Securing a place for Vietnamese businesses in global value chains

Strengthening ability to compete on equal terms

Vu Ba Phu, Director of the Trade Promotion Agency under the Ministry of Industry and Trade, raised this issue at the Viet Nam Export Promotion Forum 2026, themed “Go Global – Joining Businesses in Reaching the World”.

According to Phu, after nearly 40 years of Doi Moi (Renewal), Viet Nam has established a relatively solid export foundation. By October 2026, the country’s total merchandise import-export turnover had exceeded 1 trillion USD.

Several domestic businesses have also gradually demonstrated their competitiveness in international markets. Phu cited Viettel, which operates in 10 overseas markets and holds the largest market share in seven of them, with international revenue reaching approximately 3.3 billion USD in 2025. Meanwhile, FPT recorded more than 35 trillion VND in revenue from overseas information technology services in 2025, with newly signed contracts worth approximately 1.5 billion USD. Japan and the US are among the company’s key markets.

These figures demonstrate that Vietnamese businesses are fully capable of competing on equal terms, even in the most demanding markets. However, international markets are imposing increasingly stringent requirements concerning quality, green development standards and product traceability. Meanwhile, new business models, including overseas distribution, cross-border digital commerce and international investment, are also creating numerous opportunities.

“The question for the next stage is not simply how much more we can export, but what role Vietnamese businesses will play in global value chains, which brands they will own and how extensive their presence will be in global markets," Vu Ba Phu emphasised.

Against this backdrop, the Go Global Programme was approved by the Prime Minister under Decision No. 626 dated April 6, 2026, to support Vietnamese private enterprises in strengthening their presence in overseas markets, promoting international investment and business activities, and participating more deeply in global supply chains.

According to Phu, Go Global does not limit international expansion to merchandise exports but identifies four main directions: exporting goods, engaging in cross-border trade, participating in global value chains, and establishing a presence and making investments abroad.

Depending on their capabilities, resources, business sectors and development objectives, enterprises can choose the most suitable approach. In addition to expanding export markets, businesses can establish representative offices, branches, companies or joint ventures, or undertake mergers and acquisitions overseas.

The Trade Promotion Agency leader said that, to seize these opportunities, businesses need to change their mindset and regard international markets as a regular part of their operations rather than focusing solely on the domestic market. International expansion should also be encouraged among small and medium-sized enterprises, not just major corporations.

Following the milestone of import-export turnover exceeding 1 trillion USD, the priority is to increase the value added in exported goods, gradually gain greater control over technology and brands, and expand the presence of Vietnamese businesses in international markets.

Proactively strengthening position of Vietnamese businesses

Deputy Minister of Industry and Trade Luong Hoang Thai noted that, for a long time, Vietnamese businesses had primarily approached international integration by adapting to and meeting the requirements of overseas markets. However, the current direction is to shift towards proactively expanding internationally, participating more deeply in value chains and strengthening the position of Vietnamese enterprises.

“The Go Global Programme was introduced in this context, marking an important shift in Viet Nam’s thinking and approach to international economic integration,” the Deputy Minister said.

To implement the programme effectively, according to Deputy Minister Luong Hoang Thai, it is necessary to ensure coordinated and substantive implementation, with results serving as the key measure of success. The Ministry of Industry and Trade will act as the coordinating agency, translating objectives, tasks and timelines into action plans, while focusing on market development, trade promotion, brand-building support and connecting businesses with international partners.

At the same time, the proactive role of localities will be promoted through the “Local Go Global” programme. The Deputy Minister called on local authorities to continue coordinating implementation in a targeted manner, aligning national orientations with the potential and advantages of each locality to ensure practical results.

Another important task is to establish a business support ecosystem through the Go Global Support Network. According to the Deputy Minister, internationalisation requires various resources, ranging from human resources, market information and legal advice to technology, finance and business partners. It is therefore essential to connect business associations, trade promotion organisations, financial institutions, consulting firms, research and training institutions, and international partners to support enterprises.

On that foundation, businesses need to become more proactive and competitive, gradually developing appropriate strategies to expand their operations into international markets. This will also be a decisive factor in the success of the Go Global Programme.

Throughout this process, the State will play an enabling role by creating a favourable environment and connecting resources, while localities will proactively organise implementation, partners will provide support, and businesses will remain at the centre as the key drivers of value creation.

“This is also the spirit in which we hope to work together with ministries, sectors, localities, partners and the business community,” Deputy Minister Luong Hoang Thai emphasised.

Deputy Minister Luong Hoang Thai also stressed that there is no single formula for international expansion, nor can it be achieved overnight. Nevertheless, Viet Nam can begin with concrete actions: a locality identifying the right sector with strong potential; a business developing a clear market strategy; a partner connecting appropriate resources; or a policy being adjusted based on the practical experiences of businesses.