Online trade creates business opportunities for Vietnamese and US enterprises

While Vietnam has gone on to successfully contain the disease, many countries such as the US, a key export market for the nation, are still struggling with the complicated nature of the epidemic, therefore causing bilateral trade exchange turnover between the two markets to be lower than anticipated.

According to figures released by the General Statistics Office, the first six months of the year saw the US remain as the largest Vietnamese export market with a turnover of US$30.3 billion, a boost of 10.3% over the previous year.

Moreover, the country’s import turnover from the US market reached US$ 7.4 billion, an increase of 7.2%, indicating that while trade turnover has grown it has failed to be as high as in previous years.

Therefore, to help domestic firms enjoy the opportunity of boosting trade links and expanding export markets, the Trade Promotion Agency under the Ministry of Industry and Trade co-operated with the Vietnam Trade Office in the US, the US Embassy, and the US Commercial Counselor in Vietnam to organise an online trade conference. This was done with a view of connecting both Vietnamese and American enterprises amid the ongoing complicated COVID-19 epidemic.

As a business representative who learnt about US partners through online trading, Bui Kim Thuy of BT Natures Company, said that the online trading conference serve to create an array of opportunities for local firms to enhance their trade links with US partners.

“The online business webinar took place vibrantly between the two countries’ businesses with more than 20 trading rooms open between Vietnamese enterprises, along with US importers and exporters in the fields of agricultural products, processed foods, industrial machinery, garments and textiles, energy, and minerals. At the event, BT Natures connected online exchanges with five US businesses," Thuy said.

According to Bui Huy Son, minister counselor and Head of the Vietnam Trade Office in Washington, both sides have great potential to enjoy a comprehensive co-operation and are striving to promote bilateral trade in a more balanced direction, ensuring the sustainable development of the two countries moving forward.

Similarly, Eric Hsu, commercial counselor at the US Embassy in Hanoi, said organising online conferences in the current context can be viewed as very practical. The US considers Vietnam to be an important partner, with the US Embassy in Hanoi aiming to support firms from the two countries connect with each other and co-operate in business activities.

Assuming that the organisation of online trade conferences in the current situation will allow enterprises to feel more secure in terms of cross-border transactions, An The Dung, director of Vietrade Center - New York, said this is a step to prepare for a quick response in terms of trade and market developments following the conclusion of the COVID-19 epidemic.

“Through such online conferences, businesses will have the opportunity to discuss the possibility of business co-operation, moving towards the direct signing of contracts after the epidemic is controlled as a means of strengthening trade ties which have been built on solid foundations between Vietnam and the US.” Dung said.

In sharing and supporting solutions put forth by trade promotion agencies as well as Vietnamese enterprises approaching the US market, Ambassador Dang Dinh Quy, head of the Vietnamese Permanent Mission to the United Nations, said the COVD-19 epidemic has created a new context for countries globally to connect more closely. In addition, business communities can step up their application of information technology when carrying out trade promotion activities.

Le Hoang Tai, deputy director general of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade

With regard to trade promotion schemes such as online trade conferences, Le Hoang Tai, deputy director general of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, said with traditional trade promotion activities stalling, online trade activities have partially satisfied the need for trade promotion between local firms and foreign partners.

In fact, online trade exchanges are providing a new direction and acting as an effective trade promotion channel amid the COVID-19 epidemic severely affecting many locations. Through this method, many firms are able to enjoy access to the global supply chain and expand business co-operation opportunities.

Despite this, Tai emphasised that to conquer the US market, a location with high-technical standards, local enterprises must focus on improving product quality, meeting rigorous technical standards. In addition, it is essential to carefully understand the tastes and consumer habits of American customers, he added.