"Golden opportunity" to export goods to the US market
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.
Related News
Quang Ninh Customs seeks solutions to promote import and export
10:34 | 02/11/2024 Customs
Vietnam and UAE trade sees billion-dollar growth
07:15 | 03/11/2024 Import-Export
Opportunities for accelerating Vietnam's seafood exports
09:27 | 31/10/2024 Import-Export
Latest News
Import and export are expected to reach 800 billion USD
13:32 | 04/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
13:29 | 04/11/2024 Import-Export
Rice exports likely to set new record in 2024
13:25 | 04/11/2024 Import-Export
Vietnamese goods conquer halal market through trust and quality
09:57 | 04/11/2024 Import-Export
More News
Exporters urged to have strategies to take advantage of UKVFTA for expansion
17:33 | 03/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
17:29 | 03/11/2024 Import-Export
Sharing responsibility for ensuring security and safety of the supply chain
07:13 | 03/11/2024 Import-Export
Many factors affecting tuna exports in the last months of the year
19:38 | 02/11/2024 Import-Export
Vietnam still dominates Philippine rice import
19:36 | 02/11/2024 Import-Export
Vietnam cements ties with partners to engage in global semiconductor, AI industries
19:35 | 02/11/2024 Import-Export
Aquatic exports expected to rise in year-end despite challenges
19:33 | 02/11/2024 Import-Export
Trade Defense: The Key to Success for Vietnamese Businesses
10:39 | 02/11/2024 Import-Export
Lao Cai Customs sees a triple-digit surge in export-import turnover
10:37 | 02/11/2024 Import-Export
Your care
Import and export are expected to reach 800 billion USD
13:32 | 04/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
13:29 | 04/11/2024 Import-Export
Rice exports likely to set new record in 2024
13:25 | 04/11/2024 Import-Export
Vietnamese goods conquer halal market through trust and quality
09:57 | 04/11/2024 Import-Export
Exporters urged to have strategies to take advantage of UKVFTA for expansion
17:33 | 03/11/2024 Import-Export