Global retailers seek opportunities at Vietnam International Sourcing Expo 2024

According to organisers of the expo, the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) and the European - American Market Department under the Ministry of Industry and Trade, the Vietnam International Sourcing Expo 2024 has attracted firms from the United States, Canada, Mexico, Chile, Venezuela, France, the UK, Germany, Sweden, Italy, Russia, Latvia, Japan, the Republic of Korea, Thailand, the United Arab Emirates (UAE), Saudi Arabia, Malaysia, China, India, Australia, and New Zealand, among others.

Some major participating brands include Aeon and Uniqlo (Japan); Walmart, Amazon, and Safeway (USA); Carrefour and Decathlon (France); Falabella (Chile); Coppel (Mexico); Central Group (Thailand); Lotte (RoK); Miniso (China); IKEA (Sweden); and Lulu (UAE).

Meanwhile, 600 Vietnamese businesses have been selected to display products representing various industries in the international supply chain. These enterprises have obtained international certificates and produced high quality products in industries that Vietnam has strengths in and international distributors and retailers need, such as food, textiles and garments, shoes, backpacks, bags, sports items, household appliances and furniture, as well as supporting industries.

To optimise export opportunities, the organisers have arranged B2B trade matching sessions and field trips to localities for buyers, thereby creating conditions for participants to meet partners and customers and have more contracts and cooperation agreements signed.

In her opening speech, Deputy Minister of Industry and Trade Phan Thi Thang emphasised that the Vietnam International Sourcing Expo 2024 has been held to effectively support businesses in their efforts to engage more deeply in the global production and supply chains, helping them to adapt to the trend of increasingly deep international economic integration and to promote connections between foreign distributors and importers with domestic manufacturing and exporting enterprises.

In recent years, Vietnam has been transforming strongly to become a major global manufacturing centre with the ability to supply the world market with many diverse, quality products and competitive prices, said Deputy Minister Thang.

She also noted that many corporations and retailers that are seeking stable sources of supply after the COVID-19 pandemic and recent geopolitical-economic instability have chosen Vietnam as a strategic location in their global supply chain.

The organisers expect that many business agreements and commercial transactions will be signed at the event, and participating businesses will have more ideas after meetings and seminars, serving to help Vietnam International Sourcing 2024 become a reputable business meeting place for firms, contributing to bringing Vietnamese goods and products to the wider world, said the Deputy Minister.

Statistics show that Vietnam’s total import-export turnover last year reached more than US$681 billion, including US$354.7 billion worth of exports. There were 35 items with export turnover of over US$1 billion each, as well as seven export items with export turnover of over US$10 billion each. The first five months of 2024 saw the country rake in US$156.5 billion from exports, up 15% over the same period last year.

Exports to markets that have signed free trade agreements (FTA) with Vietnam have all seen a positive recovery. New generation FTAs ​​such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam FTA (EVFTA), and the UK-Vietnam FTA (UKFTA), along with a series of bilateral and multilateral FTAs ​​that the country has previously signed and implemented have created a large market network, becoming a driving force for local businesses to reach out global consumers.

In 2023 alone, Vietnamese exports to the FTA markets hit US$230.5 billion, accounting for nearly 65% ​​of the country’s total export turnover.

The Vietnam International Sourcing Expo 2024 is scheduled to last through to June 8.