Vietnamese Enterprises Ride the Waves of 2025, Seeking New Growth Momentum

Many businesses and industries have shown positive movement. Instead of chasing production volume, enterprises are shifting toward enhancing value, focusing on quality, and building their brands.

The year 2025 closed with a series of unpredictable global economic upheavals. Prolonged inflation, geopolitical conflicts, broken supply chains, and soaring logistics costs have placed immense pressure on production and business operations.

In this context, the Vietnamese business community—especially small and medium-sized enterprises—faced unprecedented challenges, forcing them to adapt and find ways to survive.

Market pressure and the need to change approaches

In reality, many businesses experienced declining orders and rising input costs, while export markets imposed increasingly stringent requirements. According to Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association, shocks from political relations and tariff policy changes have strongly impacted most economies, not just Vietnam’s textile industry. However, through adaptive efforts, the textile sector still overcame difficulties and maintained nearly 6% growth compared to the same period

At the enterprise level, the pressure was even more evident. Ms. Bui Thi Thanh Dung, CEO of My An Paper Co., Ltd, admitted that 2025 was an especially difficult year due to rising costs and fierce market competition. Nevertheless, by proactively adjusting strategies and focusing on strong product lines, the company achieved double-digit growth by year-end—demonstrating flexible adaptability amid numerous risks.

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In reality, it is small and medium-sized enterprises—who make up a large proportion of Vietnam’s exports—that are most heavily affected. When entering major markets such as the U.S., EU, or Japan, businesses face not only price competition but also a series of technical barriers, strict quality standards, and increasingly rigorous sustainability requirements. In this context, shifting from quantity-based exports to enhancing value, quality, and brand identity is no longer optional—it has become essential for businesses to survive and maintain their presence in international markets.

Mr. Trần Thanh Hải, Deputy Director of the Import-Export Department (Ministry of Industry and Trade), stated that the U.S. remains Vietnam’s largest export market. Therefore, any fluctuations in this market will have a ripple effect on key export sectors such as textiles, footwear, furniture, seafood, and electronics. According to Mr. Hải, building adaptive scenarios and preparing thoroughly for 2026 is something businesses must begin early.

From a strategic perspective, Mr. Nguyễn Văn Hội, Director of the Institute for Strategic Research and Industrial Policy (Ministry of Industry and Trade), believes that challenges from U.S. tax policies also present opportunities for Vietnamese enterprises to increase added value, diversify input materials, and expand export markets. Citing the Lao market, Mr. Hội noted that bilateral trade turnover surged from around USD 1.6 billion in 2024 to approximately USD 2.3–3.5 billion this year, with potential to reach USD 3 billion by year-end. This is a clear testament to the effectiveness of market diversification strategies and reducing reliance on traditional markets.

Transitioning toward sustainable growth, seeking new momentum for 2026

Amid widespread challenges, many businesses and industries have shown positive shifts. Instead of chasing production volume, companies are strongly transitioning toward enhancing value, focusing on quality, and building their brands.

Ms. Hoàng Thị Liên, Chairwoman of the Vietnam Pepper and Spice Association, noted that although export volume dropped by about 4%, the sector’s overall value increased by up to 17%. In 2025, spice export turnover is expected to reach around USD 2 billion with a total volume of nearly 395,000 tons. This result stems from a focus on higher-value segments and favorable global supply-demand dynamics.

Alongside business efforts, the domestic business environment is also improving. Dr. Nguyễn Quốc Việt from the University of Economics (Vietnam National University, Hanoi) emphasized that rapid growth must be tied to sustainability. Stabilizing macroeconomic factors such as inflation and exchange rates is vital to maintaining investor confidence—not only from foreign investors but also domestic enterprises—creating conditions for small and medium-sized businesses to gradually grow stronger.

Looking ahead to 2026, Vietnamese enterprises will continue to face new challenges. Logistics costs remain high, while demands for greener production and technical barriers from import markets are increasing. Ms. Bùi Thị Thanh Dung, CEO of My An Paper Co., Ltd., believes logistics costs are still a major burden, directly affecting product pricing and competitiveness. In response, many businesses have chosen to invest strategically in product quality, brand building, and compliance with international standards—viewing these as foundations for sustainable development.

Mr. Trần Thanh Hải affirmed that quality and branding must go hand in hand, as they are the “pillar of trust” for retaining traditional customers and conquering new markets. In the current landscape, with stricter requirements from importing countries, Ms. Dung reiterated that her company remains committed to prioritizing quality and continuous innovation to stand out.

Not stopping there, many small and medium-sized enterprises have proactively accelerated the application of e-commerce and digital transformation in management, sales, and market connectivity. According to Mr. Vu Duc Giang, the textile industry's current three-pillar strategy includes diversifying export markets, diversifying partners and customers, and diversifying products—combined with strong application of science and technology, automation, AI, and robotics in management. This not only enhances competitiveness but also opens up opportunities to form Vietnamese multinational enterprises.

From a business perspective, Ms. Vu Hong Hanh, Chairwoman of the Board of Directors of HTCOM Group JSC, believes that although U.S. tax policies and those of other partners have significant impacts, Vietnamese businesses can still expand exports to ASEAN, Europe, or Africa. The key is to focus on investing in technology and increasing the localization rate of raw materials to boost competitiveness and maintain the Vietnamese brand in international markets.

Sharing the same view, Mr. Nguyen Minh Tan, General Director of Tan Phat Technology Equipment JSC, emphasized that businesses need to change their development mindset. According to him, small and medium-sized enterprises that want to survive and grow must strengthen linkages, leverage each unit’s core strengths to create collective power, and form product communities with high competitiveness.

The year 2025 promises many challenges but also marks the persistent efforts of the Vietnamese business community in the journey to establish a self-renewing position. Entering 2026, with accumulated experience and reinforced confidence, Vietnamese enterprises hope to continue recovering, expanding markets, and contributing more positively to economic growth in the new context.

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