In the face of intense global economic fluctuations, finding new pathways to ensure sustainable export growth has become more critical than ever for Vietnamese enterprises. With Vietnam’s export turnover surpassing USD 405.5 billion in 2024, the country has firmly established its role in global supply chains. 

Yet, heavy dependence on a handful of traditional markets presents significant challenges, particularly as trade barriers, geopolitical volatility, and rising protectionist trends continue to escalate.

To address these realities, the Ministry of Industry and Trade, in collaboration with the Ho Chi Minh City People’s Committee, organized the workshop “Market diversification strategy: From risks to opportunities.” This event, a key component of the Vietnam International Sourcing 2025 series, drew participation from government agencies, industry associations, businesses, and international partners.

Market diversification is not merely a slogan but a critical imperative for Vietnamese enterprises. Experts at the workshop emphasized that while the United States, the European Union, China, and South Korea remain key markets, untapped regions such as Latin America, the Middle East, Northern Europe, and Canada offer significant opportunities for growth, risk mitigation, and enhanced competitiveness.

In his opening remarks, Ta Hoang Linh, Director General of the Foreign Market Development Department at the Ministry of Industry and Trade, underscored the importance of proactively seizing opportunities, leveraging next-generation free trade agreements (FTAs), and fostering connections between Vietnamese businesses and global corporations and distributors. 

This approach, he noted, is not only a macro-level strategy but also a practical step to increase the presence of Vietnamese goods in international markets. Structured as a roundtable discussion, the workshop promised in-depth exchanges that bridge market realities with the business strategies of Vietnamese enterprises.

Ta Hoang Linh expressed optimism that the event would serve as an effective platform for collaboration among government agencies, industry associations, and the business community. 

Recommendations from speakers and delegates, he added, would contribute to refining policies, enabling businesses to capitalize on FTA advantages, strengthen trade promotion efforts, and build resilience against global uncertainties.

The workshop featured dynamic discussions led by representatives from the Foreign Market Development Department, focusing on strategic directions and practical insights from businesses and international associations. 

Nguyen Thao Hien, Deputy Director General of the department, provided an analysis of high-potential markets with untapped opportunities for Vietnamese goods, offering actionable solutions for deeper market penetration.

From the retail perspective, Veronica Alcaraz Silva, Chief Representative of Coppel Vietnam, shared her expectations for sourcing Vietnamese products for export to Latin America. She highlighted the region’s potential but stressed the need for businesses to meet stringent quality and logistics standards.

Mirash Basheer, Director of May Exports Vietnam under Lulu Group, discussed opportunities and challenges in accessing the Middle East market, where demand for diverse goods is high but competition is fierce.

Per Ljungblad, IKEA’s Manager for Natural Fiber Product Development in Southeast Asia, highlighted the competitive edge of Vietnamese furniture in Northern European markets, urging businesses to prioritize sustainability and designs tailored to local preferences.

From a domestic perspective, Huynh Le Dai Thang, a member of the Executive Committee of the Handicraft and Wood Industry Association (Hawa) and Director of Nghia Son Wood shared strategies for market diversification in the wood export sector, describing it as a vital approach to reducing risks and enhancing the value of Vietnamese brands.

Michel Verdy, Chairman of the Quebec-Vietnam Association, emphasized the potential for cooperation with Canadian businesses, particularly in food processing, wood, and green energy sectors.

The thematic session offered a wealth of strategic insights for Vietnam’s export business community, reinforcing the critical role of collaboration among government agencies, domestic enterprises, and international partners in achieving market diversification goals.

 The workshop “Market diversification strategy: From risks to opportunities” was not only a platform for dialogue but also a powerful message: to thrive in the long term, Vietnamese businesses must forge partnerships and expand into diverse markets. This approach ensures that Vietnamese goods remain resilient today and poised for breakthroughs in the future.