"Golden opportunity" to export goods to the US market

VCN - The US is tending to shift imports of goods from traditional supplying countries to other emerging countries, opening up many opportunities for Vietnamese enterprises to export goods to this potential market.
2502-3104-img-4277
At the seminar, the speakers gave a lot of attention to enterprises exporting their products to the US market. Photo T.D

That information was shared by the speakers at the seminar "Promoting Vietnam - US Trade, Vietnamese enterprises take advantage of golden cooperation opportunities after Covid-19" held on April 28, 2021 by the Investment and Trade Promotion Center of Ho Chi Minh City (ITPC).

Mr. Nguyen Huu Tin, Director of ITPC, said that currently, the US is Vietnam's largest export market. In 2020, despite being affected by the Covid-19 pandemic, the total import-export turnover between Vietnam and the US reached US$543.9 billion, up 5.1% over the same period last year. In which, the trade surplus was over US$19 billion - the highest level in five consecutive years of trade surplus since 2016.

In particular, in the first three months of 2021, the US became Vietnam's largest export market with a turnover of US$22.2 billion. Many items had turnover from US$1 billion or more such as furniture, textiles, shoes, computers, electronic components.

Evaluating the prospects of cooperation between Vietnam and the US after Covid-19, Mr. Alexander Tatsis, Economic Counselor, Consulate-General of the US in Ho Chi Minh City, said that the high proportion of Vietnam's goods export turnover to the US market in 2020 shows that US consumers are tending to shift imports from traditional supply countries to other emerging countries, including Vietnam.

Besides, the demand for quality products from Vietnam in the US market is increasing. The current US government is particularly concerned with climate change. Accordingly, Vietnamese products with a production model aimed at fewer emissions and less environmental impact will be a great advantage when exporting.

Currently, the US has high demand for Vietnamese products such as powderless medical gloves, furniture, high-tech products for information technology, AI communications, agriculture, aquaculture.

However, according to Mr. Ken D. Duong, CEO of TDL International Law Firm, in the future, Vietnamese enterprises need to focus on sustainable products and supply chains to seize opportunities to promote competitiveness in the US market. In particular, it is necessary to pay attention to brand protection, intellectual property, and avoid brand disputes such as in the case of ST25 Rice.

In addition, according to Ms. Nguyen Ba Thien Thu, chief representative of Registrar Corp, to export food to the US, enterprises are required to have certifications in accordance with the rules of the FDA (US government's food and drug administration), at the same time comply with the new labeling regulations and the Food Safety Modernization Act (FSMA) of the FDA.

By Thu Diu/Dieu Huong

Related News

Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

VCN - To help businesses increase their exports, Ho Chi Minh City has many forms of support and connection between businesses and foreign partners to expand their markets.
Hong Kong: A gateway for Vietnamese businesses to access the Greater Bay Area market

Hong Kong: A gateway for Vietnamese businesses to access the Greater Bay Area market

VCN - According to the General Department of Customs, Vietnam-China trade is expected to reach a new record of approximately US$200 billion in 2024. This milestone marks a record in bilateral trade that Vietnam has achieved with a partner.
The wood industry seizes opportunities amid changes in the export market

The wood industry seizes opportunities amid changes in the export market

VCN - According to Mr. Đỗ Xuân Lập (pictured), Chairman of the Vietnam Timber and Forest Products Association, changes in policies in the United States and globally have also opened up significant opportunities for Vietnam's wood industry.
Vietnamese products: Conquering foreign customers in supermarket systems

Vietnamese products: Conquering foreign customers in supermarket systems

VCN - According to the Ministry of Industry and Trade, the proportion of Vietnamese goods in distribution channels currently reaches more than 80% in supermarkets and 60% or more in traditional retail channels. For many retailers, Vietnamese goods have become a growth driver as they not only do business successfully in the domestic market but also export.

Latest News

VN

VN's car industry to diversify supply chain

While China remains a significant supplier, recent trade data highlights Việt Nam’s efforts to diversify supply to meet industry demands.
Exports of agro-forestry-aquatic products down nearly 5 per cent in January

Exports of agro-forestry-aquatic products down nearly 5 per cent in January

Việt Nam’s export value of agro-forestry-aquatic products was estimated at US$5.08 billion in January, marking a 4.9 per cent decline compared to the same period last year.
Thailand reviews anti-dumping tax on Vietnamese steel

Thailand reviews anti-dumping tax on Vietnamese steel

TRAV recommended that the Việt Nam Steel Association (VSA) notify relevant local manufacturers and exporters to answer the investigation questionnaire within the prescribed deadline.
In the first 15 days of 2025, total import-export turnover reached more than US$34 billion

In the first 15 days of 2025, total import-export turnover reached more than US$34 billion

VCN - Total import-export turnover in the first half of January 2025 reached more than US$34 billion, the trade balance had a deficit of nearly US$2 billion.

More News

Pangasius fetch record price in early 2025

Pangasius fetch record price in early 2025

Currently, larger pangasius weighing over 1.2kg, are selling at VNĐ32,440 (US$1.29) per kilogram, a record high not seen since 2022.
Việt Nam and India trade reached $15 billion in 2024

Việt Nam and India trade reached $15 billion in 2024

Trade relations between Việt Nam and India continue to flourish, with bilateral trade turnover reaching around US$15 billion in 2024.
Việt Nam

Việt Nam's port firms thrive in 2024

Strategic investments and expansions are expected to further enhance the sector’s performance.
Software exporter looks to new pace of growth

Software exporter looks to new pace of growth

FPT Software (F-Soft) Đà Nẵng plans to earn VNĐ3.6 trillion (US$144 million) in exports in 2025 after introducing a third campus at the FPT Complex and signing a strategic deal with the city.
Việt Nam

Việt Nam's exports to EU see impressive recovery in 2024

Việt Nam’s exports to the EU made an impressive recovery in 2024, reaching nearly US$51.7 billion, an increase of $8.08 billion compared to 2023.
Việt Nam–CPTPP trade turnover exceeds $100 billion

Việt Nam–CPTPP trade turnover exceeds $100 billion

The turnover accounts for 13.1 per cent of Việt Nam’s total import-export turnover last year.
E-commerce, a game changer for textile manufacturers

E-commerce, a game changer for textile manufacturers

According to a Việt Nam Textile and Apparel Association (VITAS) report, the proportion of textile businesses adopting e-commerce strategies has increased from 7-8 per cent in 2021, to over 20 per cent by the end of last year.
China remains the largest market for Việt Nam’s cassava and cassava products

China remains the largest market for Việt Nam’s cassava and cassava products

China accounted for 92.85 per cent of the total export volume and 91.77 per cent of the total export value, amounting to 2.43 million tonnes worth $1.06 billion.
Hải Phòng seaport system strives to handle 112 million tonnes of cargo this year

Hải Phòng seaport system strives to handle 112 million tonnes of cargo this year

The Hải Phòng Maritime Port Authority will coordinate with the municipal People’s Committee and relevant sides to find locations for dumping waste from construction, dredging, and maintenance activities.
Read More

Your care

Latest Most read
VN

VN's car industry to diversify supply chain

While China remains a significant supplier, recent trade data highlights Việt Nam’s efforts to diversify supply to meet industry demands.
Exports of agro-forestry-aquatic products down nearly 5 per cent in January

Exports of agro-forestry-aquatic products down nearly 5 per cent in January

Việt Nam’s export value of agro-forestry-aquatic products was estimated at US$5.08 billion in January, marking a 4.9 per cent decline compared to the same period last year.
Thailand reviews anti-dumping tax on Vietnamese steel

Thailand reviews anti-dumping tax on Vietnamese steel

TRAV recommended that the Việt Nam Steel Association (VSA) notify relevant local manufacturers and exporters to answer the investigation questionnaire within the prescribed deadline.
In the first 15 days of 2025, total import-export turnover reached more than US$34 billion

In the first 15 days of 2025, total import-export turnover reached more than US$34 billion

VCN - Total import-export turnover in the first half of January 2025 reached more than US$34 billion, the trade balance had a deficit of nearly US$2 billion.
Pangasius fetch record price in early 2025

Pangasius fetch record price in early 2025

Currently, larger pangasius weighing over 1.2kg, are selling at VNĐ32,440 (US$1.29) per kilogram, a record high not seen since 2022.
Mobile Version