In today’s competitive landscape, global sourcing strategies can offer companies huge benefits. Defending or driving margin up and creating competitive advantage v your competitive set. The global trade landscape is looking more challenging to navigate in the approaching years. As Protectionism, Tariffs and Geo-politics loom large over the previously smooth waters of Global Trading.
Sourcing and Procurement teams will be actively scenario planning to build a Sourcing Strategy for the future either to begin Global Sourcing to boost competitiveness or to mitigate potential cost impacts into their existing supply chain.
Vietnam Economic Growth
Vietnam’s economy is projected to grow at a robust pace in 2024. The World Bank forecasts a growth rate of 6.1% for the year, driven by a rebound in manufacturing exports, tourism, and domestic consumption.
The strong economic performance combined with a growing and skilful labour market and strategic location make Vietnam a Sourcing destination that should be explored by every Sourcing and Procurement team.
ET2C International: Your Trusted Partner for Sourcing in Vietnam
For over 20 years, ET2C International has connected global brands and companies with reliable Vietnam manufacturing partners.
- Building Margin
- Removing Risk
- Delivering Simplicity
As a British owned Global Sourcing Company we have developed a deep understanding of the Vietnamese market.
Our team of over 200 colleagues professionals are based in 7 offices in major sourcing markets, including Ho Chi Minh City, to Make Sourcing Simple.
The strategic benefits of Global Sourcing from Vietnam
Sourcing from Vietnam, with its cost-effectiveness and growing manufacturing capabilities, can be a smart move to boost your margins and competitiveness. However, navigating the process requires careful planning and expertise.
Operating effectively and smoothly in a new market can be full of challenges. A successful implementation will need to cover a range of tasks to be successful.
Market Research & Product Selection: Identify your target products and research the Vietnam manufacturing landscape. Consider demand, competition, and potential profit margins.
Compliance & Regulations: Understand import regulations and product compliance requirements for your country.
Legal & Regulatory Frameworks: Ensure your business complies with international trade regulations, including obtaining necessary licenses or permits.
Finding Reliable Suppliers: Leverage online directories, trade shows, or consider a sourcing agent to help you identify reputable Vietnam manufacturing partners.
Thorough Supplier Verification: Carefully vet potential suppliers by checking credentials, conducting facility visits, and requesting references. Prioritize quality-focused partners.
Quality Assurance & Samples: Request product samples to ensure they meet your quality standards and regulatory requirements.
Finalizing Agreements: Once satisfied, finalize agreements with chosen suppliers, including contracts and clear communication channels.
Robust Quality Control: Implement a strong quality control process, considering third-party inspections before shipment.
Secure Payment Arrangements: Establish secure payment terms to protect your interests.
Shipping & Receiving: Monitor shipments and ensure you have all necessary documentation for smooth customs clearance.
Building Strong Relationships: Cultivate lasting partnerships with your suppliers through effective communication and collaboration.
Delivering the benefits of Sourcing from Vietnam- ET2C Sourcing Made Simple
ET2C’s daily mission is to Make Sourcing Simple for our clients. Delivering all the benefits of Global Product Sourcing whilst mitigating all the risks. From Vendor selection and validation to negotiation and quality and compliance checks ET2C will ensure your Sourcing ambitions from Vietnam are delivered.
As we face more change impacts in global trade from impending tariffs and protectionism there has never been a better tie to explore the benefits Sourcing from Vietnam can bring.
If you would like to learn more about the challenges and opportunities building Vietnam into your Sourcing Strategy can deliver, please drop us a line at contact@et2cint.com
