Vietnam begins exploration of new market horizons

In a high-level forum held in Hanoi, key participants discussed strategies to help Vietnamese enterprises diversify export markets and strengthen supply chains amid global trade uncertainties and tariff pressures from the US. The forum, titled "Breakthrough Solutions to Help Enterprises Access New Markets", was hosted by Business Forum magazine and the Vietnam Chamber of Commerce and Industry (VCCI).

The forum was opened by VCCI Vice Chairman Hoàng Quang Phong, and attended by representatives from Vietnam’s General Statistics Office, Ministry of Industry and Trade (MoIT), Ministry of Finance, Ministry of Foreign Affairs, and leading business figures such as Huong Vu, general director of EY Consulting Vietnam and vice chairwoman of Vietnam's Association of Foreign Invested Enterprises (VAFIE).

The proposed solutions for diversifying export markets and strengthening supply chains in Vietnam included:

Market Diversification: Vietnamese enterprises were urged to actively seek and expand to new and potential markets such as India, the Middle East, South Asia, Eastern Europe, Africa, Halal economies, Saudi Arabia, Egypt, UAE, Brazil, and North Africa. This would help reduce dependence on a few traditional markets like the US and China.
Maximizing Free Trade Agreements (FTAs): Enterprises were encouraged to leverage Vietnam’s extensive network of FTAs to increase export turnover and access niche/global value chains. This includes fully utilizing CEPA agreements and other trade facilitation measures.
Supply Chain Transparency and Localization: Strengthening transparency on the origin of goods and controlling supply chains strictly was recommended. Promoting the selective import of raw materials, components, and advanced technologies supports upgrading domestic production and increasing export product value. Encouraging localization rates and developing supporting industries help Vietnamese firms integrate deeply into FDI corporations’ value chains.
Restructuring Manufacturing and Smart Industry: MoIT plans to restructure key industries by prioritizing advanced technology, smart manufacturing, and human resource development within emerging sectors like semiconductors. Incentives to invest and master core technologies, along with enhanced intellectual property protection, are measures being deployed.
Trade Promotion and Brand Building: Expanding trade promotion campaigns under the National Brand program and increasing the visibility of Vietnamese products abroad were underscored. This involves state ministries advancing market access negotiations, supporting digital platform marketing, e-commerce, and branding of agricultural and local specialty products through OCOP (One Commune One Product).
Customs and Regulation: Tightening customs supervision against smuggling and transshipment, advancing data sharing with ASEAN and Eurasian Economic Union partners aim to improve supply chain security and compliance.
Energy and Infrastructure Development: Ensuring energy security by advancing LNG and renewable power projects to avoid energy shortages supports industrial growth. Infrastructure investments such as completing expressways and coastal roads also facilitate smoother logistics and supply chain operations.

In sum, the forum’s key participants represented government agencies and business leaders who collectively proposed a multi-pronged approach emphasizing market diversification, enhanced supply chain management, technology-driven industrial upgrading, trade facilitation, and infrastructure improvements to help Vietnamese enterprises access new markets and build resilience in exports under challenging global conditions.

The strategies discussed included unlocking the potential of free trade agreements (FTAs), overcoming trade barriers, and strengthening supply chains amid tightening global standards. Nguyen Hai Minh reaffirmed Vietnam's appeal to EU investors, crediting the EVFTA and ongoing reforms. Vietnam has 17 FTAs in force, covering more than 60 countries and territories.

Infrastructure, human resources, and regulatory inefficiencies were identified as areas for further improvement. Vietnam's full-year GDP growth target for 2025 is between 8.3 and 8.5%. The total exports for the first seven months of 2025 were $262.44 billion, an increase of 14.8%. The forum emphasized the importance of diversifying export markets and focusing on strategies to expand into new markets sustainably. Proposed policy actions include deepening value-added manufacturing, investing in innovation, improving traceability for agricultural exports, enhancing logistics, stronger roles for industry associations, building export value chains led by private firms, navigating trade barriers, and fostering better links between domestic and foreign enterprises.

The government agencies and business leaders at the forum in Hanoi proposed that Vietnamese enterprises should focus on diversifying export markets, such as India, the Middle East, and Brazil, to reduce dependence on traditional markets like the US and China.
To strengthen supply chains, the forum suggested implementing measures like maximizing the use of free trade agreements (FTAs) and promoting the localization of raw materials and technologies.
The Ministry of Industry and Trade (MoIT) plans to restructure key industries by prioritizing smart manufacturing, human resource development, and advanced technology, while offering incentives to invest in core technologies.
The participants also discussed the importance of trade promotion and brand building, such as expanding trade promotion campaigns and increasing the visibility of Vietnamese products abroad.
To improve supply chain security and compliance, there was a focus on tightening customs supervision, advancing data sharing with ASEAN and Eurasian Economic Union partners, and investing in energy and infrastructure development.
In addition, the forum emphasized the need to address infrastructure, human resources, and regulatory inefficiencies to help Vietnamese enterprises access new markets and build resilience in exports under challenging global conditions. The strategies discussed include deepening value-added manufacturing, investing in innovation, improving traceability for agricultural exports, enhancing logistics, and fostering better links between domestic and foreign enterprises.