Vietnam a major source market for international buyers: trade ministry

Big Lots of the US, Mexico’s Coppel and Venezuela's Latiquim are among major buyers looking to set up offices, find partners or directly purchase Vietnamese products, according to Vietnam's Ministry of Industry and Trade.

U.S. discount retailer Big Lots, Inc. has announced the opening of international buying offices in Ho Chi Minh City and Shanghai in a move to strengthen its product sourcing.

The two new offices will make it more competitive in sourcing products with closeout deals, extreme bargains and other purchases, said Kevin Kuehl, the company’s senior vice president and general merchandizing manager, who will lead the new offices from its corporate headquarters in Ohio.

Kuehl said the company was looking to expand its sourcing network for critical categories like furniture, seasonal items, and soft home goods. The new buying offices were expected to generate “significant operational cost savings” during the company’s 2024 fiscal year, he added.

Big Lots is America's discount home store, operating more than 1,300 stores in 48 states, as well as an e-commerce store with expanded fulfillment and delivery capabilities. It offers bargains on furniture, décor, pantry essentials, kitchenware, and pet supplies, among others.

Leading distributors and retailers in Latin America are among those who have registered to attend this year's Vietnam International Sourcing 2024 event organized by the Ministry of Industry and Trade from June 6-8 this year.

They expect to purchase large quantities of diverse product groups in Vietnam, the ministry said.

Falabella, the biggest retailer in Latin America, has a network of 577 stores and shopping malls across Brazil, Argentina, Chile, Uruguay, Peru, Mexico, and Colombia. The group, which boasts access to 35 million regular customers, had dispatched a purchasing team to the 2023 Vietnam International Sourcing expo, looking for Vietnamese suppliers of sports equipment and apparel.

This year, Falabella intends to increase its purchases in a number of categories, including footwear, sporting goods, textiles and clothing, household appliances, and electrical equipment.

Mexican retail group Coppel is also especially interested in products originating from Vietnam, including car tires, fashion clothes, shoes, technology accessories, and household furniture as it seeks to diversify supply sources for more than 1,600 branches in Mexico and 27 stores in Argentina.

Venezuela's Latiquim C.A. Group, which has a commanding domestic market share in the production and distribution of chemical goods for the food and beverage industries, is looking for long-term partners in Vietnam, particularly in the manufacture of sulfonic acid and phosphoric acid.

The U.S.-headquartered Walmart group, which operates a chain of supermarkets in Latin America, has announced that it is looking to purchase textiles, footwear, interior and exterior items, home appliances, toys, and frozen food items from Vietnam to meet the needs of regional consumers.

Meanwhile, the demand for business partners in the garment sector in Vietnam has increased since the beginning of the year, the ministry said.

Many of the 300 international purchasing delegations attending Vietnam’s Sourcing 2024 are looking for long-term partners in the garment and footwear sectors, according to the ministry’s European-American Market Department.

In addition to textiles and footwear, sporting goods, household goods, and furniture, including products from wood, rubber, plastic, handicrafts have also been getting increased attention from international buyers, the department said.