The call for Vietnamese enterprises to “Go Global” involves, among other things, then expanding their market reach by better utilizing FTAs and fully understanding export requirements.

Exports have remained a rare bright spot for Vietnam’s economy in recent years,
according to the Ministry of Industry and Trade (MoIT). In the first ten months
of 2025, Vietnam posted a trade surplus of nearly $20 billion, with total trade
turnover surpassing $762 billion, up 17.4 per cent year-on-year; a strong sign of
the economy’s resilience and its capacity to expand into new markets in the months
ahead.

Despite record-breaking export figures, however, regulators and experts argue
that the value captured by Vietnamese enterprises remains limited, with businesses
still circling a handful of easy markets. They believe Vietnam needs to revamp its
export model, accelerate the green transition, upgrade value chains, make better
use of its free trade agreements (FTAs), and strengthen legal and tariff risk management
– all essential steps for Vietnamese enterprises looking to “Go Global”.

Raising Vietnam’s global game

At the “Vietnam Export Promotion Forum 2025: Winning International Markets”,
Mr. Vu Ba Phu, Director General of the Trade Promotion Agency (Vietrade) at the
MoIT, said the number of enterprises exporting directly remains modest, and Vietnam
still falls short in meeting international standards, brand building, supply chain
management, and digital commerce. Major markets with strong potential, including
the US, the EU, Japan, and the Middle East and Africa, remain far from fully tapped.

To expand Vietnam’s global footprint, integrate more deeply into value chains,
and elevate the national brand, speakers maintained that companies must innovate
and accelerate both digital and green transformations to optimize supply chains
and enhance the value of exported goods.

Mr. Tran Huy Hoan, Senior Officer at MoIT’s Planning and Finance Department,
said Vietnam must reposition itself in global supply chains by moving into product
research and design and connecting directly with customers – bypassing intermediaries,
much like successful Chinese companies. He urged businesses to view global markets
not only as destinations for exports but also as sources of resources and investment
opportunities.

Companies, he continued, should shift from passive participation (low-value
assembly) to active engagement in RD, design, and direct buyer relationships,
while the government strengthens not only trade agreements but also investment and
investment protection frameworks to support overseas expansion.

Mr. Nguyen Manh Ha, Director of AHT Tech, said Vietnam lacks the complete ecosystem
needed for successful global expansion, namely skilled talent, capital, and strong
support in market connections. To overcome this, he counseled greater government
assistance in helping firms reach end-users and understand local cultures and business
models. Companies, he added, should be ready to hire local talent abroad to guide
and support entry into new markets.

“Finance is necessary, but people and a mindset for connection are
decisive,” according to Mr. Nguyen Quoc Khanh, Executive Director of Research and
Development at Vinamilk. When facing technical challenges, Vinamilk leverages not
only internal capabilities but also external expertise through research partnerships
and collaboration with multinational corporations. Environmental standards in Europe
and tariffs in the US, he noted, pose challenges but also create opportunities to
strengthen brand value.

Ms. Doan Thi Bich Ngoc, CEO of Canifa, called on the government to focus on
three pillars to support Vietnamese companies going global: trade promotion; tax
and administrative reform; and unlocking green finance. “Green transition demands
patience and significant financial resources,” she said. “If sustainable development
is a priority, capital must be channeled into these core areas so that businesses
can invest long term, from research through to finished products.”

Turning agreements into advantages

Speakers at the forum broadly agreed on one point: with 17 FTAs now in force,
Vietnam has a rare opening to push its “Go Global” agenda. Yet according to Mr.
Ngo Chung Khanh, Deputy Director General of the Multilateral Trade Policy Department
at MoIT, businesses are still far from fully capitalizing on these agreements. Utilization
rates remain modest, at nearly 10 per cent for the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership (CPTPP), around 38 per cent
for the UK-Vietnam FTA (UKVFTA), and about 35 per cent for the EU-Vietnam FTA (EUVFTA).

The reason, he explained, is a lingering mindset of sticking to what is “near
and easy.” Many firms remain content exporting a few dozen containers a year or
achieving steady but limited revenue, believing “that’s enough.” This mindset keeps
companies locked into familiar markets and stifles innovation. To compete globally,
Mr. Khanh urged businesses to be willing to play the “Go Global” game and stop being
selective. Fear of difficult markets or substantial barriers, he warned, has unnecessarily
held back many capable companies.

To break into major destinations such as the EU via the EUVFTA, he said, companies
must “think big”, with brand building as the ultimate goal. That requires a detailed
strategy – what businesses will do, and how central and local authorities will support
them. Every step must be precise and actionable.

Mr. Khanh also emphasized the need for dedicated FTA teams inside companies,
but findings from the FTA Index show that not a single Vietnamese enterprise has
such a unit. As a result, they often have nowhere to turn when confronted with foreign
market standards. “Businesses are willing to spend heavily on sales and marketing,
but hesitate to pay far less for experts or consultants who can help them take advantage
of FTAs,” he said.

He added that connections are the most critical factor. The MoIT is proposing
an “FTA Ecosystem” that links all stakeholders – domestically and with FTA partners
– to help businesses use the agreements more effectively.

Mr. Dan Martin, Assistant Manager of International Business Advisory at Dezan
Shira Associates, said Vietnam’s ambitious FTA network is underutilized because
many small and medium-sized enterprises (SMEs) lack the systems, expertise, and
capital to benefit. To tap into these agreements, companies must upgrade sourcing
practices, traceability, and record-keeping. Compliance, he argued, should be seen
as a competitive advantage, not a burden. He also stressed the need for stronger
collaboration between the government, business associations, and foreign-invested
enterprises (FIEs) to turn FTAs from policy documents into practical gains.

He outlined three core factors for Vietnamese companies seeking to “Go Global”.
First, quality must outweigh cost. Vietnam’s next development phase depends on trustworthiness
and reliability rather than cheap labor. Foreign investors prioritize safety, transparency,
and consistent quality – the key to entering global supply chains.

Second, people matter as much as technology. Businesses must invest in training
to turn talent into applied skills, from repair engineers to compliance-minded managers,
to fill widening technical gaps.

Finally, Vietnam must strengthen its local platforms. Exports remain heavily
dependent on FIEs, and low local sourcing is a long-term vulnerability. Going global
must start at home, by helping local SMEs grow alongside FIEs through faster certification
and supplier development programs.

VET-Song Ha