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Unlocking New Markets: The Vietnamese Enterprise’s Quest for Expansion

15 August, 2025

Business Forum 2025: Breakthrough solutions to support businesses in accessing new markets – Photo: VGP/HT

Business Confidence in the Quartet of Resolutions

Vice Chairman of VCCI Hoang Quang Phong stated that in the past seven months, the Vietnamese economy has achieved comprehensive results: positive GDP growth; FDI registered at nearly $24.1 billion (up 27.3%); total retail and service revenue increased by 9.3%; and export turnover reached $262.44 billion (up 14.8%). July 2025 marked a record high in exports with $42.26 billion – the highest ever.

Business confidence has been bolstered by the “quartet of pillar resolutions” and the reform of the two-tier government model. More than 174,000 businesses have joined or returned to the market, with additional capital of 3.3 million billion VND; nearly 536,200 new households, up 165%.

However, Mr. Phong warned of challenges: geopolitical fluctuations disrupt value chains, and the trade policies of major markets are increasingly uncertain. Especially, the US imposes a 20% tax on Vietnamese goods; many countries erect non-tariff barriers and stringent ESG requirements, forcing businesses to go green, digitize, and increase localization rates.

According to Hoang Quang Phong, Vietnam has signed 17 FTAs with more than 60 countries and territories. Resolution 226/NQ-CP calls for promoting trade promotion by industry and key markets and niches; at the same time negotiating new FTAs with the Middle East, India, Africa, and Latin America; and upgrading ASEAN agreements.

Vice Chairman of VCCI Hoang Quang Phong said that businesses have high expectations from the quartet of resolutions – Photo: VGP/HT

Dr. Nguyen Van Hoi, Director of the Institute for Strategy and Policy Research, Ministry of Industry and Trade, emphasized that FTAs are the “highway” to bring Vietnamese goods to the world. CPTPP, EVFTA, and RCEP help increase GDP by 0.5% – 3%. New-generation FTAs also cover labor, environment, transparency, and require strict implementation.

In 2024, Vietnam’s GDP reached $476.3 billion; exports were $405.53 billion (top 20 in the world), rice exports were 9.18 million tons (top 3). However, it is still dependent on some markets, the FDI sector, and budget revenue from import and export activities. Mr. Hoi proposed developing processing industry, key agriculture, sustainable market expansion, logistics infrastructure upgrading, and enhancing connectivity between FDI and domestic enterprises.

Finding the Key to Expand Exports

Dr. Le Duy Binh, Director of Economica Vietnam, stated that import and export activities help increase foreign exchange reserves, stabilize exchange rates, and create millions of jobs. The value of the country’s brand in 2024 reached $507 billion (up 2%). Mr. Binh emphasized that instead of just chasing turnover, we need to focus on added value, localization rate, and reducing raw material imports.

The FDI sector accounts for over 70% of exports, and the localization rate of the garment and textile industry is only 45-50%. Mr. Binh suggested that Vietnamese enterprises enhance their export role and pay attention to service exports – a sector that is currently running a trade deficit.

From an international perspective, Mr. Nguyen Hai Minh, Vice Chairman of Eurocham, assessed that Vietnam is emerging as a top investment destination for EU investors, benefiting from EVFTA. However, infrastructure and human resources remain bottlenecks that need to be addressed, along with some legal barriers. He emphasized that the EU and Vietnam share a common orientation of sustainable development, especially green supply chains.

Prof. Dr. Hoang Van Cuong, a member of the National Assembly’s Committee for Finance and Budget, proposed promoting linkage between large and small enterprises, building market promotion plans, and perfecting export infrastructure.

Prof. Dr. Hoang Van Cuong, member of the National Assembly’s Committee for Finance and Budget, proposed promoting linkage between enterprises – Photo: VGP/HT

Mr. Nguyen Huu Thap, President of Tuyen Quang Business Association, offered five “keys”: inter-industry linkage, infrastructure and digitization connection, chain finance, human resources and AI technology, and favorable institutions. The Association will establish a resource connection center, issue an electronic “Opportunity Map”, and operate a 48-hour task force to handle difficulties.

From a business perspective, Mr. Phi Ngoc Trinh, General Director of Ho Guom Corporation, forecasted that the textile and garment industry’s export turnover in 2025 would reach $47-48 billion but would face price competition, green requirements, and raw material dependence. The representative of this enterprise proposed diversifying markets and developing new products through R&D and technology.

Ms. Tran Thi Thu Trang, Chairman of Hanel PT NextTech, suggested initiating negotiations on new FTAs, establishing an International Trade Risk Insurance Fund, investing in smart logistics, and training global trade experts.

Emphasizing the importance of connectivity, Mr. Nguyen Trung Tuyen, President of the Vietnam Good Price Business Community, said that the community connects more than 97% of small and medium-sized enterprises, promotes domestic consumption, digital transformation, enhances the identity of Vietnamese goods, cooperates with retail chains, and trains personnel.

Concluding the forum, Vice Chairman of VCCI Hoang Quang Phong evaluated that the forum has recorded many practical opinions, pointing out difficulties and solutions. All will be synthesized and sent to the management agency to remove bottlenecks, support businesses to access new markets, and contribute to sustainable growth.

Anh Minh

– 19:56 14/08/2025