Within the framework of the series of events ‘Connecting the international supply chain of goods’ (Vietnam International Sourcing 2024) which will be held in June 2024, the Ministry revealed that representatives of big supermarkets from countries in Latin America including Falabella, Coppel, Latiquim C.A, Walmart.
Specifically, Falabella - the largest retailer in Latin America with a system of 577 stores and shopping centers operating in Chile, Argentina, Brazil, Colombia, Mexico, Peru, and Uruguay, hopes to find suppliers of textile and garment products, leather and footwear products, sporting goods to household electrical appliances and household appliances in Vietnam.
Previously, in 2023, this group sent a team to Vietnam and immediately found partners that could supply clothing and sports equipment; thereby, made-in-Vietnam products have been displayed in markets where 35 million regular customers in the company's store system in Latin America can buy them.
Famous retailer Mexico's Coppel Group currently needs to import up to 500,000 car tires annually to serve domestic consumer needs. Coppel is also especially interested in products originating from Vietnam such as fashionable clothes, shoes, technology accessories, and household furniture to diversify its supply sources for more than 1,600 outlets in Mexico and 27 other stores in Argentina.
Among businesses interested in attending Sourcing 2024, Venezuela’s Latiquim C.A Group has emerged as a reputable and potential enterprise for domestic chemical raw material suppliers. This giant company has an overwhelming market share in the domestic market in the field of manufacturing and distributing chemical products for the food and beverage industry. The company representative said that the company wants to find sustainable partners in Vietnam, especially in the field of sulfonic acid and phosphoric acid production.
In addition, Walmart Group of the United States with a series of supermarkets in Latin America said that by participating in Vietnam International Sourcing 2024, the company will focus on purchasing textiles and garments, leather and footwear, interior and exterior goods, and household goods. household appliances, toys to frozen food items to meet the needs of consumers in the region.
According to the Ministry of Industry and Trade, currently, the Latin American region has 33 countries, and their demand for imports is up to nearly US$1,500 billion. This is a potential market for Vietnam's exports. Recently, trade and investment relations between Vietnam and Latin America are constantly developing and expanding. In just five years, two-way trade turnover has increased from $14.2 billion in 2018 to $20.6 billion in 2023.
Notably, in addition to the markets with the top exchange turnover such as Brazil, Mexico, Argentina, and Chile, many emerging markets such as Panama, Colombia, and Peru have had more trade exchanges with Vietnam. Emerging markets have been ideal import destinations between Vietnam and Latin America with impressive growth rates in recent years.
Currently, Vietnam and Latin America have a structure of import and export groups that complement each other. Latin America is not only a potential export market for Vietnam's strong products such as textiles and garments, footwear, and agricultural and aquatic products but also an important raw material supplier of corn, soybeans, and animal feed for Vietnam's manufacturing industry. Besides, the Latin American market’s requirements for imported goods are not too strict so Vietnamese goods easily enter the special market.
Along with major retailers in Latin America, many distributors from all continents hope to find more Vietnamese-made products to sell in their stores.
The event ‘Connecting the International Supply Chain of Goods’ organized by the Ministry of Industry and Trade in collaboration with the Ho Chi Minh City People's Committee will take place from June 6 to June 8, 2024 at the Saigon Exhibition and Convention Center (SECC). The event is expected to attract around 500 businesses from different fields in the international supply chains of industries including food, textiles, footwear, backpacks, bags, sporting goods and picnic, housewares and furniture.
