Vietnam Is Among Walmart's Top 5 Biggest Suppliers
On November 14, 2023, Minister of Industry and Trade of Vietnam Nguyen Hong Dien met with Executive Vice President in Sourcing for Walmart Andrea Albright to discuss cooperation in developing Walmart's supply chain in Vietnam.
The two sides also exchanged measures to support suppliers from Vietnam to participate in Walmart Group's global value chain. The delegation in this meeting led by Minister of Industry and Trade of Vietnam Nguyen Hong Dien is part of the accompanying delegation of President Vo Van Thuong to attend the 2023 APEC Summit Week in San Francisco (USA).
|Delegates at the meeting on November 14.|
According to Executive Vice President in Sourcing for Walmart Andrea Albright, Vietnam is currently in the top 5 countries that export the most goods to Walmart's global system.
Vietnamese goods not only hit the shelves of the Walmart system in the US but also in other major markets such as China, Canada, Mexico. Walmart's strategy in the future is to focus on building Vietnam into a regional goods supply center in Asia, said Andrea Albright.
Currently, Walmart Group has purchased billions of dollars of goods from Vietnam each year, but mainly on item groups such as textiles, footwear, and food. Shortly, Walmart Group will focus on expanding purchasing activities to include household items, electrical and electronic equipment, and toys.
Andrea Albright also asked the Ministry of Industry and Trade to help support the process of expanding operations and enhancing the stability of the supply chain of Walmart Group in Vietnam. She added that this is an important task due to the increasing risk of supply chain disruption caused by trade conflicts and global geopolitical tensions.
In response, Minister Nguyen Hong Dien highly appreciated Walmart Group's supply diversification strategy. He thanked Walmart for choosing Vietnam as the focus of developing the Group's supply chain in the future.
Dien suggested that Walmart continue to purchase from Vietnam and strengthen coordination with units of the Ministry of Industry and Trade of Vietnam in training and improving business capacity. Also, he hopes Walmart will share more market information so that businesses can proactively build production and export strategies when supplying to the global distribution, wholesale and retail system.
|Minister of Industry and Trade of Vietnam Nguyen Hong Dien (fifth from right) thanked Walmart for choosing Vietnam as the key to developing the Group's supply chain in the future.|
Vietnamese Minister Nguyen Hong Dien said that Vietnam, as the world's factory, is proactively engaged deeply in the global production network and value chain. To ensure a "sound and stable supply chain," Vietnam currently continues to develop supporting industries, producing input materials and components. Vietnam is committed to complying with regulations on sustainable development in free trade agreements, including protecting nature and the environment and preventing the use of forced labor.
He invited Walmart Group to attend the Vietnam Sourcing 2024 - the international supply chain connection event scheduled to be held in June next year. Thanks to the good impression from attending the Vietnam Sourcing 2023 event, Walmart Group shared that they will bring senior leaders and purchasing offices in the region to participate in the Vietnam Sourcing 2024. Walmart Group representatives also proposed guidance and training sessions for Vietnamese suppliers about exporting effectively to the Walmart Marketplace e-commerce platform, further accessing Walmart's system worldwide.
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