Export sector urged to expand market share in more countries

(ĐN)- In recent years, Vietnam has established trade relations with over 200 countries and territories. However, a significant portion of exports remains concentrated in a few key markets such as the United States, China, Japan, South Korea, and the European Union (EU). This heavy reliance poses risks when major markets face policy changes, natural disasters, or pandemics. For years, economic experts have urged businesses to diversify and expand their export footprint to mitigate the impact of disruptions in any single market.

Over the past 5–6 years, Vietnam has emerged as one of the world’s top exporters of key products such as textiles, wood products, pepper, rice, coffee, seafood, and durian. However, most companies—both in Dong Nai and nationwide—still rely heavily on a handful of large markets. Recent developments, such as stricter environmental and food safety regulations by the EU, have caused concern among Vietnamese exporters. Wood producers and others are now racing to prove that their goods are not sourced from deforested areas—a major hurdle for wood, coffee, rubber, and cocoa exports to the EU.

Adding to the challenge, the U.S. recently announced that, starting April 9, 2025, it will impose a 46% tariff on Vietnamese goods. This has sent shockwaves through the business community, as the U.S. is Vietnam’s largest export market, accounting for nearly one-third of the country’s total export value. Businesses are now hoping for timely negotiations by the government to avoid major losses that could affect operations and jobs.

Nevertheless, some experts believe Vietnamese companies can adapt and weather these challenges. Vietnam has signed 17 bilateral and multilateral free trade agreements, which still offer untapped potential for export growth. Products that meet standards for the U.S. market can also find opportunities in countries under agreements such as CPTPP, EVFTA, Vietnam–EAEU FTA, and Vietnam–UAE FTA. Under most of these agreements, export tariffs are being reduced to zero.

In addition, Vietnamese firms are encouraged to invest in building national brands to reduce dependence on outsourcing or intermediary exports. This is seen as essential for sustainable export growth and for helping the country reach its goal of double-digit economic expansion.