On the morning of September 5, the Ministry of Industry and Trade organized a seminar, themed “Market Diversification Strategy: From Risks to Opportunities,” in Ho Chi Minh City.
At the seminar, numerous international buyers pointed out that traditional markets are enforcing stricter standards. Consequently, Vietnamese enterprises must adopt market diversification strategies to maintain and expand their export growth.
Speaking at the event, Director of the Department of Foreign Market Development under the Ministry of Industry and Trade, Ta Hoang Linh emphasized that Vietnam’s export strategy should adopt a multi-pillar approach to lessen dependence on a handful of major markets.
If Vietnamese enterprises know how to seize opportunities, they will not only mitigate risks but also elevate the position of Vietnamese goods on the global trade map.
This perspective was echoed by international retail groups.
Ms. Veronica Alcaraz Silva, Chief Representative of Coppel Vietnam, noted that there is significant demand for apparel, footwear and household goods within Coppel’s retail system in Mexico and throughout Latin America.
Latin American consumers value products that are reasonably priced and consistently high in quality.
Vietnam is well-positioned to meet both criteria. If Vietnamese businesses become more proactive in brand building and logistics, Coppel is ready to increase the share of imports from Vietnam in the coming years.
Mr. Mirash Basheer, Director of Vietnam May Exports under Lulu Group International, assessed the Middle East as a highly promising market with strong and stable purchasing power.
Vietnamese products such as food, seafood, textiles and wooden furniture all have significant growth potential. However, Halal certification and the ability to ensure long-term supply are essential prerequisites. Middle Eastern consumers place great importance on trust, so businesses must establish their credibility before considering expansion.
Meanwhile, as for the Nordic market, Mr. Per Ljungblad, Natural Fiber Category Development Manager for IKEA Southeast Asia affirmed that the demand for sustainable consumption is creating major opportunities for Vietnam’s wood and furniture sector.
Nordic customers prefer products with a minimalist design, environmentally friendly features and transparent sourcing. This represents a competitive edge for Vietnam, should businesses commit greater resources to international eco-certifications and green supply networks.
Sharing from the exporters’ perspective, Mr. Huynh Le Dai Thang, Executive Committee Member of HAWA and Director of Nghia Son Wood Company Limited, said that Vietnam’s wood industry has established a significant position on the global export map but remains heavily dependent on the U.S. and EU markets.
Once these two markets experience fluctuations, Vietnamese enterprises are immediately affected. Therefore, diversification is the way to spread risks and seek new customer segments. They have tested expanding orders to the Middle East and Canada, but still face considerable barriers in terms of technical standards and logistics.
Experts emphasized that market opportunities can only be unlocked if enterprises proactively enhance their competitiveness.
Adoption of digital technologies in supply chain management, alignment with ESG standards, and reinforced social responsibility will provide Vietnamese goods with the “passport” needed to navigate technical barriers.
These factors also provide the foundation for Vietnamese brands to build long-term credibility, particularly as consumers at home and abroad place increasing importance on sustainability.
Amid pronounced global economic fluctuations, Vietnam’s export turnover in 2024 surpassed US$405.5 billion, a milestone that reaffirms its position in the global supply chain. However, overreliance on traditional markets has created considerable risk exposure for Vietnamese businesses.
As a result, market diversification is no longer a slogan but a matter of survival.
Beyond the United States, EU, China and the Republic of Korea, expansion into Latin America, the Middle East, Northern Europe and Canada can unlock additional growth potential and diversify risk.
Mr. Ta Hoang Linh, Director of the Department of Foreign Market Development, highlighted that the most effective solution is for enterprises to actively leverage next-generation free trade agreements and strengthen linkages with major distribution groups.
Sustainable progress requires working with many partners in many markets. This will enable Vietnamese goods not only to stay competitive now but also to advance to new heights in the years ahead.
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