Vietnam - Strategic sourcing destination

by Stef Calimlim (Content Editor)

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One of Asia’s fastest-growing sourcing hubs

Located at the heart of the ASEAN region, Vietnam offers convenient access to supply-chain raw materials and an attractive sourcing destination for global markets looking for high-quality products and services at competitive rates.

Vietnam is one of the fastest-growing economies in the world and one of the most promising markets among ASEAN countries, thanks to its increasingly deregulated business environment, competitive production costs, tech-savvy and educated workforce, manufacturing-oriented economy and export-led growth model.

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Export-oriented, manufacturing-driven business landscape

As one of the most popular alternative sourcing markets and top-performing economies in the world, Vietnam has steadily strengthened its position as a prominent manufacturer and exporter of competitively priced electronics, handicrafts, textiles, garments and home products in Asia.

Strategic sourcing location

Vietnam is strategically located at the center of Southeast Asia, close to international shipping routes and near major Asian markets like China and Japan, making it a prime sourcing and export hub.

Competitive labor cost

Vietnam offers cost-effective manufacturing and production solutions through its attractively low labor costs compared to neighboring countries. It is also proactive in dealing with free trade agreements with major developed markets, reducing behind-the-border barriers and encouraging more investment in the country.

Significant export growth

Manufacturing and exporting are Vietnam’s key economic drivers. The country’s export activities and free trade agreements will continue to increase and gradually be implemented in a more comprehensive manner as the world recovers from the COVID-19 pandemic.

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Vietnam Sourcing 101

As one of the most time-honored cultures in the ASEAN region, working with Vietnam suppliers entail learning about the country’s cultures and common business customs.

Establish long-term relationships with factory owners

Be on good terms with factory owners at the onset by respecting their position in the company, showing interest in Vietnamese culture, communicating clearly and expressing gratitude. Factory owners can negotiate the best prices and offer the best deals where an ordinary member of staff cannot.

Seek the expertise of locals

When doing business in unfamiliar territory, your best bet is to get in touch with a local expert who can navigate the market on your behalf, help you cut costs, find the best options for you, and communicate your needs precisely and effectively.

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