Foreign retail distributors choose Vietnam as strategic location: official

Illustrative image (Photo: vneconomy.vn)

Hanoi (VNA) - Many foreign retail distributors, promoting strategies to diversify their supply chains and ensure a sustainable and resilient supply, have chosen Vietnam as a strategic location in the global supply chain, according to Ta Hoang Linh, Director of the European-American Market Department under the Ministry of Industry and Trade (MoIT).

The Vietnam International Sourcing 2023 next month will be a chance for Vietnamese enterprises to meet hundreds of leading distributors and importers around the world to find cooperation opportunities as well as exchange information and learn from their experience so that Vietnamese goods can better access international distribution channels, said Linh.

On the other hand, foreign distributors and importers can find more reputable partners from Vietnam, and collect more useful information about Vietnamese products so as to diversify sources of goods for distribution systems in the host markets.

To meet big distributors’ demand and diversify export markets, the official advised Vietnamese firms to grasp information, and better market and customer positioning to focus on researching and developing suitable products for each market, building a methodical production and export plan to be able to adapt to requirements when participating in the supply chain.

Enterprises need to pursue green production, ensure transparency and traceability, and pay due attention to implementing social responsibility and environmental protection and ensuring labourers’ rights and interests, Linh stated.

Foreign retail distributors choose Vietnam as strategic location (Photo: VNA)

It is also necessary to build and promote brands, he said, adding that the Ministry of Industry and Trade will carry out activities to raise awareness of businesses of sustainable development, green production and branding.

Through cooperation mechanisms, it will continue to advocate for policies with trade partners to remove barriers in terms of market access to minimise the burden on costs for local manufacturers and exporters.

The MoIT will maintain coordination with other ministries, sectors and associations to step up trade promotion, and support enterprises in selling goods in the domestic market and export markets, added the official.

The Vietnam International Sourcing 2023, to be held from September 13 – 15 in Ho Chi Minh City, is expected to attract 8,000 visitors and about 200 business delegations from 30 countries and territories worldwide./.

VNA