Vietnamese businesses diversify markets to minimize risks

(ĐN)- As the United States considers increasing tariffs on imports from Vietnam, the Vietnamese government is actively preparing for negotiations aimed at lowering these tariffs and establishing a more balanced trade relationship.

International Furniture Fair held in HCM city in 2025

Accordingly, Vietnamese businesses are taking the initiative to diversify their export markets, reduce risk, and enhance competitiveness. Kim Vinh Phu Co., a wood furniture exporter in Bien Hoa city, is expanding into the Japanese market in addition to its existing markets in the U.S. and Europe. Meanwhile, Thien Long Group, known for its pens and stationery, now exports to 67 countries, with exports contributing 20% of its revenue. The company is also targeting a top-five position in Southeast Asia’s stationery market.

Other companies such as Nhat Nam Mechanical Co., are also working to expand their domestic and international customer base to increase sales.

To help balance trade with the U.S., Vietnam is also looking to boost imports, particularly in the agricultural sector. The Dong Nai Animal Husbandry Association has proposed increasing imports of soybeans, corn, and livestock breeds from the U.S., and recommends utilizing the USDA’s GSM-102 export credit program to ease financial burdens on importers.

Similarly, the Dong Nai Wood and Handicraft Association (DWHA) has met with the U.S. Department of Agriculture and the Softwood Export Council to explore opportunities for importing softwood into Vietnam. Vice Chairman Pham Van Sinh emphasized the importance of diversifying legal wood sources. He noted that increasing transparent imports of raw materials from the U.S. could help Vietnamese wood products avoid high tariffs and gain a competitive edge.

Reported by V. Gia