Vietnamese textile and footwear exporters are expanding into Africa, Latin America, the Middle East, and India, while maintaining core markets in Japan, Europe, and the US, English language news site, Vietnam News is reporting.
Key points made in the article include:
- Market diversification: Truong Van Cam, Vice Chairman of VITAS, said firms are fulfilling existing orders but need better market intelligence to target newer markets like Russia, Brazil, and Chile.
- Policy shifts: Phan Thi Thanh Xuan of Lefaso noted that tariff changes in the US and EU are pushing businesses to explore South America and the Middle East, where demand is growing.
- Trade promotion: The Vietnam Trade Promotion Agency (Vietrade) is actively supporting firms at international trade fairs and helping them access high-potential markets such as Halal economies, India, Russia, and Canada.
- Export barriers: Vietrade flagged that most firms are small and under-resourced, limiting their ability to adapt to shifting tariffs or enter new markets without government support.
- Strategic advice: Do Ngoc Hung, Trade Counsellor in the US, called for reduced supply chain dependency and full use of new-generation FTAs. Canada was highlighted as a particularly promising market.
- Ongoing support: VITAS has urged Vietnam’s trade offices to provide more frequent updates on global demand trends, especially from US consumers and FTA partners.
This signals an industry-wide move to reduce dependence on traditional markets such as the US and EU, which are becoming less predictable due to shifting trade policies and tariff pressures.
However, given that many Vietnamese exporters are small and under-resourced, foreign partners should anticipate the need to provide technical assistance, compliance support, or co-investment if targeting long-term collaboration.
See also: Garment Manufacturing in Vietnam