Vietnamese exporters are finding growth opportunities in niche and underexplored markets, diversifying beyond traditional strongholds like the U.S., the EU, and Japan. By expanding into neighboring Southeast Asian countries and further afield to Africa and South America, they have got more orders in an otherwise challenging global trade environment. New markets drive export growth Dony Garment Company exemplifies this strategy. The company achieved a remarkable 40% year-on-year growth rate over the past 10 months by maintaining its presence in established markets like the U.S. and the Middle East while actively exploring opportunities in closer regional markets. According to CEO Pham Quang Anh, Dony has shifted focus to neighboring countries such as Cambodia, Thailand, Malaysia and Singapore, which were not its target markets in the past. These markets now account for 15% of the company’s export revenue. Dony’s proactive approach to opening new markets over the past two years has led to orders coming from seven importers in these countries. “While the garment industry was having a difficult time in traditional markets like the U.S., the EU and Japan two years ago, we quickly sought new markets to compensate,” Anh explained. Compared to the U.S. and the EU, where stringent production […]
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