Vietnam Emerges as Global Production Hub, Attracting Major Retailers To Viet Nam International Sourcing 2024

According to the Ministry of Industry and Trade, this year's event, scheduled for June 6-8 in Ho Chi Minh City, has recorded an unprecedented level of interest and participation from global heavyweights.

Leading retailers such as Walmart, Amazon, Aeon, and Central Retail are among the hundreds of major buyers slated to attend, seeking to tap into Vietnam's expanding supply capabilities.

"Vietnam is truly becoming the world's new factory, an important link and a strategic location in the global supply chain in the Indo-Pacific region," said Mr. Ta Hoang Linh, Director of the European-American Market Department at the Ministry of Industry and Trade. "If you want to diversify your supply, you can look to Vietnam."

A Shift in the Global Production Landscape

The rapid growth of Vietnam's production sector has not gone unnoticed on the global stage. In 2023, the inaugural Viet Nam International Sourcing event drew the attention of both domestic and international players, signaling a shift in the global production landscape.

"The event brought a new perspective to international buyers (wholesale and retail) about Vietnam's supply capacity," Mr. Linh explained. "From the events, reality shows that Vietnam is truly becoming the world's new factory, an important link and a strategic location in the global supply chain in the Indo-Pacific region."

This year's event, building on the success of its predecessor, is poised to cement Vietnam's status as a premier destination for international distribution and purchasing corporations. The exhibition will showcase a diverse array of industries, including food, textiles, shoes, backpacks, bags, sports and outdoor goods, and household appliances and furniture.

Favorable Conditions for Global Buyers

At Viet Nam International Sourcing 2024, international buyers will be granted numerous advantages to facilitate their engagement with Vietnam's export businesses. In addition to logistical support, they will be provided with ample opportunities to connect directly with professional suppliers and reputable Vietnamese exporters.

"Attending Viet Nam International Sourcing 2024, in addition to logistics support, international buyers will be created with many favorable conditions to: Meet and work directly with professional suppliers and export businesses.

Vietnam's prestigious export market to discuss cooperation and business opportunities; opportunities to explore Vietnam's potential to supply new, high-quality and competitive products, expand and diversify sources purchasing goods," Mr. Linh elaborated.

The event's organizers have also implemented a modern database system to streamline the B2B trade connection process, ensuring quick and effective matchmaking between Vietnamese businesses and international purchasing channels.

Furthermore, buyers will have the chance to conduct field surveys and factory visits in various localities, gaining a deeper understanding of Vietnam's production capabilities.

Impressive Growth in Vietnam's Trade

The Vietnamese economy has been experiencing remarkable growth in recent years, with the country's import-export trade showing impressive figures. In the first quarter of 2024, Vietnam's total import-export turnover of goods reached over VND 4,45 trillion (USD 178 billion), an increase of 15.5% compared to the same period last year.

Exports accounted for a significant portion of this growth, reaching VND 2,325 trillion (USD 93 billion), up 17% year-on-year. Imports, on the other hand, amounted to VND 2,125 trillion (USD 85 billion), a 13.9% increase.

"In the first quarter of 2024, businesses have made great efforts and overcome difficulties to enter a more sustainable export period. Therefore, the Viet Nam International Sourcing 2024 event held in June 2024 is considered very appropriate time," Mr. Linh stated.

The trade surplus for the first three months of 2024 stood at VND 200 billion (USD 8.08 billion), underscoring the country's growing prowess in international trade.

Diversifying and Expanding Sourcing Opportunities

The Viet Nam International Sourcing 2024 event is not solely focused on export promotion; it also aims to support Vietnamese businesses in improving their capacity and developing sustainable growth strategies as they venture into the global market.

"In addition to aiming to promote exports, Viet Nam International Sourcing 2024 also has additional sideline activities to support businesses in improving their capacity and developing sustainably when entering the global market," Mr. Linh revealed.

The event will feature a series of useful seminars and trade connection activities, engaging experts and industry leaders to provide insights on commodity trends, consumer preferences, and supply chain standards.

This knowledge-sharing platform will serve as a valuable resource for both experienced exporters and businesses with export potential, enabling them to diversify their markets and refine their market access strategies.

Central Retail's Endorsement of Vietnamese Goods

The Central Retail Group, a major player in the global retail landscape, has wholeheartedly endorsed the Viet Nam International Sourcing events. Mr. Paul Le, Vice President of Central Retail Group, praised the initiative, highlighting its significance in Central Retail's quest for quality Vietnamese products.

"The event plays a very important role for Central Retail in finding product sources. Currently, in Central supermarket systems, up to 95% of products are Vietnamese products, typically: Ca Mau shrimp, basa fish, Hoa Loc mango..." Mr. Le said.

The executive expressed high expectations for the 2024 edition of the event, anticipating that it will uncover even more strong Vietnamese products to be incorporated into Central Retail's global supply chain and exported abroad.

Ambitious Targets for Viet Nam International Sourcing 2024

The organizers of Viet Nam International Sourcing 2024 have set ambitious targets for the event, aiming to attract 10,000 visitors and engage with 300 international delegations from 30 countries and territories.

"The event promises to attract 10,000 visitors and transactions with 300 international delegations from 30 countries and territories. The organizing committee also coordinated with a number of local Departments of Industry and Trade to bring purchasing teams to survey businesses in some localities," Mr. Linh revealed.

The organizers are confident that the event will facilitate numerous successful business agreements and commercial transactions, fostering valuable connections between Vietnamese exporters and global buyers.

"Hopefully many agreements and commercial transactions will be successfully signed at the event. Attendees will meet many partners and customers and have more business ideas suggested after the conferences, workshops, trade connection activities..." Mr. Linh expressed his optimism.

A Milestone in Vietnam's Economic Transformation

The Viet Nam International Sourcing 2024 event marks a significant milestone in Vietnam's economic transformation, solidifying the country's position as a strategic production hub in the Indo-Pacific region.

The unprecedented interest and participation from global distribution and purchasing giants underscore the growing confidence in Vietnam's supply capabilities and the country's ability to meet the demands of the international market.

As Vietnam continues to enhance its production prowess and diversify its export offerings, the Viet Nam International Sourcing 2024 event promises to be a catalyst for further growth and integration into the global supply chain.

With the support of the Vietnamese government and the enthusiasm of international buyers, this event has the potential to propel Vietnam's economic status to new heights and cement its as one of the "world's new factories."