HÀ NỘI — Vietnamese products are gaining traction and increasing their market share in the ASEAN bloc, particularly in neighbouring countries such as Cambodia and Laos, according to businesses and a report by the Ministry of Industry and Trade (MoIT).

The global economy has undergone significant shifts since the COVID-19 pandemic, prompting many businesses to pivot from major markets in Asia, Europe and the Americas to closer and more accessible ones like ASEAN.

A 2024 report by the MoIT highlights substantial opportunities for Việt Nam to expand exports of agricultural products, food and consumer goods to ASEAN countries, including Indonesia and Malaysia.

Trade promotion activities have also been ramped up. In HCM City, the Investment and Trade Promotion Centre (ITPC) has organised numerous market-connection conferences, offering businesses insights into regional markets and export strategies.

According to ITPC Director Trần Phú Lữ, ASEAN represents a highly promising export market for Vietnamese businesses. Often overlooked, it aligns well with the capabilities of small and medium-sized enterprises (SMEs). In 2024, trade turnover between Việt Nam and ASEAN reached a record US$83 billion, an increase of $10 billion compared to 2023.

Hòa Mai Co. Ltd., a company specialising in wooden household goods, began exporting to Cambodia in 2021 through a distributor based in HCM City. Over the past three years, the company’s export revenue in Cambodia has tripled.

Similarly, in Laos, products such as chopsticks, ladles, mortars and pestles have shown steady growth, with monthly shipments becoming routine.

At the start of 2025, Hòa Mai Co. Ltd. is ramping up production to meet new orders, including a significant kitchenware order worth over $10,000, marking a promising step in strengthening its foothold in the Cambodian market.

The company’s founder, Nguyễn Lê Thái Hòa, attributes this success to understanding market demands and tailoring products accordingly. For instance, the company developed sugar palm wood chopsticks priced lower than competitors in Cambodia, enabling smooth market penetration.

These chopsticks, along with other kitchenware, are now sold in supermarkets and convenience stores in Cambodia and Laos. With the company’s export portfolio steadily expanding, it anticipates significant revenue growth in these markets.

“On average, we handle 2–3 orders per month for Cambodia, with prices 15–20 per cent higher than in Việt Nam. For 2025, our focus is on consolidating our strengths in Laos and Cambodia while gradually entering Thailand and Myanmar,” said Thái Hòa.

Dony Garment Co. Ltd. has also experienced notable growth in ASEAN markets. CEO Phạm Quang Anh shared that the company’s first Cambodian order came in 2018, but its focus on the Southeast Asian market began in mid-2022.

“We carried out online and offline marketing campaigns, compiled a list of potential clients, and spent months visiting countries like Singapore, Malaysia, and Cambodia to meet them. By late 2022, we secured our first order from Malaysia. Orders surged in 2023 and exceeded expectations in 2024,” Anh said.

“Most businesses focus on major markets like the US, Japan, or South Korea, overlooking closer opportunities."

Additionally, he noted that once businesses establish themselves in major markets, transitioning to regional ones becomes much easier. ASEAN countries share cultural and economic similarities with Việt Nam while offering distinct opportunities.

“Vietnamese products hold strong competitive advantages in Cambodia. Even in Laos, where Thai goods dominate, the diversity of Vietnamese products still provides opportunities for Vietnamese businesses willing to enter the market,” Hòa added. — VNS