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Vietnamese officials and Walmart representatives in a group photo. (Photo: MoIT) |
At the meeting, which took place in San Francisco on November 14, Albright stressed that Vietnam is among the five largest goods suppliers to Walmart's global supply chain, not only in the US but also in other markets like China, Canada, and Mexico.
Walmart purchases billions of US dollars worth of goods from Vietnam each year, mainly garments-textiles, leather and footwear, and food, she said, adding that the retailer will purchase other items from the Southeast Asian nation in the coming time, including household utensils, electronics, and toys of all kinds, among others.
Albright suggested the Ministry of Industry and Trade (MoIT) help the retail giant expand its operations and further stabilize its supply chain in Vietnam, especially in the context of the increasing risk of supply chain disruption due to trade conflicts and geopolitical tensions globally.
For his part, Dien urged Walmart to step up its purchase in Vietnam, while enhancing its coordination with the MoIT’s agencies in raising capacity for local businesses, and popularising market information to make it easier for local firms to put forth their production and export strategies when joining the global distribution, wholesale and retail system.
Vietnam is proactively and actively participating in the global production network and value chain. Therefore, the country aims to promote support industries, the official said, stressing that Vietnam absolutely observes regulations on sustainable development as committed in free trade agreements, including those on environmental protection and forced labor prevention.
Dien used the occasion to invite Walmart to join Vietnam International Sourcing, a series of events aimed at connecting international supply chains, slated for June 2024.
Walmart agreed to send representatives to the events and suggested boosting training for Vietnamese suppliers on this occasion.
