A Decathlon store in Royal City Mall, Thanh Xuân district, Hanoi. (Photo: VNA)

"We have an advantage since the signing of numerous free trade agreements, bringing down tariffs on our goods in many major international markets," said Tạ Hoàng Linh, director of the European-American Market Department under the Ministry of Industry and Trade (MoIT).

"As a result, retailers have been seeking sources for various goods in Vietnam. This is an opportunity for Vietnamese businesses to enter additional markets around the world."

In addition, it doesn't take Vietnamese manufacturers long to adapt as many have been supplying markets that demand high-quality products, making them ideal partners for multinational wholesale and retail corporations.

According to the General Statistics Office, in the first five months of 2024, exports reached 156.77 billion USD, an increase of 15.2% compared to the same period last year.

Southern Dong Nai province, a major manufacturing hub of footwear, textiles, household wood products and food in the Mekong Delta, reported an export turnover of 9.3 billion USD, an increase of nearly 9% year-on-year. The provincial authority said there has been an increase in the number of international retailers coming to the province to look for suppliers.

Nguyen Duc Trong, head of new suppliers development at Walmart, said: "Walmart has been looking for suppliers in Đồng Nai as well as other provinces. Products sold to Walmart will not only go to the US market but can also be distributed to the corporation’s centres and supermarkets in other countries and territories.

"Besides industrial products, Walmart is also seeking suppliers for agricultural products and handicrafts."

Goods manufactured in the province have entered over 170 countries and territories worldwide with a focus on major markets such as the US, Japan, China, Europe and the Republic of Korea.

Hoang Le Hang, first secretary of the Vietnam's Trade Office in the UK, said more UK retailers have been looking for suppliers of coffee, textiles, wood products and food in Vietnam, with preference given to high-quality, green and origin-cleared products.

Luu Van Khang, a Vietnamese trade counsellor in Mexico, said since both countries signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Mexican retailers have been looking to increasingly source consumer goods from Vietnam.

Industry insiders said large international retailers typically insist that their suppliers possess a good understanding of consumer needs, technical barriers and the products' ability to compete in targeted markets. They advised Vietnamese businesses to expand their overseas markets to avoid being overly dependent on just a few./.