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Wednesday, June 19, 2024

Opportunities arise for supporting industries

By Minh Tam

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Opportunities are on the horizon for enterprises in Vietnam’s supporting industries as the country increasingly attracts buyers seeking an alternative market and supply chain expansion partners. RX Tradex, a company specializing in consulting and connecting industrial enterprises in Vietnam, has noted a significant uptick in partners seeking suppliers in supporting industries in 2022. Excluding those who were merely studying the market, more than 100 partners had specific objectives in mind and were actively seeking Vietnamese enterprises to source goods. Over the past five years, the number of enterprises looking for suppliers in Vietnam’s supporting industries has been steadily rising. Vietnam is now seen as an ideal destination, particularly in light of the growing tensions between the United States and China, coupled with concerns about overreliance on China in the supply chain, especially following the Covid-19 pandemic. This presents a valuable opportunity for supporting industries in Vietnam. However, despite intensive efforts to seek and negotiate with partners over an extended period, RX Tradex reports that only 30% of their partners have been successful in purchasing goods from Vietnam. According to Nguyen Trong Tai, general director of RX Tradex Vietnam, this suggests that while there is potential, there are still challenges to […]
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