Vietnam one of Walmart’s most important sourcing markets in Asia: exec

Vietnam is one of U.S retailer Walmart’s most important sourcing markets in Asia and this role will continue to be enhanced in the future, said Aly Ansari, senior director of Walmart Global Sourcing, on Thursday.

Speaking at the Vietnam International Sourcing Expo 2024 in Ho Chi Minh City, he said Walmart is seeking the best suppliers in key markets and appreciates the support of the Vietnamese people, workers and businesses as well as the country’s resources that have helped the export of products produced responsibly and continuously globally.

In addition to top exports such as apparel and electronics, Walmart is looking for products in other categories, such as toys and food, from the country, he noted.

“We see potential in many product categories in Vietnam. We look forward to speaking with many of you and exploring opportunities to source more products from Vietnam whether that’s for our own label or for our marketplaces around the world,” Ansari said.

Addressing the event, Deputy Minister of Industry and Trade Phan Thi Thang said the bilateral and multilateral free trade agreements (FTAs) Vietnam has signed and implemented will effectively support Vietnamese businesses in their efforts to deeply participate in the global production and supply chains, adapt to the trend of increasingly intensive and extensive international economic integration, and further connect distribution channels and foreign importers with domestic manufacturers and exporters.

In 2023, Vietnam's total exports to FTA-signed markets reached $230.5 billion, accounting for nearly 65% of Vietnam's total export value, she said

“After the Covid-19 pandemic and amid current geopolitical-economic uncertainties, many corporations and retail/wholesale channels are stepping up diversification to ensure supply chain sustainability, and Vietnam has been chosen as a strategic destination in their global supply chains,” she noted.

Vice Chairman of the HCMC People's Committee Nguyen Van Dung said the city will focus on organizing and implementing export promotions targeting key markets and new, potential markets, helping domestic businesses effectively tap import tax policies from FTAs, especially new-generation agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vienam Free Trade Agreement (EVFTA).

He recommended that international companies assess exports of Vietnam's key products and then provide practical recommendations to help Vietnamese businesses improve their production capacity and product competitiveness.

The Vietnam International Sourcing 2024 Expo, taking place from Thursday to Saturday, has drawn the participation of nearly 300 reputable distribution channels and importers from around the world.

Among them are big names such as Aeon and Uniqlo from Japan; Walmart, Amazon and Safeway from the U.S.; Carrefour and Decathlon from France; Falabella from Chile; Coppel from Mexico; Central Group from Thailand; Lotte from South Korea; Miniso from China; IKEA from Sweden; and LuLu from the UAE.