As the global economy grows more intricate, companies with a drive to succeed are looking for opportunities in emerging markets to reduce manufacturing costs and drive profits. Vietnam is one such emerging market with huge potential for sourcing due to advantageous legal structures, a young workforce, and an abundance of natural resources.
While there are several manufacturers for different products, finding a reputable and reliable supplier for Vietnam sourcing who can keep up with your requirements is a challenging task. Sourcing agents help businesses identify trustworthy suppliers in Vietnam for supporting their mainland sourcing activities. In the following post, we take a detailed look at how to identify a reliable sourcing agent for your business.
How can a Vietnam sourcing agent help your business?
Sourcing agents are essentially your local procurement teams in overseas locations who can facilitate the entire sourcing process, allowing you to focus on other parts of the business. For instance, any overseas organisation can hire a sourcing agent in emerging markets, who will visit the local manufacturing facilities there to identify and evaluate suppliers based on key selection criteria.
The key way in which Vietnam sourcing agents help your business is by saving you time and money when sourcing from an international market. Once you have finalised Vietnam as your ideal sourcing market, you will need to search for suppliers online or through telephonic or email conversations. Without a local sourcing partner, you will end up spending hours before finalising a supplier and you still will not have assurance over the quality prospects.
Additionally, a sourcing agent can help you negotiate for better prices without crossing the threshold for quality compromises. You are more likely to receive high-quality products at a better rate, thereby reducing the risk of product delays, bad shipments, etc.
What to consider when hiring a Vietnam sourcing agent?
One of the first things to need to consider when hiring agents for Vietnam sourcing is the authenticity of the agent. Working with professional sourcing companies is always a better idea as you can leverage experience and expertise to find the best products at profitable rates. They have a good understanding of the local laws, meaning you can rest assured that you will not be running into legal troubles. If the supplier is unable to meet your requirements, they can intervene and help both parties reach an amicable agreement.
A trustworthy sourcing agent will also be completely transparent and keep you updated with the latest RFx responses at every step of the process. You can ask them to visit the manufacturing facilities to evaluate suppliers on key criteria like corporate social responsibilities, ethical sourcing, etc.
Finally, it is always better to work with Vietnam sourcing teams with proven experience across various industries. A sourcing company that has previously exported to your target market will have an easier time facilitating the sourcing process. They can easily deal with any unexpected problems that might arise when sourcing from international markets.