HCM CITY – In the midst of global economic turbulence, the challenge of expanding export markets for Việt Nam has become more pressing than ever.

Yet alongside the challenges lie even greater opportunities, provided that enterprises are proactive in building the right strategies.

This was the central theme discussed at the seminar “Market diversification strategy: From risks to opportunities” organised by the Ministry of Industry and Trade and the Investment and Trade Promotion Centre of HCM City on September 5.

According to Tạ Hoàng Linh, Director General of the Department of Foreign Market Development, over-reliance on a handful of traditional destinations poses considerable risks.

By contrast, diversifying markets, products and supply chains has proven sound, particularly during crises such as the COVID-19 pandemic, geopolitical upheavals and trade wars.

“Việt Nam’s advantage is its highly open economy, with 17 free trade agreements offering tariff preferences and access to promising regions such as Latin America, the Middle East and the Eurasian Economic Union (EAEU),” Linh said.

Veronica Alcaraz Silva, chief representative of Coppel Việt Nam, highlighted the Latin American region of more than 600 million people with a rapidly growing middle class.

The CPTPP allows Việt Nam’s products to enter Mexico and Chile more easily, while Brazil is emerging as a potential market.

Consumers value affordable goods that still meet safety standards, giving Vietnamese textiles, footwear and electronics strong advantages.

Coppel, with 1,800 stores in Mexico, sees Việt Nam as a trusted supplier, but enterprises must improve self-sufficiency of raw materials to break through.

For the Middle East, Mirash Basheer of May Exports Việt Nam under Lulu Group called the region a “golden gateway” linking Asia, Europe and Africa.

With 400 million high-income consumers and rising demand for Halal goods, the market is attractive despite conflicts and logistics challenges.

The Vietnam–UAE Comprehensive Economic Partnership Agreement (CEPA) eases tariffs and opens trade corridors. Developing Halal-certified products not only boosts exports but also raises quality standards and enhances Việt Nam’s brand abroad.

From a sustainability perspective, IKEA’s Per Ljungblad pointed to Northern Europe as ideal for Việt Nam’s wooden furniture and interior products, though requirements are strict.

Sustainability extends from raw materials to carbon reduction commitments. Việt Nam’s abundant bamboo and rattan offer a unique “green” advantage.

However, small firms must ensure consistency in quality and volume, while taking responsibility for sustainable production.

Huỳnh Lê Đại Thắng, Director of Nghĩa Sơn Furniture Co., Ltd, warned that the EU’s Deforestation Regulation (EUDR), effective from late 2025, will be a tough barrier.

Many firms are unprepared, while buyers demand strict compliance. To deepen access to markets like the EU or US, companies must invest in technology, research and design innovation, as each market has distinct standards.

According to Michel Verdy, Chairman of the Quebec–Vietnam Association, Canada remains underexplored, with two-way trade of only US$5 billion in 2024.

Beyond agriculture, textiles and coffee, Canada looks to Việt Nam for cooperation in high technology, artificial intelligence and e-commerce.

With its young, skilled workforce, Việt Nam could become a strategic partner in the digital era.

Diversification, he noted, should cover not only geography but also sectors of collaboration.

Nguyễn Thảo Hiền, Deputy Director-General of the Department of Foreign Market Development, emphasised refreshing approaches to existing markets.

The EAEU free trade agreement, effective since 2016, eliminated tariffs on more than 80 per cent of product lines and initially drove exports by 20–30 per cent annually.

Growth has slowed due to geopolitical shifts, yet Vietnamese exporters still benefit, with more than 70 per cent of trade enjoying tariff preferences.

In 2024, exports to the bloc reached VND75 trillion ($3 billion). Textiles, farm produce and seafood remain in demand, while local currency payments are feasible despite dollar restrictions.

Experts agreed that Việt Nam’s market diversification strategy is no longer a choice but a necessity.

Each region brings its own challenges, from geographical distance to sustainability criteria, but also fresh opportunities for those who can seize them. Enterprises cannot succeed alone.

Beyond their own efforts to upgrade, they need the support of authorities in market intelligence, partner connections and the effective use of FTA advantages.

In the long run, diversification is not merely a way to spread risk but a foundation for Việt Nam to build its image as a trustworthy, responsible and sustainable trading partner in the global economy. – VNS