Market potential remains large
Regional Comprehensive Economic Partnership (RCEP) creates a framework for trade cooperation among 15 economies, accounting for approximately 30% of global GDP. Agreement aims to reduce about 90% of import tariffs between members, while promoting supply chain connectivity and movement of goods within the region.
For Vietnam, in addition to opportunity to access markets of China, Japan, South Korea, Australia and New Zealand, RCEP also facilitates exploitation of the ASEAN market, which has a close geographical location, vibrant trade and diverse import needs.
At recent workshop "Consulting on Risk Management in Trade Promotion and Export Business with ASEAN Markets" organized by Vietnam Trade Promotion Agency, Mr. Phung Van Thanh, Vietnam's Trade Representative in Malaysia, stated that this market imports over $300 billion worth of goods annually, while Vietnam's exports to Malaysia only reach about $6 billion.
Indonesia is also a promising market. In 2025, bilateral trade between Vietnam and Indonesia is expected to reach $17.25 billion, the highest ever, with Vietnam's export exceeding $6.1 billion. In the first nine months of 2026, bilateral trade reached over $14.6 billion and is projected to reach $18 billion for the whole year.
With the world's fourth largest population, approximately 60% of the population is of working age and middle class numbers around 50 million people, Indonesia has significant consumer demand. This presents an opportunity for Vietnamese goods to expand their market share, especially products with advantages in price, quality and supply capacity.
Myanmar is also a noteworthy market. According to Mr. Ngo Xuan Ty, Commercial Counselor and Head of Vietnamese Trade Office in Myanmar, the country has over 55 million people and demand for many product groups, from consumer goods, construction materials, industrial machinery, agricultural equipment to medical equipment, electronics, textiles and logistics.
Supply of goods in Myanmar is still insufficient, creating opportunities for Vietnamese businesses to supply products at competitive prices and meet quality requirements.
Proactively identifying and avoiding risks
Although opportunities for export expansion are significant, representatives of Vietnamese trade offices in ASEAN note that each market has its own consumption characteristics, distribution systems, legal requirements, and business practices. Businesses need to develop appropriate approaches for each market.
In Malaysia, the diversity of ethnicity, religion and consumer habits requires businesses to clearly identify their target customer groups. Halal certification is important for many products, not only food and beverages but also cosmetics and related items. According to information from the Vietnamese Trade Office in Malaysia, as of August 2026, Vietnam has 5 establishments recognized by Malaysian Halal regulatory authority as compliant with the requirements of this market.
In Indonesia, businesses need to be aware of localization requirements in certain sectors, the Indonesian National Standard (SNI), Halal certification and product registration. Goods that are subject to mandatory requirements but do not meet the standards may face obstacles in import, distribution, or participation in tenders.
Trademark protection is also a matter of concern. Delays in registering intellectual property rights can lead to disputes or incur costs to regain rights to a trademark. Businesses should register trademarks, review licenses and identify legal requirements right from the market entry preparation stage.
In export transactions, verifying partners is a crucial step. According to Mr. Phung Van Thanh, experience from operations in the Philippines and Malaysia shows that businesses need to check address, legal status and actual capacity of their partners before signing contracts.
There have been cases where Vietnamese businesses signed contracts with partners in Singapore or Thailand, but the goods were delivered to a third party in the Philippines. When goods were unloaded at port but payment had not been made, dispute resolution became complicated because contracting party and the recipient were not the same entity.
Therefore, businesses need to clearly identify buyer, payer, recipient, delivery location and responsibilities of each party. Payment terms, deposits and dispute resolution procedures need to be carefully reviewed, instead of relying solely on the partner's commitments.
Regarding Myanmar, Mr. Ngo Xuan Ty noted that businesses need to be cautious in choosing partners, controlling foreign exchange, import procedures, transportation and delivery. Researching characteristics of each product, understanding local regulations and consulting with business partners when necessary will help mitigate risks.
“If businesses prepare thoroughly, proactively research and have appropriate solutions for each issue, they can minimize risks. Conversely, if they are not adequately prepared, risks can arise during the implementation of business operations”, Mr. Ty emphasized.
Besides legal and transactional requirements, businesses also need to understand business culture in each market. Representatives of Vietnamese trade offices in Myanmar, Indonesia and Malaysia recommend that businesses be patient in negotiations, respect communication style of their partners and clearly confirm agreements in writing. Friendly exchanges do not necessarily mean that the partner has accepted the transaction.

Source: Vitic/ congthuong.vn