First of all, enterprises should actively participate in international fairs by industry such as wood products, seafood, textiles, etc. to promote products, find partners and grasp consumer trends in the US market.
In addition, compliance with environmental and labor standards, as well as ESG (environmental - social - governance) principles, is becoming a mandatory requirement if one wants to increase competitiveness and build long-term reputation with US partners.
Businesses also need to invest in digitalization, automation of production processes, and at the same time build a professional and systematic brand, meeting the requirements of large and stable supply scale.
In particular, Vietnamese businesses should take advantage of the network of overseas Vietnamese businesses in the US to connect and support trade, thereby creating strong links in the global value chain.
Next September, the Ministry of Industry and Trade plans to organize a series of events to connect international supply chains - Vietnam International Sourcing 2025. The event is expected to welcome more than 300 purchasing delegations from 60 countries and territories, with the coordination of more than 60 Vietnamese Trade Offices abroad.
At the exhibition, more than 400 Vietnamese enterprises will introduce 12,000 products in 4 industry groups: agricultural products, food, beverages, textiles, footwear, wood products, interior design, packaging, and supporting industries, consumer electronics.
Source: https://dantri.com.vn/kinh-doanh/thue-doi-ung-20-doanh-nghiep-viet-can-lam-gi-de-chinh-phuc-thi-truong-my-20250801204506796.htm
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